Many states, Kentucky included, are finding themselves in a major deficit as it pertains to funding pension plans for governmental employees. Eventually money must be placed into the plans in order to meet these very important financial obligations. Imagine that you were put in charge of addressing this issue. How would you reduce this liability? If you think about it this way, there are three major ways this can be accomplished- Raise revenues (increase or create taxes), reduce spending (cut expenses), or a combination of the two. What approach might you employ? If you choose to increase taxes, please explain how you would accomplish this. If you choose to create a new tax, what would it be? If you choose to reduce spending, what expenses would you cut? You are only limited by the law and your own creativity! Please make sure to add as much detail as possible to your responses.