Tuesday, March 22, 2005
2006 Election Season Begins Today
The Kentucky General Assembly wrapped up work late last night as the news was getting around that Speaker Jody Richards will not run for Governor. Attorney General Greg Stumbo still seems to be in the hunt; his statements about gambling keep the pot stirred. Crit Luallen quietly bides her time, despite her very narrow win in 2003. The prediction here is that several House Democrats are mere months away from deciding they would prefer to spend more time with their families rather than run for re-election next year. Last year's crop of first time candidates for the House take note. Also look for Richards to face stiff opposition to his own re-election.
Monday, March 21, 2005
Lexington Mayor: The Search Continues
Still haven't seen a better potential candidate than Warren Rogers come forward. Maybe while the pro-condemnation folks are collecting their signatures on petitions we could follow their lead. How about a Draft Warren petition? We could call the organization LEAD (Lexington Excels at Democracy) and build a true grassroots organization for giving Lexington the great leadership it deserves.
Save Social Security Now!!!
The Social Security "debate" shows clearly what is wrong with Washington D.C. Just as national Democrats fought against tax cuts that boosted the economy from recession (eventually blaming the tax cuts for the recession--someone buy these folks a calendar!) and after caterwalling against the War on Terror as if we started it, they now turn their efforts toward the absurd contention that Social Security is just fine and dandy as it is and we should just leave it alone.
The first baby boomers turn 62 in 2008 and all credible analysts see this as an unsustainable drain on Social Security. When Bill Clinton was POTUS, he said the choice for saving the system was to raise taxes, cut benefits, or invest some of the money privately. In 1999, with the problem more distant than it is now, Senator Harry Reid (D-NV) said "Most of us have no problem taking a small amount of the Social Security proceeds and putting it in the private sector." The only thing that has changed since then is that Harry became Senate Minority leader. Now he seems to think that investment choice would destroy the Republic.
But the fact is that private accounts are all that we need to preserve Social Security. And yes, I know that President Bush seems to disagree. The rationale for private accounts is pretty simple. First, diverting Trust Fund dollars keeps Congress from spending them. That is huge. When Congress takes Social Security Trust Fund dollars and spends them, that money has to eventually be produced all over again to pay off the IOU. That process stops if we stop allowing excess payroll taxes from being spent and replaced with IOU's. Second, giving people the option to gain market returns on their money can't, over any time horizon of five years or more, be worse than what is currently earned in the system. And third, the private accounts will be owned by the people who created them, American individuals. As it is now, the same government officials who want to starve Terri Schiavo so she dies on their schedule will always be hoping you and I die quickly enough to keep their ponzi scheme alive.
The first baby boomers turn 62 in 2008 and all credible analysts see this as an unsustainable drain on Social Security. When Bill Clinton was POTUS, he said the choice for saving the system was to raise taxes, cut benefits, or invest some of the money privately. In 1999, with the problem more distant than it is now, Senator Harry Reid (D-NV) said "Most of us have no problem taking a small amount of the Social Security proceeds and putting it in the private sector." The only thing that has changed since then is that Harry became Senate Minority leader. Now he seems to think that investment choice would destroy the Republic.
But the fact is that private accounts are all that we need to preserve Social Security. And yes, I know that President Bush seems to disagree. The rationale for private accounts is pretty simple. First, diverting Trust Fund dollars keeps Congress from spending them. That is huge. When Congress takes Social Security Trust Fund dollars and spends them, that money has to eventually be produced all over again to pay off the IOU. That process stops if we stop allowing excess payroll taxes from being spent and replaced with IOU's. Second, giving people the option to gain market returns on their money can't, over any time horizon of five years or more, be worse than what is currently earned in the system. And third, the private accounts will be owned by the people who created them, American individuals. As it is now, the same government officials who want to starve Terri Schiavo so she dies on their schedule will always be hoping you and I die quickly enough to keep their ponzi scheme alive.
Friday, March 18, 2005
Save a Liberal, Ride a Polar Bear
This is beautiful. Senator Barbara Boxer is organizing a boycott of every oil company that winds up drilling for oil in ANWR.
