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Thursday, 14 January 2016 11:59
Louisiana Treasurer Kennedy blasts Governor Edwards medicaid expansion; Talks budget cuts
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kennedy radio On Wednesday, the Louisiana State Treasurer, John Kennedy circulated a report indicating that the Louisiana budget is worse than expected.

Today, in an interview on 107.3 FM, Kennedy discussed the reasons for the budget problem, his concerns about Jon Bel Edwards accepting Medicaid Expansion dollars without negotiating with President Barack Obama and his thoughts how Louisiana can reduce spending by $700 to $900 million dollars without raising taxes.

Currently, it is anticipated that Louisiana is in a $2.6 billion hole, with roughly $750M due by the end of the fiscal year, June 30, 2016.

Above is the segment of the interview from the radio station's website.  Also, below is a rough summary of the interview statements.  You can slide the bar to the minute/second point on the above video to listen to the actual interview segments.

0:08 Current fiscal decline related to oil prices, a 17 point swing as the state expected to be up two percent but are down fifteen percent

0:30 oil prices starting to bleed over sales taxes, personal income taxes, corporate income taxes. 

0:46 Legislators need to be careful, They're looking at revenues and there is a reason the revenues are down--Because a big portion of the economy "sucks" right now, If they going to do massive tax increases, they can tank us

1:11 They can make it a lot worse and you throw gasoline on a fire to make a lot worse

1:22 Most of the state retirement systems are very well run and are diversified, considering the current oil decline. So the price of oil doesn't help them, but it's not like they are all in on oil stocks

2:43 Thinks the legislators would be more receptive to some of his ideas on cutting the budget.  Don't believe that tax increases will help the state be prosperous.  We are about to add 400,000 people to the Medicaid roles at $2 billion a year, and although the federal government says they are going to pay all of it, but the federal government doesn't always keep its word--"Ask the Indians about that"

3:51 John Bel Edwards wants to do it but we need to negotiate some terms, Not give Pres. Obama a blank check

4:17 The Medicaid expansion doesn't solve the problem because if there's a shortage of doctors, the patients are going to go to the emergency rooms for matters such as acne, eyeglasses and pregnancy tests. All we have to do is copy what Arkansas, Pennsylvania and Ohio did and Gov. Edwards is making a huge mistake here By giving the president a blank check. It's going to help us for the first few years But after that were going to be spending, not 40% of our budget on Medicaid but 60 to 70%. Spending that kind of money would impact upon funding institutions such as LSU

.5:57 Instead of raising taxes, there are about hundred and 150 dedicated slush funds, The governor needs to "write them off the face of the earth", That would free up $488 million.  Second, sent a letter to all 19,000 consultants and demand a 5% discount or Be fired--That will free up at least $250 million and maybe $400 million.  We just raise $700-$900 million without raising taxes.That will step on political toes, We need to stop lying to the people of Louisiana





Last modified on Thursday, 14 January 2016 12:22
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