The Pension Fix - Where's the Dough? (7/1/08) - WDRB 41 Louisville News

The Pension Fix - Where's the Dough? (7/1/08)

Kentucky's legislators seem pleased with themselves for supposedly "fixing" the state's employee pension system.

But while the plan does provide for reduced future benefits and other cost-saving measures, it also depends upon consistent increases each year in the amount the legislature puts into the system. Increases estimated at around 50 million dollars.

But where's 50 million in new money supposed to come from every year?

In my experience, when it comes to good new revenue opportunities, our legislators are experts at shooting them down.

Reasonable hikes in cigarette taxes? No way.

Casino gambling? Can't even get it on the ballot.

And our pitifully low commitment to higher education continues to keep Kentucky from attracting companies looking for competent, well-educated work forces - companies that could generate big increases in tax revenues.

So while our lawmakers seem happy about only needing an extra 50 million bucks every year for 15 years or more, I'm skeptical about their ability to find it.

Simply declaring a problem "solved" doesn't necessarily make it so. And until our representatives start showing some courage in finding ways to pay for what we need, I'm afraid this latest pension fix is doomed to failure.

What do you think? Call and let us know.

I'm Bill Lamb, and that's my...Point of View.

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