Reform Opponents Turn on Each Other
This video clip shows President Bush knocking another Social Security question out of the park, while liberals still claim to be winning on the issue. In fact they are showing the video to each other as if it somehow justifies their obstruction, by pointing out the Bush quote "Personal accounts do not solve the issue" without including his next statement that "Personal accounts will make sure that individual workers get a better deal." The President is initiating the conversation for a permanent solution to unfunded liabilities in entitlement programs and his opponents are playing politics. Come on, guys. You have no credibility when you insist there is no reason to do anything and you still refuse to discuss the issue rationally. Put aside the hatred for President Bush and listen to his words. He is inviting you to help find a solution. Bogus commentary like this from the New York Times doesn't help anything. Read this angry letter from Sen. Joe Lieberman that confirms what the rest of us already knew: the Social Security problem is getting worse while the obstructionists in Congress are playing political games.
Thursday, March 17, 2005
At least he is better than a Socialist!!
The National Taxpayers Union has issued a Report Card for members of Congress and it is no surprise that Rep. Ben Chandler (D-Versailles) earned an "F."
The good news is that Chandler's 14% grade is slightly better than Vermont Socialist Bernie Sanders' 12% and New York neo-con Hillary Clinton (11%).
Sadly, Chandler scored lower than Massachusetts' Sen. Ted Kennedy (15%).
The good news is that Chandler's 14% grade is slightly better than Vermont Socialist Bernie Sanders' 12% and New York neo-con Hillary Clinton (11%).
Sadly, Chandler scored lower than Massachusetts' Sen. Ted Kennedy (15%).
Save Social Security Now Comes To Richmond
A townhall meeting to discuss Social Security reform will be held Tuesday March 22, 2005 at the KU building in downtown Richmond. The meeting will start at 5:30 p.m.
President Bush has pushed for a discussion of how to preserve Social Security for future generations. His efforts have been met with apathy from too many politicians of both parties. Save Social Security Now strives to take the reform effort to the grassroots level. In the belief that citizen activism can overcome political apathy, Save Social Security Now urges elected officials of both parties to put aside personal ambition in favor of the public good. Fixing Social Security now for the benefit of future generations of Americans will take bipartisan cooperation.
Any questions regarding Save Social Security Now may be directed to David Adams at 859-537-5372 or s.dadams@prodigy.net.
President Bush has pushed for a discussion of how to preserve Social Security for future generations. His efforts have been met with apathy from too many politicians of both parties. Save Social Security Now strives to take the reform effort to the grassroots level. In the belief that citizen activism can overcome political apathy, Save Social Security Now urges elected officials of both parties to put aside personal ambition in favor of the public good. Fixing Social Security now for the benefit of future generations of Americans will take bipartisan cooperation.
Any questions regarding Save Social Security Now may be directed to David Adams at 859-537-5372 or s.dadams@prodigy.net.
Wednesday, March 16, 2005
Grover Gives Kentucky A Qualified Thumbs Up
Grover Norquist approves of Kentucky's efforts to reform the Commonwealth's tax code. Sort of.
"It's always better to cut spending and cut taxes, but Kentucky's tax plan is revenue neutral in the short run and cuts corporate taxes," Norquist said. "Kentucky's corporate taxes have been horrifying to businesses. They look at Kentucky and then they go to Tennessee."
Norquist, president of the Washington D.C.-based Americans for Tax Reform, spoke to David Adams on WEKY 1340 AM in Richmond Wednesday evening.
"It's always better to cut spending and cut taxes, but Kentucky's tax plan is revenue neutral in the short run and cuts corporate taxes," Norquist said. "Kentucky's corporate taxes have been horrifying to businesses. They look at Kentucky and then they go to Tennessee."
Norquist, president of the Washington D.C.-based Americans for Tax Reform, spoke to David Adams on WEKY 1340 AM in Richmond Wednesday evening.
Tuesday, March 15, 2005
Chandler Bears Down Against Reform
Congressman Ben Chandler (D-Ky) today announced his plans to share obstructionist talking points with supporters in two central Kentucky towns next week. Chandler has attempted to distract constituents concerned about his ineffectiveness in office by loudly and inaccurately shouting down Social Security reform. The source of his misinformation appears to be leftwing websites with titles like "There is No Crisis" http://www.thereisnocrisis.com/. Chandler will be in Berea on Tuesday and Winchester on Thursday.
Monday, March 14, 2005
Herald Leader Blind To Entitlement Reform
The Lexington Herald Leader used this editorial to call for frank speaking on Social Security and then launched a very predictable talking-point diatribe. This same newspaper who now calls private accounts "market magic" and suggests that they can't work was more than willing to confiscate $13.7 million from Kentucky taxpayers to prop up a money losing KAPT program that uses more than a little hocus pocus to make promises it (and self-proclaimed caretaker Jonathan Miller) can't keep. Our beloved newspaper totally missed entitlement reform when the state Senate voted to stop feeding the KAPT monster. They are missing the boat on Social Security as well.
