Louisiana public pension funds sought to withdraw $143 million from Fletcher Asset Management earlier this week, but were presented with IOUs in lieu of cash, leaving taxpayers to foot the bill.
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.
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).
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.
The American Conservative has run a commentary from former Pelican Post reporter and editor Fergus Hodgson. He promotes a constitutional amendment to check runaway federal spending.
American Legislative Exchange Council claims that states with lower and falling tax burdens are attracting businesses and spurring job growth.
A new state ranking for assets relative to liabilities, released this week, finds Louisiana to be the second most indebted state in the South. Despite a balanced budget requirement, Louisiana has still managed to acquire $21 billion more in liabilities than it has assets to offset them.
Mayor Mitch Landrieu has requested limited removal of seniority privileges from consideration in city lay-offs, and the local chapter of the Service Employees International Union is unimpressed.
Due to a scheduled larger share of offshore oil and gas revenues from the federal government, some lawmakers anticipate future surpluses.