It was just a couple of months ago that the Louisiana Legislature decided to raise taxes by $700 million on businesses and individuals to close a massive budget deficit. These guys said it was necessary to prevent cuts to higher education and healthcare.
Well it’s already time for that time-honored Louisiana budget tradition, the in budget cycle budget cuts. Just six weeks after raising taxes, the state has already cut its budget by $4.6 million.
Louisiana lawmakers — a mere six weeks into the current state budget cycle — are already being forced to cut $4.6 million from higher education and other state services.
At first blush, the figure seems trivial given the state’s $25 billion budget, yet what’s troubling is that it’s likely a sign of additional financial cuts to come. Dropping oil prices, coupled with concerns new taxes and fees bills might not actually generate the initially advertised dollars, mean the state’s budget projections are unusually shaky this year.
According to C.B. Forgotston and others, what these RINOs and the morons from the Revenue Estimating Conference did was price oil at $62 a barrel. There was already evidence at the time the budget was being approved that oil was unlikely to reach that amount. Now it definitely won’t with China’s economy weakening and the Iran deal diminishing Middle East tensions.
Plus all the tax hikes the RINOs and Democrats voted on the legislature this session probably won’t generate the expected revenue. This is because they will affect the profits of businesses and will have a negative effect on Louisiana’s economy in general.
Now because they decided to just patch holes instead of pass much needed budget reforms, higher education stands to get whacked anyway. This shouldn’t be a surprise to Hayride readers.
This next little bit shouldn’t be a surprise to Hayride readers either. This fall, conservatives need to hold the RINOs and Democrats who voted for these tax hikes and the budget accountable. It’s also time to fire the entire Revenue Estimating Conference because these guys just can’t get it right.