Recently the KRS board of trustees put out new numbers that need to be added to the pension fund for the next fiscal year. Nearly $800 millions more needed. (click here for CJ article)
While this is a very large amount of money, you cannot solve that problem by cutting expenses. At least not only by cutting expenses. Again, every business person and entrepreneur knows you must increase and broaden your portfolio of new revenue sources.
And we can do that! And we can do it similar to how you would refinance your home mortgage.
The first thing we can do is to introduce bills for consumption based revenues such as
- Expanded gambling
- Medical Marijuana
- Increased hemp production for export
Again, all of these are “consumption” based revenues. They do not increase income or property taxes.
Using those new revenue sources we can then issue a Revenue Bond at 30-year yield rates and immediately fund at least half, if not all of those monies required.
Why this administration is not even considering additional revenue streams is not only short-sighted, but lacking in any kind of “business savvy” that all business people deal with on a daily basis.
As business people we find new ways to fund our capital expenditures, new revenue streams and new market opportunities.
If we really want to run “government like a business”, then let’s do that. And we can honor our fiduciary responsibilities.
We just need new leadership and better ideas.