Last year, personal income growth was 0.0%, the lowest in the country. And Louisiana had the third highest net out-migration in the country. Louisiana is in desperate need of a comeback.
Current so-called “solutions” to the problem are unlikely to work.
The Legislature increased spending to an unnecessary extent, ignored calls from some to use their surplus of funds from 2022 to go to a “rainy-day fund” in the event of unforeseen circumstances, and have spent as though we expect our population to grow in the future (which is very unlikely given previous trends).
Louisiana needs real solutions that actually increase personal income, bring people into the state (or at the very least, keep those who are already here) and encourage meaningful employment and entrepreneurship to the area.
Continue reading at The Center Square.
Justin Callais, PhD, is Chief Economist at the Archbridge Institute. He leads the institute's "Social Mobility in the 50 States" project and conducts original research on economic development, upward mobility, and economic freedom. Dr. Callais received his Ph.D. in economics from Texas Tech University and his B.B.A. in economics from Loyola University New Orleans. He serves as an economic consultant at Callais Capital Management, and he is co-editor of Profectus Magazine, an online publication dedicated to human progress and flourishing. In addition, he publishes a regular newsletter on Substack titled "Debunking Degrowth."
Economics of Flourishing
Last year, personal income growth was 0.0%, the lowest in the country. And Louisiana had the third highest net out-migration in the country. Louisiana is in desperate need of a comeback.
Current so-called “solutions” to the problem are unlikely to work.
The Legislature increased spending to an unnecessary extent, ignored calls from some to use their surplus of funds from 2022 to go to a “rainy-day fund” in the event of unforeseen circumstances, and have spent as though we expect our population to grow in the future (which is very unlikely given previous trends).
Louisiana needs real solutions that actually increase personal income, bring people into the state (or at the very least, keep those who are already here) and encourage meaningful employment and entrepreneurship to the area.
Continue reading at The Center Square.
Justin T. Callais
Justin Callais, PhD, is Chief Economist at the Archbridge Institute. He leads the institute's "Social Mobility in the 50 States" project and conducts original research on economic development, upward mobility, and economic freedom. Dr. Callais received his Ph.D. in economics from Texas Tech University and his B.B.A. in economics from Loyola University New Orleans. He serves as an economic consultant at Callais Capital Management, and he is co-editor of Profectus Magazine, an online publication dedicated to human progress and flourishing. In addition, he publishes a regular newsletter on Substack titled "Debunking Degrowth."
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