Wednesday, December 31, 2008

Turning Kentucky into New Jersey

We already know Gov. Steve Beshear covets New Jersey's casinos, but did you know he is following Gov. Jon Corzine in providing bogus pension relief to municipalities?
"Cash-strapped mayors give the plan mixed reviews. Some, such as Woodcliff Lake's Joseph LaPaglia, are ready to take the deal, confident the state will be flexible in a repayment schedule if things don't improve by 2012. But Wayne's Chistropher Vergano, a Republican, is wary. He dubbed it an "election year gimmick.""

""It's not making the payment go away,'' Vergano said. "It's like a 30-year mortgage and turning it into a 35-year mortgage. … The debt is not going away.""

Beshear's scheme is not any more complicated than that.