Kentucky has been named as one of five “Sinkhole States” in a new report out today from the Institute for Truth in Accounting. The report ranks states’ fiscal standings and points out Kentucky’s excessive debt, questionable accounting and established practice of underfunding public employee benefits by billions of dollars. From the report:
“The main reason for these large taxpayers’ burdens is that true compensation costs, especially retirement compensation and benefits, have not been included in prior budgets and the money that should have been put aside to provide for these costs was spent elsewhere. As a consequence future taxpayers will have to pay taxes for services and benefits that were received by prior taxpayers.”
As much fun as it is to point fingers in an election, Kentucky fiscal mess is a bipartisan problem. And as difficult as it is to get anyone inside the bubble in Frankfort to admit that Republicans have been just as guilty as Democrats in digging this hole, the tea party must rise to the challenge. Thank you for staying focused and raising awareness on these critical issues. Please forward this message as widely as you can.
Getting the word out about our fiscal reality is the purpose of the Kentucky Knows Best PAC. Please support our efforts by donating whatever you can today.
Kentucky Knows Best PAC