Kentucky needs its own debt ceiling; there can be no question about that. Frankfort politicians in both parties have been too eager to hide their overspending in financing games with bonds and by failing to properly fund public employee retirement benefits.
The damage currently amounts to more than $40 billion dollars, nearly all of it accumulated in the last decade. Stopping Frankfort politicians from making it any worse is something nearly all of us should be able to agree on.
The solution involves defining "debt" and crafting legislation to get a handle on the spending process in Frankfort.
Do we want to require full funding of retirement benefits each year?
How do we define debt?
Who can we get to sponsor a Kentucky Debt Ceiling bill?
Do we have the political will to force establishment politicians in both parties to voluntarily limit their political spending appetites?
Will there ever be a better time than right now to start this initiative?