Budget woes offer insight
Kennedy said these budget shortfalls have been in the making for several years.
In 2005, he said the state’s budget was only $18.7 billion. But when the state was struck by hurricanes Katrina and Rita, revenue greatly increased and the state’s budget got fatter.
“Studies show billions flow into a state that is a victim of a natural disaster, which artificially stimulates the economy by sending sales and income taxes through the roof,” he said. “But it’s fool’s gold. What Louisiana is experiencing today was inevitable and very predictable.”