We don’t yet know how the federal debt ceiling debate will be resolved, but we can tell how poorly it has gone on the state level. That’s because the debate has never happened here. It’s time that changed.
The debt accumulated over the past decade by Frankfort politicians in both political parties has been staggering — more than forty billion dollars.
We already can’t afford the debt we have. I offer as proof the $30 million Kentuckians lost last month in a bond market scheme rolling over debt and making our budget appear balanced. If we could afford to make bond payments and balance our budget, there would be no need to give tens of millions of dollars to New York bankers and lawyers to paper over the mess we have made of our state finances.
The right thing to do in Washington D.C. is to strengthen our federal debt limit by adding a balanced budget requirement. The right thing to do in Frankfort is to strengthen our balanced budget requirement by adding to it a state debt ceiling. We can’t afford to let our politicians drive us deeper into debt and we must be at least as diligent in Frankfort as we are in Washington.
Please join friends and fellow Kentuckians at the Scott County Courthouse in Georgetown at 7pm ET on August 2 to learn more about this issue and what we can do about it. Please help by spreading this invitation as widely as you can. Thank you for all that you do to make Kentucky a better place for our families.