The one thing that surprised me in this editorial was the first mention of the enormous shortfall in the state's public pensions I have seen in the MSM. They say it is $16 billion and I say it is $17 billion, but why quibble over the difference? We can't pay either amount.
We need to repeal the Alternative Minimum Calculation, but what we really need is state leadership willing to change expectations on government dramatically so we can cut spending enough to afford future pension liabilities. Raising new taxes -- or keeping bad ones like AMC -- won't be enough to stop the unfunded liability train from running over Kentucky.
We can't tax our way out of this.
