Yesterday, the sixth episode of “Inside the Vault,” a podcast produced by the Louisiana Department of Treasury, was released.
In this episode, Louisiana State Treasurer John Fleming, M.D., discussed the state’s anticipated $293 million budget surplus at the end of the fiscal year, along with the key challenges facing the state today. Instead of spending the money on expanding the state government, Dr. Fleming urged legislators to return it to the citizens of Louisiana through tax cuts.
Treasurer Fleming noted that businesses are leaving high-tax states such as New York, but they are not moving to Louisiana. Instead, they are relocating to states with no income taxes, such as Texas and Florida. These states have diversified their economies and have more job opportunities for college graduates. Unfortunately, many Louisiana college graduates must leave the state for better economic opportunities elsewhere.
The population loss has been so dramatic that Louisiana has lost two congressional seats in the last few decades. If dramatic action is not taken immediately, Dr. Fleming asserts that Louisiana will be in danger of losing another congressional seat in the next census, causing our state’s influence to become “weaker” in Washington, D.C.
Treasurer Fleming strongly believes that eliminating income taxes and lowering sales taxes will help stop the state’s population loss and improve the business climate in Louisiana. Dr. Fleming maintains that reducing taxes will “broaden and deepen our tax base,” and increase our revenue, which will allow for more infrastructure projects to improve our substandard roads and bridges.
In this episode, Treasurer Fleming also explores potential solutions and strategies to strengthen Louisiana’s future, such as enacting meaningful tort reform to help reduce the state’s high insurance premiums, a key problem facing the state.
Each episode of the podcast, co-hosted by Communications Director Jeff Crouere, will give Louisiana citizens a behind-the-scenes look at the Treasury Department’s operations and highlight Dr. Fleming’s significant accomplishments in office.
The monthly podcast aims to educate the public on how the Louisiana Department of Treasury safeguards taxpayer dollars, manages state investments, and returns unclaimed property to citizens. Fleming and Crouere will also discuss recent initiatives, legislative efforts, and financial updates that impact Louisiana families and businesses.
“We’re opening the vault—literally and figuratively,” said Treasurer Fleming. “This podcast is a way for us to pull back the curtain and communicate directly with the people of Louisiana about the important work being done to protect their money and promote transparency in government.”
In recent months, the Louisiana Department of Treasury has delivered impressive returns on state investments, received an improved outlook from an accredited rating agency, and returned record amounts of unclaimed property to citizens. Other accomplishments include streamlined financial reporting systems and stronger fiscal oversight protocols.
These topics and more will be explored in depth throughout the podcast series. The show will also feature occasional guest interviews with department officials, community and state leaders, and financial experts to provide broader insight into Louisiana’s economic health and policy decisions.
“We want this podcast to be informative and accessible,” added Crouere. “Louisianans deserve to know how their money is being managed—and we’re here to tell them.”
Viewers can watch the show on the Treasury Department’s website, Treasury.la.gov, Facebook page, YouTube channel, and other social media platforms.
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