Of Course He Pushed The Pension Disaster

We’ve spent years (originally typed months but did a quick search to see that it’s certainly been years) focusing on the corruption at Kentucky Retirement Systems. Corruption that has cost the Commonwealth hundreds of millions of dollars.

Most of the current underfunding of the pension system can be attributed to sleazy budget deals between governors and legislators. Governors and legislators fighting to plug budget holes by deliberately underfunding the system to the tune of $300 million to $800 million per year.

Now, Ryan Alessi is pointing out what some in the mainstream are afraid to discuss. The beginning of Kentucky’s $30-$40 billion pension liability has been tracked back to 2002 with a specific deal cut by Jim Ramsey, who was Paul Patton’s budget director at the time:

Ramsey set the precedent, House Democrats bought into it, Republican Senators fell for it. Patton, then Ernie Fletcher, then Steve Beshear… they continued the shortchanging and added to the disaster. It’s all resulted in a flustercuck. Kentucky now has the worst-funded state pension system in the entire country.

2 thoughts on “Of Course He Pushed The Pension Disaster

  1. “The Master of Disaster”

    Looks like Jimbo is the architect of several major disasters to hit the Commonwealth: America’s worst state pension fund and one of the worst major public universities in the nation. Whatever he touches seems to turn to manure. And the citizens (both young and old) take the brunt of his disasters while he walks away with deep pockets and false plaudits.

  2. I’m blown away by the nerve of this legislature. It’s not enough that state employees haven’t received much of any raise since 2001(!), but now they’re talking about “pension reform”–we all know what that means–we lose again! On top of all this, they give themselves secret raises.

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