On Saturday in Arkansas City, Kansas House Member Kasha Kelley gave an overview of the Kansas budget. One of the topics she presented was the rise in long-term debt issued by the state.
I investigated, and found these figures from the Kansas Comprehensive Annual Financial Report for 2009. As you can see, the debt in Kansas has been rising.
Gov. Finney inherited $150 million from the Federal government in the 1993-94 Legislative session due to a Medicaid underpayment to our State that was corrected by Washington. The legislators were foaming at the mouth to spend all the money, but Conservative Republicans allowed the Democrats to spend half ($75 Millions) if the other half ($75 Millions) was set aside in a “rainy day fund”. Moderate Republican Gov. Graves came into office (1995) telling us that he was going to “Pack-It High and Tight”. and proceeded
to spend the rainy day fund and more. We need public servants, not politicians!
Most states require voter approval before the state can issue bonds….but not Kansas. The legislature and governor can put this state into economic bondage….and to a significant degree have done so.
The only limit on borrowing in Kansas is located in Wall Street and what the bond market will digest in Kansas debt. Our legislators must all think that they are congressmen while engaging in this spending spree.
Its unbelievable to me how politicians are so short sighted about taking on so much debt. They are just are just so irresponsible by spending on programs which might look good when they are running for re-election. We just need people to take a stand and do what is right for our state in the long term