Thursday, 18 June 2009
Let's Spend The Money Before We Get It!
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Stumbo's Slots for Tracks bill was in deep deep trouble. How do we know this? Because he attached 1.3 Billion in funding for schools to the legislation. He is already spending the money the slots will bring in based upon predictions of the revenue it will generate. A few questions. What happens if the slots don't bring in predicted revenue? What will happen to the funding for schools? Isn't Kentucky in financial trouble? Shouldn't we be saving this money until times get better?
I am sure Stumbo doesn't want to answer any of these questions. In fact, he just wants to ignore them. Why? So he can buy off votes of the other legislators. I mean what legislator wouldn't want to pump more money into education? This just provides them with a convenient excuse to vote for the bill they would normally oppose.
Personally, I find the whole thing a bit sureal. This is a replay of the original lottery debate. Remember how the lottery was going to save our educational system? Within a few years of the creation of the lottery, most of the money generated was de-linked from education and placed into the general fund. Any bets that slots legislation will end up with the same fate?
Another thing I find amusing is the amount of money that Stumbo is trying to wring out of the tracks.
No, the fact that they are soaking the tracks for as much money as possible gets to the heart of the slots legislation. It was always about one thing. Giving the people in Frankfort more money to spend on stuff. Everything else is just a "reason" for them to take more money. Once you take a minute to delve past the surface it becomes obvious. The transparency of the whole scheme is pathetic. Fortunately, it doesn't look like they are going to get away with it.
I am sure Stumbo doesn't want to answer any of these questions. In fact, he just wants to ignore them. Why? So he can buy off votes of the other legislators. I mean what legislator wouldn't want to pump more money into education? This just provides them with a convenient excuse to vote for the bill they would normally oppose.
Personally, I find the whole thing a bit sureal. This is a replay of the original lottery debate. Remember how the lottery was going to save our educational system? Within a few years of the creation of the lottery, most of the money generated was de-linked from education and placed into the general fund. Any bets that slots legislation will end up with the same fate?
Another thing I find amusing is the amount of money that Stumbo is trying to wring out of the tracks.
Wasn't this legislation about helping the tracks? I thought saving the horse industry was the most important reason for the slots. If Turfway is going to have to struggle to make it work. How is it we are helping the horse industry with this legislation?Speaker Pro Tem Larry Clark, D-Louisville, predicted that tracks will complain about the higher taxes and fees but said their new slots construction may be eligible for tourism incentives as well.
The higher taxes and fees should not result in the tracks building smaller facilities because of the increased costs, Stumbo said.
Turfway Park President Bob Elliston, whose Florence track would have the highest license fee and likely would be in the upper tax bracket beginning in year six, said the new fees and tax are at the "upper limits of what we think is bankable, but we believe we can, in a tough way, make this happen."
No, the fact that they are soaking the tracks for as much money as possible gets to the heart of the slots legislation. It was always about one thing. Giving the people in Frankfort more money to spend on stuff. Everything else is just a "reason" for them to take more money. Once you take a minute to delve past the surface it becomes obvious. The transparency of the whole scheme is pathetic. Fortunately, it doesn't look like they are going to get away with it.
Posted by at 8:37 PM in Kentucky Politics