The left in Kentucky, led by Congressman Ben Chandler, knows that the numbers don't support their side. But they think Kentuckians are so confused by their razzle dazzle that they will support perpetual ponzi schemes in KAPT and Social Security. Go fish...
The left in Kentucky, led by Congressman Ben Chandler, knows that the numbers don't support their side. But they think Kentuckians are so confused by their razzle dazzle that they will support perpetual ponzi schemes in KAPT and Social Security. Go fish...
Thursday, March 10, 2005
Congressmen gone wild: Chandler on Social Security
Ben Chandler came out with some more outlandish statements about Social Security on the House floor in Washington D.C. Particularly unsettling was his contention that President Bush is "mortgaging away our future" with a plan that will add $4.8 trillion to the national debt. This new figure seems to have originated with a far left website www.cbpp.org that Chandler has quoted before. Last month, Chandler claimed that Bush wanted to cut Social Security benefits by "nearly 50%." His source for that, according to his staff, was this same website. He later backed off that statement when questioned about its veracity.
One can only imagine that if Chandler had been elected governor he wouldn't have so much time to surf the internet for liberal talking points.
One can only imagine that if Chandler had been elected governor he wouldn't have so much time to surf the internet for liberal talking points.
Bush Visits Louisville; Obstructionists Dissemble
Retired lawyer Chet Care probably didn't mean to connect the anti-Social Security reform protest with the anti-war on terror movement or the anti-tax cut movements, but that is exactly what he did. Care, 74, spoke to the Lexington Herald-Leader about his opposition to entitlement reform and his comments were printed in today's newspaper.
"Millions of people will never be part of the 'ownership society'" Bush envisions, Care said. "Social Security is the only safety net for them."
So there you have it: some people are just poor. We can't expect them to accept the opportunity to be anything other than poor. That is the same argument used to prevent the liberation of Iraq and the effort to spread freedom in the Middle East. Some folks just can't handle things like freedom or the ability to manage their own money when a perfectly good government bureaucrat (or a tyrannical dictator) is available. Come to think of it, they tried the same thing with the tax cuts. Remember Al Gore's imaginary billionaire friend who said he didn't want a tax cut, that the government could do more with his money than he could?
"Millions of people will never be part of the 'ownership society'" Bush envisions, Care said. "Social Security is the only safety net for them."
So there you have it: some people are just poor. We can't expect them to accept the opportunity to be anything other than poor. That is the same argument used to prevent the liberation of Iraq and the effort to spread freedom in the Middle East. Some folks just can't handle things like freedom or the ability to manage their own money when a perfectly good government bureaucrat (or a tyrannical dictator) is available. Come to think of it, they tried the same thing with the tax cuts. Remember Al Gore's imaginary billionaire friend who said he didn't want a tax cut, that the government could do more with his money than he could?
Wednesday, March 09, 2005
Jonathan Miller does Dean Scream in Louisville
The Courier Journal reports that our illustrious State Treasurer is going to a protest of Social Security Reform tonight in Louisville ahead of President Bush's visit to the River City. The Conservative Edge asks an interesting question for Jonathan Miller. He was the one who said Kentucky needs Democrats in office because it is a poor state. Can't have any of those little people getting above their raisin' now, can we? Elect liberals, he seems intent on screaming, so we can all suffer equally.
Lexington Mayor 2006 Rumor Mill
As Lexington's confiscation of Kentucky American Water Company jerks to a stop, efforts to find a serious replacement for Mayor Teresa Isaac continue in earnest. Jim Newberry has filed and is actively courting voters. The problem, though, is he has shown little in the way of ideas. His bumperstickers are showing up around town and he has yet to establish any compelling credentials other than not being the current mayor. Newberry's early momentum seems to bode well for a real conservative candidate.
Several of the better would-be candidates have little or no interest in serving as mayor. That's a good thing, because we don't want to deal with any dead weight throwing their names out for ego gratification. Several folks whose names have been brought up here are saying they won't run. Here's another name for very serious consideration: Larry Brandstetter.
Brandstetter is a Lexington architect and a former state lawmaker. He has conservative credentials, electoral success, and solid business experience. His prior leadership indicates that as mayor he would bring an approach to government that we are sorely lacking. And he is truly one of the good guys. The problem is that he may need some persuading to run. What do you think?
