The Big Crunch - KFVE, K5-Hawaii News Now, Local Programming

March 17, 2011

The Big Crunch

As the details are being worked out on a draft of next year's state budget, some of the issues may come down to discussions with state workers. Hawaii is no different than most every state in the union right now, as well as the federal government. While Washington, D.C., makes headlines almost daily with talks of shaving money here and there, the trillions of dollars that need to be trimmed will invariably have to deal with some part of four huge money piles- Medicare, Medicaid, Social Security, and the defense budget.

All of these vital areas will have to see changes if we, as a nation, are really going to see any kind of major reduction in the national debt in the foreseeable future. It simply cannot be business as usual, or business as everyone hoped it would be, for the system simply will not allow it to continue without digging a deeper hole for all. And with an ever-aging Baby Boomer population coming into its golden years, the pressure on some of these entrenched systems will only grow.

On top of that, the economic engine in this country needs to be revitalized, and in some instances, overhauled. Losing ground to emerging markets around the world, from China and India to Brazil and smaller nations proves that we've got work to do to get our mojo back. And we can, and we will. But it's not going to come without some stark acceptance of fundamental changes that must be made in big ticket items that heretofore have been considered sacred and untouchable. Think about it…

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