Director, Commonwealth Policy Center

There's been debate as to just how much debt the Commonwealth of Kentucky is in. State Auditor Mike Harmon recently issued a report where he estimates the overall debt is $54 billion and unfunded retirements account for more than 80 percent. That is $43.3 billion. This is the total the state owes for the next 30 years and this amounts to more than $12,000 for every person in Kentucky. That's a huge obligation hanging around every Kentuckian's neck. We might get tired of hearing about this issue but its too important to ignore. If the debt isn't dealt with, our credit rating could go down and when that happens interest rates go up on state loans. When this happens it will cost the taxpayers more money. And nobody wants that.