You ever read or hear an editor or teevee station manager “editorial” and roll your eyes so hard they hurt?
Here’s another one! It’s from Ken Selvaggi of WAVE3. It’s a love fest of Greg Fischer and things that are horribly exaggerated or don’t matter to locals and people who actually pay attention to what’s happening in the area.
Then there’s this:
Yet all the positives can be negated if Louisville can’t get its pension debt lower. Right now, it ranks among the worst in the nation. The debt may soon cripple the ability of the city to deliver basic services. It consumes 15 percent of the general fund budget now, more than double than it did seven years ago.
Relief can only come from the state as it dictates pension policy. We encourage Kentucky legislators to make pension reform a top agenda item in this legislative session.
And that’s where Selvaggi isn’t just off his rocker but absolutely (ignorantly?) lying to television viewers.
The problem isn’t that pension obligations consume 15% of the budget. Though, part of the issue is that Fischer wastes a large portion of the budget on bloated salaries for people who do nothing. And part of the issue is that millions upon millions of tax dollars are floated out to several non-profit agencies around town that just flush the cash down the drain.
The real problem? That’s something you only comprehend if you don’t have your head in the sand. It’s Frankfort. It’s that CERS is a part of Kentucky Retirement System. It’s that Louisville is responsible for something like 65% of CERS. All while KRS is considered the absolute worst pension system in the entire country and one of the worst on the planet. CERS – meaning Louisville – is forced to carry the weight of KRS and its failures without having an increased voice in pension matters and without any recourse.
The only solution to that is for CERS to leave KRS and serve as its own pension system. Free of placement agents. Free of Fischer and Beshear-tied individuals who have no pension and investment expertise.
If you want more information about what’s going on at KRS? Just search through Page One. We write about it every day. The problems Louisville faces with CERS and KRS are not far or few and the least of the pension worries are how much of the general fund it consumes.