Nearly all participants in federal policy now admit there is too much red ink flowing in Washington D.C. We are nowhere near such an understanding about the fiscal health of Kentucky’s state governmetn even though the need is just as great, if not greater.
While the feds need to cut and cap spending and balance the federal budget, Kentucky claims to balance its budget each year. But it just isn’t so. Our deficit isn’t something that ever makes the headlines and it’s for much the same reason that Washington D.C. spenders have continued to insist that all was well with their books. Kentucky’s deficit is hidden on an obscure website for a small state government office deep in biannual reports that seemingly no one ever takes the time to look up. If you do, though, you will find Kentucky added nearly a billion dollars in “appropriation supported debt” over the last three years.
Kentucky needs an honest discussion about our budget situation and we need a state debt ceiling. Now is the perfect time for this.