Wednesday, November 5, 2008

Spinning new government debt like a pro

Complaints about Kentucky lawmakers heaping $1.5 billion in bonded debt onto future taxpayers have been pretty much limited to this site. It appears Kentucky has a lot of company as 41 states offered up ballot initiatives yesterday to add on tens of billions of dollars in new debt and nearly all of them were approved.
Here's the spin:

""It shows a level of optimism and confidence by voters that's surprising and very positive," said Matt Fabian, managing director and senior analyst at Concord, Massachusetts-based research firm Municipal Market Advisors."

Gov. Steve Beshear shares this rosy view -- a fact he made clear a month ago when he went on a media tour after Kentucky bonded an extra $400 million for our children to repay.

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