Saturday, December 12, 2015

Boom times is over

Given that the mayor says New Orleans has secured "the last piece of the puzzle" for its post-Katrina rebuilding stimulus and that the oil boom that has buoyed the state economy for much of the past decade is at an end, it's fair to conclude the happy economic times might be over for a while.
New figures show Louisiana's economy grew at a 2.4 percent annual rate from April through June, slower than the U.S. economy. Louisiana's performance was an improvement from 2015's first quarter, when the economy shrank 1.5 percent, and from 2014, when economic output grew by 1.5 percent.

The data come from gross domestic product numbers released Thursday (Dec. 10) by the federal Bureau of Economic Analysis. They try to measure all of the economic output of each state. The 2014 figures have been lowered, originally showing Louisiana grew 1.9 percent
The state has spent the happy times slashing public services and handing gobs of money over to big chemical polluters, movie studios, etc. in the form of tax credits and other special considerations.  In New Orleans we've demolished public housing and built lots of nice things for rich people and tourists.

Wonder what we'll do during the bad times. 

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