Kentucky’s state government has closed the books on the state budget year ending June 30 and the breathless reports of a more than $100 million surplus are spewing carbon dioxide from Pikeville to Paducah. The Beshear administration suggests that much or more could be placed in the state’s rainy day fund. Too many members of the loyal opposition seem content to just let this one go without an answer.
But we can’t afford to just let this one go.
The rainy day fund currently has nothing in it. We just blew $30 million dollars in bond market shenanigans and “borrowed” $166 million in 2012 Medicaid money in order to pretend that the budget was balanced. We have underfunded public pensions by billions of dollars, borrowed billions more and frittered away more than $3 billion in Obama stimulus funds. Back in 2009, we were told to believe that money from new tax increases and the incoming stimulus funds would be used to replenish the rainy day fund.
It didn’t happen then, but of course we were two years away from the next statewide election. So now we are all set to hear incessantly from both sides about “balancing” the budget nine times since 2008 and that the $100 million surplus balance is proof of Frankfort’s good stewardship.
We desperately need more Tea Party influence in Kentucky. Please tell your friends and family about the Kentucky Knows Best PAC by forwarding this message as widely as you can. Every day provides more evidence that we have a lot of work to do.
Kentucky Knows Best PAC