Local connection: Good economic news - Hawaii News Now - KGMB and KHNL

February 12, 2010

Local connection: Good economic news

We've had some good economic news in recent days. Jobless claims have been steady for months. Home sales are picking up. Foreclosure rates are lower than most states, even with mainlanders walking away from Hawaii second homes. And Wall Street investors embraced a state bond offering. They bought more Hawaii bonds than the state thought it could sell. They sat still for interest rates low enough to save Hawaii ninety million dollars.

Wall Street thinks Hawaii has the will to manage its tax shortfall. Let's make sure they're right. It won't be easy. The governor, the legislature, the state government unions, the business community, and special interests, even for such good causes as education and the judiciary, all have the power to make things worse. What's needed is cooperation and mutual sacrifice. It'll also help if we all make the effort to understand the situation. The crisis isn't simple, so we dare not pretend it is. Anyone who does isn't acting in your best interest.