Several of the better would-be candidates have little or no interest in serving as mayor. That's a good thing, because we don't want to deal with any dead weight throwing their names out for ego gratification. Several folks whose names have been brought up here are saying they won't run. Here's another name for very serious consideration: Larry Brandstetter.
Brandstetter is a Lexington architect and a former state lawmaker. He has conservative credentials, electoral success, and solid business experience. His prior leadership indicates that as mayor he would bring an approach to government that we are sorely lacking. And he is truly one of the good guys. The problem is that he may need some persuading to run. What do you think?
Tuesday, March 08, 2005
Hey Democrats: WAKE UP!
It's March already and the national Democrats have not yet come to the table to talk seriously about Social Security Reform. They are stuck in obstructionist mode and it is only now starting to dawn on their strategists that this might not work for them. Fourty two Democrat U.S. Senators have written the White House offering to negotiate if President Bush takes private accounts inside the system off the table. Don't hold your breath. After this fails, what do Democrats have? Of course, they have the ability to filibuster but, still, what do they have? Do the Democrats have any serious ideas for the country other than to fight Bush? That may be enough to feed the red meat Bush-haters, but will it win any elections?
If partisanship was the problem last year, bipartisanship plagued the General Assembly in 2005. Expanding the Senate Republican majority and creating one in the House may be the only way for Kentucky voters to demand responsible budgeting in Frankfort. Demanding a budget agreement at all costs like we did this year is just too darn expensive to do again. We don't need back-slapping politicians getting along with each other; we need change.
If partisanship was the problem last year, bipartisanship plagued the General Assembly in 2005. Expanding the Senate Republican majority and creating one in the House may be the only way for Kentucky voters to demand responsible budgeting in Frankfort. Demanding a budget agreement at all costs like we did this year is just too darn expensive to do again. We don't need back-slapping politicians getting along with each other; we need change.
Monday, March 07, 2005
Baby Blog Me One More Time
Check out another Kentucky blog site, The Conservative Edge !!! More of a national focus, but some special features that cover the Bluegrass like no one else can...
The Liberal Response to Fiscal Restraint
We knew we were on to something when we saw this reaction to our call to shut down KAPT.
Government giveaways to the poor have been around for a long time. Now that middle class entitlements are becoming the norm, those of us who believe in smaller government even when the largesse is aimed at us have to stand up and be heard.
Kentucky's Affordable Prepaid Tuition program is a way for people to lock in today's college price for future tuition costs. The problem is that the taxpayers are on the hook for the inevitable shortfalls in the program. This is the Savings and Loan debacle of the 1980's all over again.
So when the Kentucky Senate acted to reverse KAPT's $13.7 million drain on the General Fund this year, the one politician that has gained the most from KAPT's bracket creep up the ladder of welfare mentality had this to say. Jonathan Miller's bogus claim that KAPT beneficiaries were being robbed to buy a practice gym for UK was debunked immediately, but he has spent too much time tying his political fortunes to the money losing program. Despite the facts, Miller has gone to war to keep KAPT alive to take even more taxpayer dollars in the years ahead. The original Senate proposal sought to keep taxpayer dollars out of the program this year and stop the Treasurer from opening future accounts in order to stop the bleeding. Miller succeeded this weekend in getting the House Democrats to keep KAPT open to future losses. So, for now, we get some of our money back, but the program lives on and the future losses will dwarf the $13.7 million Miller failed to take from us this year. Not surprisingly, Miller is urging his followers to call their legislators and demand that he be allowed to take this money.
To urge responsibility, you may call your legislator at 800-372-7181 or email using the legislator's name like this: stan.lee@lrc.ky.gov
Conservatives would do well to mount an effort to call Frankfort and encourage their legislators to cut our losses and shut down KAPT once and for all.
Government giveaways to the poor have been around for a long time. Now that middle class entitlements are becoming the norm, those of us who believe in smaller government even when the largesse is aimed at us have to stand up and be heard.
Kentucky's Affordable Prepaid Tuition program is a way for people to lock in today's college price for future tuition costs. The problem is that the taxpayers are on the hook for the inevitable shortfalls in the program. This is the Savings and Loan debacle of the 1980's all over again.
