Louisiana’s business climate consistently ranks among the worst in the nation. The state’s heavy tax burden is already enough to stifle economic investment. Adding Louisiana’s long-standing reputation as a legal swampland further discourages the economic growth needed in the state. Furthermore, the state’s massive and inefficient regulatory environment serves as another major barrier to job creation and economic growth. Overly burdensome occupational licensing requirements artificially constrict the labor market and stifle entrepreneurship. Excessive red tape force businesses to spend too many resources complying with outdated rules.
The status quo is not acceptable. Louisiana is experiencing anemic job growth at a time when the country is thriving. The state unemployment rate is consistently higher than the national average, and Louisiana was one of only nine states to suffer a net decrease in population from July 2017 to July 2018. People flock to neighboring states while people flow out of Louisiana for better opportunity elsewhere.
The Pelican State needs policies that incentivize economic growth. Transformational regulatory and legal reforms that eliminate overregulation ensure impartiality in the legal system would send a strong signal that Louisiana is open for business.