Lawmakers should reject attempts to raid bolstered rainy day fund for secret project

For Immediate Release: Wednesday, Sept. 8, 2021 Contact: Jim Waters, (270) 320-4376

The Bluegrass Institute for Public Policy Solutions, Kentucky’s free market think tank, released the following statement in response to attempts by legislative leaders to raid Kentucky’s rainy day fund for an unnamed Hardin County project. 

Given the choice between respecting Kentucky's taxpayers or raiding the rainy day fund for another dose of corporate welfare, Frankfort appears poised to choose another huge giveaway to big business.

House Bill 5 and its Senate companion will drain the rainy day fund of $410 million to set up new government programs in the pursuit of unnamed economic development projects, which are cloaked in secrecy behind nondisclosure agreements.

Since the conclusion of this year’s regular legislative session, lawmakers have touted finally establishing a legitimate rainy day fund in Kentucky. However, this latest action makes it clear that Gov. Beshear and the leadership in the General Assembly view those savings as a slush fund for more government spending instead of vital resources necessary to manage through the next downturn in the state's economy.

We encourage rank-and-file members to reject this secrecy and stand on the side of their taxpaying constituents.