As meteorologists are pumping up the hurricane hype by labeling this upcoming season as a “far greater threat to lives and property” than last season’s calm, Louisiana residents should be more worried about their politicians wanting to spend financial reserves the state accumulated from federal funds after Hurricane Katrina. Louisiana politicians have a long history of making bad fiscal decisions, dating all the way back to the days of Huey Long.
So why are we letting people that have no business making the states’ financial policy sit in the capitol and let our excess money waste away like the Louisiana wetlands? If we really want to plan for the future and have citizens and businesses invest their time and money into this state, then we should take the budget excess and hire of certified financial planners to prepare a fiscally responsible budget that will generate income the future. Because of the massive influx of federal dollars into Louisiana, the state has a reservoir of funds that lawmakers do not know what to do with. The legislature currently has three options:
1) Spend the money on projects that would be one-time expenses like roads. 2) Spend the money on projects that Louisiana would be paying over the next several years like teacher pay raises. 3) Save the money to prepare for future expenses. However, the majority of the governor’s spending proposals will remain in legislative gridlock until the House of Representatives can vote to lift the Constitutionally-mandated state spending cap.
On Monday, a vote to lift the cap failed to reach the required two-thirds majority by two votes after it was stalled by state Republicans. Both parties have plans to spend about the same amount of money – on different proposals. Blanco and the Democrats’ spending plan is made up largely of big projects and recurring expenses. Republicans would rather put the surplus towards one-time projects and tax cuts. Regardless of party politics, Louisiana has a once in a lifetime chance to rebuild our state – and the cash to do it.
Lawmakers need to step back, reassess and think before quickly squandering funds.
Fix the current problems in our state, but don’t squander money on pork projects to enhance re-election efforts.
Put the rest away for a rainy day – when the next inevitable hurricane strikes our coast.