Green blues in the bluegrass state

There is this Kentucky non-profit that in 1979 decided to join up with the state pension system. Good decision, since retirement would be guaranteed by Kentucky tax payers.

What? A $227 million shortfall? And we’re supposed to pay it?

“KRS has unfunded pension liabilities of around $37 billion, while the separate teachers’ system has another $11 billion in unfunded liabilities. Kentucky’s unfunded pension liabilities are growing at a rate of $500 million a year, while the unfunded obligations of its retiree health-care plans are growing at $600 million a year. Which is to say, Kentucky needs to cough up more than $1 billion a year just to keep the situation from deteriorating further.”

http://www.nationalreview.com/articles/344847/kentucky-s-runaway-pensions-kevin-d-williamson

(They are all in it together, Republicans, Democrats, state and county electeds, city councils. It’s only money.

(But it isn’t only money, is it. It’s a philosophy, a truly-held belief, that we can approve pay and retirement now, borrow when the funding isn’t there, and just roll that debt down the road. Except … There’s a roadblock. Here. Now.

(Every state California. Just like 50, 60 years ago.)

At maggiesfarm.