A brief look at the budgets of each state during the COVID crisis reveals a very dangerous situation. Many states were already near collapse with unfunded pensions and healthcare costs rising into the hundreds of billions of dollars. To combat a budget freefall, states have appealed to Congress for help. Federal funds are being solicited in sums that boggle the mind. Yet, the future does not look bright.
This week brought news of another loss to my home state of Louisiana. Lod Cook departed this life after serving others for all of his 92 years. Born in a small town in North Louisiana, he made his way to Baton Rouge to study at Louisiana State University. In 1950, he graduated with a degree in Mathematics. He served in the United States Army, and after decades of working up through the corporate ladder became recognized as a titan of the oil and gas industry in the United States. He served as CEO of ARCO from 1986 to 1995.