Friday, November 18, 2011

Why would they think that?

The Lexington Herald Leader printed an article today about the disastrous Kentucky Retirement Systems' mishandling by Frankfort leadership. The article contained no new information and could have been written any time since the pension special session in 2008.

There was one telling statement, though.

The article quoted KRS actuary Thomas Cavanaugh talking about how ignorant Frankfort politicians are about the biggest financial disaster in state government.

"I'm sure there are people in the legislature who think they'll be 100-percent funded in 2025 based on what they’ve done," Thomas Cavanaugh of Cavanaugh Macdonald Consulting told the KRS board.

And the reason any elected official in the legislature might think that Kentucky's continued underfunding of the pension system will magically lead to 100% funding in 2025 is the mainstream media has carefully avoided telling them anything else.