The propaganda campaign to keep the money-losing KAPT program going continues with a column in the Herald Leader by KAPT former executive director Rachel Belin.
There is little new in this column. Belin does state that if mean old Republicans like David Williams and Robbie Rudolph would just keep pouring money in, "many thousands more could benefit."
Right.
That reminds me of the episode of The Lucy Show when Lucy started canning jelly at home to sell for additional income. When Ricky pointed out that she was losing money on every jar, she exclaimed "We can just make it up on volume!"
While the brainiacs running KAPT strive to "make it up on volume," taxpayers remain on the hook for their continued losses. Funny how program supporters don't mention all the other states who started pre-paid tuition plans before Kentucky and have had the good sense to shut their programs down in the face of losses as far as the eye can see.
KAPT is just another government ponzi scheme that sounded better than it has turned out to be. Stemming the tide of red ink is the only responsible thing to do.
Ask the people in Ohio.
I found an interesting quote from an actuarial consultant named Richard Kaye who works with several state plans. Way back in 2002, he said "You are not talking about an immediate cash-flow problem, but you are talking about a long-term deficit. It's sort of like Social Security."
