Tuesday, October 21, 2008

Get Skippy off our money, now

Finance and Administration Cabinet Secretary Jonathan "Skippy" Miller's disastrous foray into higher education finance is rolling Kentucky into another river of red ink.

The 2008 actuarial report you have only read about here is out today and the news is as bad as predicted by your humble correspondent years ago.

Bluegrass Institute readers already knew about the new $35.7 actuarial deficit taxpayers will have to make up for Skippy's ponzi scheme. What's really remarkable, though, is how much worse the news is going to get for us.

From the report are future projected losses for this ridiculous money-loser:

Readers will note that the program runs out of money in 2019, leaving taxpayers with an $81 million bill.

Expect Gov. Beshear and Skippy to start pushing for re-opening KAPT to new contract sales very, very soon. As with all ponzi schemes, bringing in more suckers and kicking the losses down the road is the big-government way to deal with such problems. Sort of like what we did with Social Security, Medicare, and our state public employee benefits system.