The missed opportunity of 2008
We have all read those stories many times. The professional athlete or new pop idol makes a fortune and in no time spends it all and is worse off than they were before riding the wave of fame.
Prior to the two hurricanes in 2005, state generated revenue stood at about $9 billion. The initial adverse impact on Louisiana’s economy forced the Legislature to lop off $900 million in spending after the storms to balance the budget. That was done with few if any state employees losing their jobs and no medical or educational institutions being forced to close.