Louisiana’s House Republicans were united in their support of the “Cut, Cap and Balance” legislation that passed last night. It faces a tough road in the upper chamber where Sen. David Vitter (R-La.) has criticized his colleagues for backing down to President Obama
Louisiana’s friendly tax climate and steady economic growth have allowed the state to navigate through fragile economic times, but unfunded pension liabilities and a former budget shortfall pose problems for Louisiana’s future.
The study projects a loss of approximately $341 billion in economic output, 155,000 jobs, and $68 billion in wages- catastrophic numbers in any circumstances.
Sen. David Vitter’s amendment to defund existing czar positions and block new appointments to these positions without congressional approval fell just short in June. But it attracted bipartisan support and will be used as a model for future legislation
Under a proposed constitutional amendment, at least 5 percent of surplus funds must be used to pay down unfunded accrued liabilities that existed as of June 30, 1988 for the Louisiana State Employees’ Retirement Systems (LASERS) and the Teachers Retirement System of Louisiana (TRSL).
Cuts to entitlement programs could be the first steps to getting our fiscal house back into some sort of order.
The Department of Energy has awarded Louisiana State University $997,000 for a project to evaluate the feasibility of an advanced geothermal energy project.
467,000 new enrollees will be added in our state under the new health care law. This will even further strain efforts of patients to gain access to quality care while further exacerbating Louisiana’s fiscal crisis.
The Louisiana legislature has been criticized for cutting statewide funding for the arts. Pelican Institute president Kevin Kane argues that Louisiana’s cultural heritage is better protected by voluntary support and private enterprise than by government subsidies.
Over the span of this year, thirteen states, including Louisiana, have passed school choice legislation, while 28 states have pending legislation.