So when the Kentucky Senate acted to reverse KAPT's $13.7 million drain on the General Fund this year, the one politician that has gained the most from KAPT's bracket creep up the ladder of welfare mentality had this to say. Jonathan Miller's bogus claim that KAPT beneficiaries were being robbed to buy a practice gym for UK was debunked immediately, but he has spent too much time tying his political fortunes to the money losing program. Despite the facts, Miller has gone to war to keep KAPT alive to take even more taxpayer dollars in the years ahead. The original Senate proposal sought to keep taxpayer dollars out of the program this year and stop the Treasurer from opening future accounts in order to stop the bleeding. Miller succeeded this weekend in getting the House Democrats to keep KAPT open to future losses. So, for now, we get some of our money back, but the program lives on and the future losses will dwarf the $13.7 million Miller failed to take from us this year. Not surprisingly, Miller is urging his followers to call their legislators and demand that he be allowed to take this money.
To urge responsibility, you may call your legislator at 800-372-7181 or email using the legislator's name like this: stan.lee@lrc.ky.gov
Conservatives would do well to mount an effort to call Frankfort and encourage their legislators to cut our losses and shut down KAPT once and for all.
Thursday, March 03, 2005
Memo to Jonathan Miller: Give us our money back!!
This morning on Dave Baker's show on WLAP 630 AM in Lexington, state Treasurer Jonathan Miller said "KAPT has never used taxpayer dollars and never will."
This is completely untrue. Further, the Unclaimed Property Fund that Miller has said contains $140 million to $150 million to back up KAPT liabilities, has no such value. Not even close. Someone should ask Miller to prove this claim.
But it really doesn't matter. Miller, in his incessant shilling for the KAPT program, leaves out the only important facts. People who signed up for the program were shrewd. The state has to back up those contracts, even if it means using taxpayer dollars to do so. The 9000 or so people who signed up will get an outstanding return on their investments; the General Fund guarantees it. Parents and grandparents who looked at the program and passed on it because it looked too good to be true were right as well. The program is unsustainable without periodic taxpayer bailouts. The deficit this year was $13.7 million. The House voted to fill that hole with General Fund dollars. The Senate acted courageously in not only pulling our General Fund dollars out, but also essentially shutting down the program to future losses. The predictable Herald Leader editorial today weakly urged the Senate to give our $13.7 million back to KAPT. They won't.
Meanwhile, Miller seems determined to die on this hill. After learning at famous sore loser Al Gore's knee in Washington D.C. some years ago, he appears perfectly willing to stick to a bad lie or two. And this is an excellent illustration of the changing media tide. He has convinced the Herald Leader to carry his water for him. The question of the day is what will you do with this information?
This is completely untrue. Further, the Unclaimed Property Fund that Miller has said contains $140 million to $150 million to back up KAPT liabilities, has no such value. Not even close. Someone should ask Miller to prove this claim.
But it really doesn't matter. Miller, in his incessant shilling for the KAPT program, leaves out the only important facts. People who signed up for the program were shrewd. The state has to back up those contracts, even if it means using taxpayer dollars to do so. The 9000 or so people who signed up will get an outstanding return on their investments; the General Fund guarantees it. Parents and grandparents who looked at the program and passed on it because it looked too good to be true were right as well. The program is unsustainable without periodic taxpayer bailouts. The deficit this year was $13.7 million. The House voted to fill that hole with General Fund dollars. The Senate acted courageously in not only pulling our General Fund dollars out, but also essentially shutting down the program to future losses. The predictable Herald Leader editorial today weakly urged the Senate to give our $13.7 million back to KAPT. They won't.
Meanwhile, Miller seems determined to die on this hill. After learning at famous sore loser Al Gore's knee in Washington D.C. some years ago, he appears perfectly willing to stick to a bad lie or two. And this is an excellent illustration of the changing media tide. He has convinced the Herald Leader to carry his water for him. The question of the day is what will you do with this information?
Wednesday, March 02, 2005
Jonathan Miller Lies To Public About KAPT
WVLK 590 AM's Kruser and Krew program this afternoon reported some of the details printed here that sought to clear up misconceptions perpetuated by state Treasurer Jonathan Miller about the existence of an unfunded liability in the KAPT program.
