The Paul Dietzel Report

New Orleans native, Michael Lewis authored the 2003 best-selling book, Moneyball. This book told the story of Billy Beane and his successful turnaround of the Oakland Athletics baseball team using something called sabermetrics. This is a way of observing and analyzing the statistics of baseball players to such an extent that someone can accurately predict how successful a baseball player will be in their position based on the number of times a baseball player gets on base and the number of times they get a hit at the plate.

As Lewis learned about the way Billy Beane used statistics to turnaround his baseball team, he also applied the discipline of statistical analysis to predict certain patterns in states across the nation. He tracked the states that were growing and those that were losing population each year. What he noticed about states that were growing was a statistical prediction that tracked the way taxes were collected and administered.

Before Billy Beane’s statistical predictions no one expected to build a championship baseball team by calculating statistics on each player. Yet, after it was done, it transformed baseball to such a degree that sabermetrics now rules the draft in Major League Baseball. In like manner, tax policy was often thought to be irrelevant by economists as a driving force for growth. A quick look at the numbers, however, reveals otherwise.

Take for example Lewis’ home state and my home state as well – Louisiana.

Begin to talk about taxes and you are sure to either clear a room or incite a riot. The typical thinking about taxes goes something like this: I don’t want to pay more taxes…but I want everyone to pay their fair share…

But what is fair? Who gets to decide what “fair” means? Whose standard are we going to use? Mine? Yours? And who gets to decide what is taxed? How did taxing income become an acceptable source of revenue to the government? Was it always this way? Of course not! Taxes on incomes began during the Civil War in 1862 and we’ve never looked back.

A good tax system must be designed so that it puts more money back into the pockets of people and setting a pro-growth agenda that will help create jobs and establish states like Louisiana as a place where business and industry can thrive.

Looking at Louisiana’s current system as an example, the complexity of its tax code with its multiple brackets across many taxing streams – from income tax to corporate tax to corporate franchise tax to severance tax to inventory tax to sales tax to the state’s 468 tax exemptions – is a recipe for disaster.

Good tax policy is achieved through a broad tax base with low tax rates.

J.D. Vance is a Yale lawyer that established a foundation in his home state of Ohio after a career in finance and technology. His bestselling 2016 book, Hillbilly Elegy, opened the window to a world of family dysfunction, trauma, abuse, addiction, and despair. Vance features his own story in Appalachia and also applies the lessons of his life to the American South as places where rural life has spiraled downward in a self-fulfilling prophecy of low-skill work and opioid abuse.

Listen for more.

COVID has not only changed how we live, but where we live. Interstate migration – the changes where Americans are living and where they are leaving – reveal that cost of living and tax policy plays a huge role in the determination of where people want to live and work.

When COVID struck the American economy, many Americans began to question the value of high rents and house payments in large metropolises like New York City, Los Angeles, and Chicago. With remote working now a permanent possibility for many people, living in large and expensive urban areas lost a bit of its charm and convenience. Families now wanted more space at a lower cost.

Looking toward the South and West, people realized they had greater purchasing power in other regions of the country. The UHaul Annual Report for 2020 on Interstate Migration reveals that the states of Tennessee, Texas, Florida, Ohio, and Arizona are the top destinations for relocation. Two of these states, Texas and Florida, have no personal income tax, and the rest have very low tax rates. All these states have easy processes and cheap costs to start a business.

This week the world watched as a peaceful transfer of power took place in Washington, DC. Amid scenes of American flags and thousands of US National Guard troops, the ceremony was quite different than previous inaugurations. The nation was still in shock from scenes of thousands storming the Capitol, but on Inauguration Day, there seemed to be signs of a fledging trust beginning to emerge. At least – that is our hope.

For me, there was a personal connection as six LSU graduates played in the ceremonial bands during the inaugural ceremony. Louisiana native Graham Breedlove serves in Pershing’s Own – the United States Army Band. Graham is one of the world’s finest trumpeters. Seeing him join other LSU graduates like Jason Sanders who stood on the steps of the Lincoln Memorial as a member of the United States Army Herald Trumpets, it was obvious these men were examples of honor and precision. They represented the people of the United States well as they served the new American President.

Julie Giroux grew up in Monroe, Louisiana and played French Horn in the Ouachita Parish High School Band. She later went on to study at LSU, and she became such an outstanding composer that she went to Hollywood and wrote music with another distinguished LSU graduate – Bill Conti. It was a joy to hear that one of her finest pieces – The Integrity Fanfare and March was featured just after the Vice-President was sworn into office.

The music of these men and women reminds us that each American stands equal before the Law. Our nation is not a place where only those with distinguished blood lines or wealthy landowners have a voice in our government. We are not slaves to a throne or servants to an altar. We stand as citizens of a Republic whose strength is in the people of this great nation. Through wars abroad and strife at home, we have always risen in triumph over tragedy to emerge as one nation under God.

In this new season, our resolve remains to strengthen the foundations of this Republic praying, in the words of President Lincoln, “that government of the people, by the people, for the people, shall not perish from the earth.”

May God bless America!

We are only 15 days into 2021, and already, the year has brought scenes of riots at the US Capitol that are now etched in our memory. In many ways, it feels as if the world changed on January 6, 2021. There is little doubt as 2021 unfolds, the year will bring massive changes economically, educationally, and politically.

As investigations into the actions of what took place and why on January 6th, it is apparent a massive void of leadership exists in ways not seen in a very long time. Across every sector in American life, the complaints seem to be the same: leadership needs to improve. In order for that to happen leaders need to learn to think differently about both the art and science of leadership.

Reflecting on how to improve my own skills as a leader, I remembered some of the greatest lessons my grandfather taught me that are rare in today’s toxic political and corporate culture. As we reflect on the tragedies of the past two weeks, I thought these lessons might be helpful to clear the debris from our minds and focus on the future.

