An odd story in a national investments magazine perhaps sheds light on why so few people have expressed appropriate shock and horror at the huge mess Kentucky officials have made of our public employee fringe benefits system.
Pension and Investments Magazine quotes (misquotes?) Finance and Administration Cabinet Secretary Jonathan Miller understating the size of Kentucky’s problem by six billion dollars and, in the same sentence, characterizes Gov. Steve Beshear’s recent attempt to make the problem worse for cities and counties as part of his effort to “shore up” the retirement systems.
If the “experts” can’t even size up the problem properly, how can a meaningful segment of the electorate hope to assess this looming disaster before it is too late?
Frankly, I don’t know. Ask California.