Posted on: Wednesday, October 17, 2001

Editorial
Economic signs no cause to be complacent

As Hawai'i lawmakers continue to gear up for next week's emergency session of the Legislature, they surely are grasping for any positive news they might find.

There will be no easy answers as they look for short-term and long-term solutions to the economic problems facing the state. So any good news, no matter how slight, will be greeted warmly.

That's why you might have heard slight sighs of relief coming from the Capitol this week in the wake of the latest economic news. Visitor arrivals, which had plummeted 20 to 40 percent right after the Sept. 11 attacks, are now steadying and running about 12-16 percent behind last year.

Unemployment applications, while still quite high, are fewer than in the first weeks following the attacks.

So it is possible to see positive signs. But the important thing for policymakers to recognize is that these positive signs are relative; that is, they are slightly better than the absolute bottom right after Sept. 11.

Hawai'i's economy has a way to go before it can make even the slightest claim on an actual recovery to something resembling pre-Sept. 11 conditions. And remember, not every sign was positive even back then.

All this adds up to a clear message for lawmakers: Celebrate the small improvements and crank them into the equation. But the absolute need for bold, decisive and innovative thinking is as vital now as it was during those first dark days following Sept. 11.