Miller called in to the program and was put on the air. His stated purpose was to "correct misunderstandings about KAPT" and to counter misinformation that he attributed to Senate President David Williams. Miller has repeatedly referred to the State Senate's effort to phase out the KAPT program as a "raid." What the Senate did, which was clearly explained in the Fiscal Biennium 2004-2006 Budget Modification Report, was to reverse an appropriation of $13,700,100 from the General Fund to the KAPT Program Fund written into the House budget. The stated purpose of this suggested appropriation was to "meet KAPT's unfunded liability." So to be perfectly clear, the $13.7 million in question was a payment from Kentucky taxpayers to the 9000 or so KAPT beneficiaries written into the budget by the House of Representatives. The Senate appropriately removed this "gift" and moved to shut down the money-losing program to potentially limitless liabilities. By statute, current contract holders will see all their promised tuition assistance. The Senate's action merely places a limit on future losses by the program. Mainstream media outlets predictably have given Miller a pass for his poor judgement in lying about this matter by not reporting it. Kentucky Progress salutes WVLK and Kruser and Krew for shedding some light on this event. Miller has chosen to make this a cause celebre, aparently against conservative budgeting. As such, we will keep you updated as Miller continues to protect his misstatements with, one assumes, more lies.
Miller called in to the program and was put on the air. His stated purpose was to "correct misunderstandings about KAPT" and to counter misinformation that he attributed to Senate President David Williams. Miller has repeatedly referred to the State Senate's effort to phase out the KAPT program as a "raid." What the Senate did, which was clearly explained in the Fiscal Biennium 2004-2006 Budget Modification Report, was to reverse an appropriation of $13,700,100 from the General Fund to the KAPT Program Fund written into the House budget. The stated purpose of this suggested appropriation was to "meet KAPT's unfunded liability." So to be perfectly clear, the $13.7 million in question was a payment from Kentucky taxpayers to the 9000 or so KAPT beneficiaries written into the budget by the House of Representatives. The Senate appropriately removed this "gift" and moved to shut down the money-losing program to potentially limitless liabilities. By statute, current contract holders will see all their promised tuition assistance. The Senate's action merely places a limit on future losses by the program. Mainstream media outlets predictably have given Miller a pass for his poor judgement in lying about this matter by not reporting it. Kentucky Progress salutes WVLK and Kruser and Krew for shedding some light on this event. Miller has chosen to make this a cause celebre, aparently against conservative budgeting. As such, we will keep you updated as Miller continues to protect his misstatements with, one assumes, more lies.
Tuesday, March 01, 2005
Jonathan Miller Declares War to Save KAPT boondoggle
Kentucky's state Senate voted Monday to stop Treasurer Jonathan Miller's raid on the General Fund by removing a payment to his bankrupt Kentucky's Affordable Prepaid Tuition program from the House budget bill.
Despite Miller's insinuations that the removed payment represented savings dollars of Kentucky families participating in the program, the $13.7 million actually was taxpayer money not intended to shore up the KAPT deficit. That money would have to be removed from elsewhere in the budget. KAPT has consistently lost money on investments and squandered millions on promotional expenses since 2001.
Billed as a program to help Kentucky families pay for future higher education expenses at current prices, KAPT would only be sustainable if investment returns exceeded tuition cost increases and KAPT expenses. Miller's response to the Senate's refusal to fund the bail out of his program has been extreme: "(It) is inexcusable, unconstitutional, and immoral," Miller said, claiming falsely that KAPT is "financially healthy" and that the Senate was using KAPT money to fund a basketball gym.
As presently structured, KAPT can most accurately be described as an entitlement program to help middle- and upper-income families pay for college expenses. Miller states that shortfalls in the program can be covered by the nearly-worthless Unclaimed Property Fund, which isn't true.
Despite Miller's insinuations that the removed payment represented savings dollars of Kentucky families participating in the program, the $13.7 million actually was taxpayer money not intended to shore up the KAPT deficit. That money would have to be removed from elsewhere in the budget. KAPT has consistently lost money on investments and squandered millions on promotional expenses since 2001.
Billed as a program to help Kentucky families pay for future higher education expenses at current prices, KAPT would only be sustainable if investment returns exceeded tuition cost increases and KAPT expenses. Miller's response to the Senate's refusal to fund the bail out of his program has been extreme: "(It) is inexcusable, unconstitutional, and immoral," Miller said, claiming falsely that KAPT is "financially healthy" and that the Senate was using KAPT money to fund a basketball gym.
As presently structured, KAPT can most accurately be described as an entitlement program to help middle- and upper-income families pay for college expenses. Miller states that shortfalls in the program can be covered by the nearly-worthless Unclaimed Property Fund, which isn't true.
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