Mayorr-President Josh Guillory Issued the following statement on Lafayette's Stimulus Allocation:
“President Biden has signed legislation known as the American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion COVID-19 economic stimulus package. Part of that package is $350 billion for state and local governments.
Based on information published by the House Reform and Oversight Committee, the State of Louisiana expects to receive about $3.2 billion. Lafayette Parish and its municipalities expect to receive about $100 million.
Parish of Lafayette
City of Lafayette
City of Broussard
City of Carencro
Town of Duson
City of Scott
City of Youngsville
Since the beginning of the COVID-19 pandemic, the federal government has added more than $7 trillion to the nation’s monetary balance sheet through direct appropriations, and actions by the Federal Reserve. After ARPA funds are appropriated, the national debt will balloon to $30 trillion.
History tells us this rapid expansion of the money supply suggests the likelihood of significant inflation, monetary instability, and volatility in capital markets in the coming months and years.
Additionally, the troubling combination of weak energy prices and the collapse of the tourism industry represent a major challenge to our local fiscal outlook in the medium and long term.
The Council members have recently submitted their priority requests for the upcoming budget cycle.
I will be working with our City and Parish Council members and all LCG stakeholders to wisely invest these dollars in a manner that improves the sustainability and resilience of our local governments and ensures a safer, more prosperous future for our city and parish, our communities, and our people.”
-Josh Guillory, Lafayette Mayor-President