A Preliminary Framework for Louisiana’s Economic Recovery
The Louisiana economy has seen job losses top 300,000 with thousands of businesses shuttered entirely. While the first wave of the COVID-19 pandemic hit the hospitality, retail, and healthcare sectors the hardest, as time has gone on, consumer spending has stalled and companies are beginning to retain capital and cut costs as they attempt to prepare for an unpredictable future. No industry sector is unaffected.
The coronavirus epidemic necessitated an unprecedented shut-down of the economy to manage the virus. While Louisiana is succeeding at “flattening the curve,” the consequence has been staggering job and business losses. Federal aid, combined with state programs, is providing some short-term relief, but it is critical that we restart the economy as soon and as safely possible. Not doing so will have grave economic and health consequences of its own.