Condolences to the young
My 70th birthday is fast approaching, and I am looking forward to it. Some of my younger friends are offering me condolences, viewing my age as a handicap or something to be sad about.
Condolences should go to the young because they are the ones who will have to deal with the political and financial fallout of today’s system. We have a $22 trillion national debt, and it is going nowhere but up. Add to that a Democratic Party that is driven by hate and many Republicans are driven by cowardice.
Additionally, in the state of Hawaii we have unfunded pension and health care liabilities for our state workers. According to the American Legislative Exchange Council, we will owe about $43 billion — or $30,000 for each man, woman and child in Hawaii — to cover this debt. Google this and check it out for yourself. The numbers vary widely, but none of them are good. To his credit, Gov. David Ige paid $1 billion toward this debt. Thank you.
This debt we owe to our state workers is protected by our state constitution and will have to be paid out before other obligations such as social programs, school costs, highway costs, etc. Combine the national debt and our state liabilities and we have a troubling future.
To avoid having to pay the extra high taxes that will be needed for our Hawaii debt, you can move to a state that was more fiscally responsible than Hawaii, but the national debt is inescapable. And when these debts come due, there will be great pain. Guess who will bear the brunt of that pain? Again, I offer my condolences to the young.
We have politicians offering all sorts of free things so you will vote for them, but keep in mind as to what they are really doing. This is not a “vote for one and the second one is free” kind of deal — they are taking your wallet and placing an IOU slip in it that you will eventually have to cover. Nothing is free.
Call this “A Financial Carol,” where we see the spirit of a financial past, present and future, and we have a chance of changing our future for the better. Do we change or continue our current path of financial ruin? Do we go for some gentle inconvenience now or the great pain that will come from doing nothing?
We can offer condolences or hope. It is not too late to change our ways.
Roger Schweitzer
Volcano