Thursday, September 08, 2011

John Kemper: stop money-losing debt restructuring

Frankfort debt restructuring over the last four years has encouraged overspending and will cost Kentucky taxpayers hundreds of millons of dollars for what amounts to an accounting stunt, Republican candidate for state Auditor John Kemper said.

"Looking at the numbers, they are claiming $427 million in cash flow savings from debt restructuring over fiscal years 2009 to 2012 and then there is a real loss of $600 million over the next seventeen years just to make the budget look balanced while Steve Beshear has been governor," Kemper said. "Problems like this inspire me to run for auditor. If I am elected I will work to stop any debt restructuring that loses Kentuckians' money like this."