It's good to be king. It may even be good enough to be a part-time politician.

Kentucky's government is $12 billion behind where it should be in funding its pensions. Promises made outstrip current funding.

Jim Waters, director of policy and communications for the Bluegrass Institute, has come up with one reason why the problem has been allowed to fester: legislators collect pensions, too!

"The state’s behind in its pension obligations by at least $12 billion, yet part-time politicians – part time – have it set up so even they can continue to fatten themselves at the public trough," Waters says.