Saturday, December 27, 2008

Another ghost of Christmas yet to come

Anyone following the meltdown of public employee benefits plans in the states has heard a lot about New York, New Jersey, and California. And I have been trying to blow the whistle on Kentucky's growing crisis for a while now.

As Kentucky gets closer to making really tough decisions to cope with our now $35.7 billion and growing problem, a glimpse at North Carolina may be instructive:
"The health plan that covers teachers and state employees across North Carolina has been bleeding so much money that it is set to run out early next year, and officials say it needs an immediate $300 million cash infusion."

No tax increase will pull Kentucky out of its hole when -- not if -- this happens to us.