Kavanagh wants to sweep money from special funds to help balance the state budget. It's a terrible idea on its face, as many people have pointed out.
But one of his terrible ideas gave me a potentially good idea.
Kavanagh singled out, in particular, an 80-cent-a-pack tax on cigarettes approved by voters in 2006. That cash is earmarked for programs to improve early childhood development. He said there is about $350 million gathered in that fund.
"It's crazy to be banking hundreds and hundreds of millions of dollars in dedicated tax money for special areas that we could use to help get us out of this mess," Kavanagh said. "I don't see how you get out of a $2 billion hole without using every resource that you can."
Here's why this program, First Things First, has $350 million in its coffers. It's been banking the tobacco money until it can be assured it has enough to fund its early childhood education and health program for at least 8 to 10 years. That much time is needed to be able to assess the value of the program.
Here's my idea. The state borrows all or part of the funds from the First Things First program and pays it back at the same level of interest it would be paying to lease back the state buildings it's talking about "selling" to private interests. That way, instead of the dollars flowing out of government coffers into private hands, a net loss for the state, the money would stay with a government-funded program and increase its viability.
It wouldn't cover the whole bill, of course. But a few hundred million is a few hundred million.
The idea sounds too good and too easy. There must be something wrong with it.
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