It isn’t true.
Worse, as the Cato Institute revealed, the only way to make the story appear factual was to leave out a significant portion of the facts. By ignoring spending on school buildings, no mean feat, the Times was able to report something that better fit their agenda.
Similarly in Kentucky, two full months have passed since the state’s Office of Financial Management reported state appropriation-supported bonded debt has increased by $2.46 billon between 12/31/2007 and 12/31/2010, during which time Frankfort politicians claim to have balanced the state budget seven times. There is also the tiny issue of $3.47 billion in one-time Obama stimulus funds allowing those same politicians to claim falsely that they have cut spending on state government.
I’m not aware of a single article in the Kentucky news media these last two months about the growth in state debt and it has been far longer since there was even the slightest mention of the heavy reliance on federal funds.