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With little attention, Louisiana has poured more than $1 billion in higher-than-usual business tax collections into a six-year-old trust fund aimed at lessening the state’s overreliance on the volatile income source.
Louisiana is rebuilding its state savings account for tough times, after repeatedly taking out money to patch budget gaps during years of financial difficulties for the state.
Louisiana students and their families are bearing more of the costs of attending college, after years of declining state financing for public universities and ballooning tuition costs. The state-financed TOPS free college tuition program is filling some of those gaps for families, but with certain schools and students benefitting more than others.
Enrollment in Louisiana’s food assistance program has declined significantly over the past six months and has almost reached pre-pandemic levels. While the number of food stamp recipients continues to fall, roughly 800,000 residents – nearly one in five state residents – still rely on the program for groceries.
Louisiana’s largest sources of money to pay for coastal restoration and protection work will run dry within the next decade, leaving the state far short of the cash needed to fulfill its master plan, respond to climate change and safeguard its residents and businesses.
The National Oceanic and Atmospheric Administration predicts an “above average” 2022 hurricane season, creating another round of worrying for Louisiana residents who are still recovering from significant damages.
Oil prices per barrel have spiked higher than in the years prior to the COVID-19 pandemic. West Texas Intermediate (WTI) was $118.57 per barrel on June 6. According to Macrotrends, the previous high was in summer of 2014.