Kentucky One Of Five Budget Sinkhole State!

A report from the Institute for Truth in Accounting reports that Kentucky is one of the five "sinkhole states," based on the state's debt and each taxpayer's burden. According to the report, Kentucky needs more than $29 billion to pay the state's bill, which would require each taxpayer in the state to pay $23,800. The report is based on 2009 data. The institute explains the situation: "One of the reasons Kentucky is in this precarious financial position is state officials use of antiquated budgeting and accounting rules to determine true compensation costs."