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originally posted by: jefwane
Louisiana, is unfortunately for them, one of the US states that can legitimately claim to have run up debt because of extreme circumstances. Hurricane Katrina followed by the BP Oil Spill are two extreme circumstances at the US state level that i would consider appropriate for deficit spending, but cutting taxes before you've paid off debts incurred from the former, is unexplainable.
originally posted by: CB328
First it was Kansas, now Louisiana is in deep budget trouble. The cause? Tax cuts and subsidies for corporations that are causing a budget shortfall of 2 billion this year alone. The former governor, former Presidential candidate Bobby Jindal, now admits that it was corporate welfare. This is what's killing America, the loss of money and power to Big Business who turns around and uses it to screw everyone else.
I know some here will say that democratic states are worse due to pensions and social programs, but at least that's spending on the people of the states instead of greedy bigwigs who don't need it in the first place.
The comment resonates now as the state faces its worst budget crisis in three decades - largely because of the soaring cost of subsidies, as well as personal income tax cuts, championed by Jindal.
originally posted by: OccamsRazor04
Must be taxes, not like the price of oil changed.
The Louisiana oil and gas industry is one of the leading employers in the state.
Plummeting oil prices dealt the latest blow to state revenues.
Falling oil prices ... also played major roles in the crisis, according to state data. Oil-related revenues are projected to drop by nearly $400 million this fiscal year, the data shows.