Tinker's Dam

"Tinker's-dam - a wall of dough raised around a place which a plumber desires to flood with a coat of solder. The material can be but once used; being consequently thrown away as worthless."

In today’s Herald-Leader Larry Dale Keeling points a major flaw in Steve Beshear’s proposed pension reform plan.

What's missing, though, is money.

Don't take that as a criticism of Beshear's opposition to giving the plans a one-time infusion of cash by issuing pension bonds. In the current economy, the risk of bonding may well exceed the reward.

The missing money in question is the difference between the state contribution to the systems proposed in Beshear's budget and the actuarially recommended amount that would keep the unfunded liability from increasing during the next biennium.

Although the rising cost of health care is the major force that has driven this crisis of unfunded liability, governors and lawmakers have exacerbated the problem by underfunding the systems to the tune of $1.5 billion in recent years.

This governor and the current group of legislators are preparing to do it again.

Once again our so called leaders in Frankfort demonstrate their ability to see as far as the next election. This like other issues could be dealt with if the Governor and General Assembly had the vision and intestinal fortitude to actually address the nineteenth century tax laws the Commonwealth currently operates under.

Like Ernie Fletcher’s tinkering with tax reform, Steve Beshear is tinkering with pension reform.