Hurricanes and COVID-19
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.
Resource Category: Budget & Taxes
Mineral Prices and COVID-19
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.
2022 Legislative Session: Focus on Finances
Louisiana lawmakers completed a three-month regular session more likely to be remembered for the post-pandemic spending spree, record-setting education increases and significant infrastructure investments than for sweeping policy changes.
Budget Bonanza Grows
Louisiana’s booming budget forecast grew even larger, at least for the next 14 months, after the state’s income forecasting panel revised its projections to account for the taxes pouring into state coffers.
Pork in the Budget
Even as they wisely steer money to debt payments, education and infrastructure investments, Louisiana lawmakers also are making the short-sighted, politically driven decision to spend millions of dollars on local pet projects without public vetting or explanation.
Medicaid and COVID-19
Louisiana’s Medicaid program provides health care coverage to nearly 2 million people, 42% of thepopulation, according to the Louisiana Department of Health. The percentage of state population enrolled in Medicaid increased about 5% from early 2020 to July 2021.
Collision with the Cap
Plans by Gov. John Bel Edwards and lawmakers to spend Louisiana’s booming pandemic tax collections are running into complications because of constitutional restraints aimed at limiting the growth in state spending each year.