One point missing from our discussion about the competing Democratic plans to raise your Kentucky taxes is that the reliance on refinancing bonds works like a tax increase, too. If we redo a bunch of bonds that are within just a few years of maturity, but have higher interest payments than are available now, we will wind up paying more money on that debt over time.
The interest payments may be lower now, but by resetting the terms back out to twenty years, we are ensuring that Kentucky taxpayers of the future will pay more then because we didn't cut spending now.
If we were actually saving the savings it might be a different story, but you know we won't be doing that.
And when you add in the public employee benefits disaster no one is talking about anymore, you see that we are only setting the timer on a killer bomb that will go off after the current crop of "leaders" is dead or out of office.
And speaking of death, HB 707 zings you on your final exit by prohibiting anyone but funeral directors from transporting a body to be cremated. Limiting competition here is certain to increase final expense prices.
