Minnesota just ended a brief government shutdown with a bad bipartisan agreement Kentucky would be very well advised to avoid. They issued $640 million in tobacco bonds in order to “balance” their current budget. The move will cost the state more than a billion dollars just for the privilege of spending tomorrow’s tobacco revenues today.
Kentucky has repeatedly borrowed more rather than spend less in recent years and the negative effects are obvious.
Nineteen states have already used tobacco bonds. So far, Kentucky isn’t one of them. Our next budget standoff is just months away, though. We should make sure that when that happens we don’t let Frankfort politicians keep up their old bad habits.
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Kentucky Knows Best PAC