Kudos to the Cincinnati Enquirer for picking up on the Kentucky public employee pension disaster on their Sunday editorial page:
"Government officials and public employees must accept that the system has to change. Negotiations with public employees must seek to bring benefits more in line with those offered in the private sector. And government bodies must meet their pension fund obligations with the same diligence required of private employers. Small measures and accounting recalibrations will not suffice. The Kentucky General Assembly just passed a law allowing local governments to fund their health-care obligations over 10 years instead of five. That saves local towns and school districts $100 million in the next two years, but will cost an estimated $120 million in lost investment revenue over the next two decades."
The Enquirer did well to mention HB 117, but would have done better to also mention the bipartisan $50 million raid on the Health Fund.
Nevertheless, the Bluegrass Institute appreciates the efforts of anyone else to blow a horn we have been blowing for a long time.
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