The local news has been talking a lot lately about how the recession economic slump has had incredible impact on tourism, which is one of the principal components of the Hawaiian economy.
Kauai doesn't seem to be too heavily affected—this is the beginning of the off-season here and the hotel seems reasonably busy. Similarly, local restaurants sport impressive (60+ minute) waits on weekends.
But Waikiki is something of a ghost town and many shops and businesses are being forced to close by the low (and financially restrained) traffic.
Businesses closing or not, there is clearly a huge effort (described all over the news, with tax incentives, etc.) to diversify the local economy (likely with more industry) so it fares better when the tourists dry up.
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