First  - Kindness matters a lot more than you think.

Men and women who are thoughtful, deferential, and focused on others are truly shocking in our culture. As a football coach, my grandfather knew he had to transform young men into tough competitors, but even as he demanded mental and physical toughness, he always remembered his players’ birthday. He never forgot their hometown, and he knew their parent’s names. He was known to write a handwritten note to a player who had made a mistake during a game. He taught me kindness matters, and it does now more than ever.

Second – There are no “little” people.

True leadership is never self-exalting or condescending. It does not call people names or dismiss them because they have a different opinion. It never forgets the little people because there really are no little people. Everyone should be treated with dignity and respect.

Third – Bullying and Intimidation are not leadership techniques.

I’ve never seen such a time when rage is considered by many to be a virtue. Real leadership is always marked by patience, integrity, and a spirit of calm even when the pressure is at its greatest.

Finally – Leadership is about making other people better.

When you grow to the point to see your life as a way to help others, it brings clarity, focus, and energy. Our legacies are shaped day by day, step by step in ways that allow us to send messages to a place we will not see to people we will not meet to influence a time when we will not live.

Real leadership is about a legacy that lives beyond your lifetime.

During these days of trial and sorrow, these simple lessons from my grandfather still ring true long after he has departed this life.

The year 2020 has been a time of devastation for millions across the world.

For people in my home state of Louisiana, the tragedy of COVID was especially hard this week.

Luke Letlow had recently won a Congressional seat in his home district of Northeast Louisiana, and he was looking forward to taking the oath of office to begin his service this weekend.

When we first heard of his COVID diagnosis, we all expected him to recover because Luke was seldom still, much less stopped for any length of time. We later heard that he was being admitted to the hospital, and still, we thought this was but a temporary setback on the road to a full recovery.

Yet, Tuesday, the unthinkable happened. Luke died. He was 41 years old. He leaves behind a wife and two small children.

Growing up in Start, Louisiana – a small town of about 1,000 people – Luke Letlow was determined to make a difference in his world. During his high school years at Ouachita Christian School and later at Louisiana Tech University, everyone could see that his interest in public life was deepening and growing.

Throughout his career on Capitol Hill, he showed a distinct ability to keep his focus on the lives of the people he served in ways that brought a sense of empathy, compassion, and joy to his work on Congressman Ralph Abraham’s staff. Now poised to take on the mantle of Dr. Abraham, Luke was ready for what many hoped would be a long career in the United States Congress.

In light of his death, I am reminded of a great hymn by Henry Francis Lyte on this New Year’s Day. Henry Lyte was a faithful minister in England during the early 1800’s who penned many wonderful hymns during his lifetime. Perhaps you might have heard some of his more famous hymns such as Praise, My Soul, the King of Heaven or Jesus, I My Cross Have Taken.

Throughout Henry’s life he suffered from many respiratory illnesses that often rendered him bedridden and alone. Ultimately, a respiratory illness would take his life.

Yet, out of his own sickness and grief, he wrote a hymn in 1847 that has become a blessing to many across the world.

Here is the last stanza of this wonderful hymn.

Hold Thou Thy cross before my closing eyes;

Shine through the gloom and point me to the skies.

Heaven's morning breaks, and earth's vain shadows flee;

In life, in death, O Lord, abide with me.

This is the meaning and hope as we understand the death of Luke Letlow and others we have lost during this year.

In a world torn apart by sin, sickness and devastation, this truth – and this truth alone – has helped me during this year – and I hope it will help us face a new year as well.

Happy New Year!

The cyber breaches this week at the US Departments of Commerce, Energy, Homeland Security and Treasury were described as one of the most serious and comprehensive series of attacks in American history. The cyber security systems designed to protect the American infrastructure were so compromised that the Cybersecurity and Infrastructure Security Agency joined with the FBI and the Director of National Intelligence to release a joint statement to immediately instruct all “federal civilian agencies to immediately disconnect or power down affected SolarWinds Orion products from their network.” These products were part of a suite of software hacks that represented an extremely broad and successful espionage-based assault on confidential information of the United States Government.

It would be naïve not to realize that all governments spy on one another, but this instance of espionage was taken to a new level with the use of a sophisticated and all but undetectable malware. Malware is a short-hand term for malicious software used to wreak destruction and gain access to sensitive information. This malware used the SolarWinds Orion software as the host that was installed as part of a usual upgrade. When federal employees upgraded their software thinking it would improve its performance by eliminating the bugs that inevitably come with the use of any software, the cyber-attack was launched. It spread rapidly. The speed shocked cyber-security experts as they quickly realized a foreign power was attacking the United States.

The scope of this attack could be likened to an act of war. Malware can shut down entire networks across the nation and cripple the supply chain at a particular time when medications and vaccines need to be coordinated and distributed in the most efficient ways possible. This also includes the ability these attackers showed in their knowledge of America’s nuclear arsenal and stockpiles of weapons for missile defense.

In March of 1863, 18-year-old Charles Appleton Longfellow left his family’s house on Brattle Street in Cambridge, Massachusetts and boarded a train bound for Washington, D.C., to join the Union army to fight in the Civil War.

Charles was the oldest of six children born to Fannie Elizabeth Appleton and Henry Wadsworth Longfellow, the great literary critic and poet. Less than two years earlier, Charles’s mother Fannie had tragically died after her dress caught on fire. Henry tried to save her, but she later died from the burns on her body. His own burns were so severe that he was unable even to attend her funeral.

On December 1, 1863, Henry Wadsworth Longfellow was eating lunch when a telegram arrived with the news that his son, Charles, had been severely wounded. His wounds were so severe that he was sent home and his recovery was long and difficult.

Reflecting on the sorrow of his life and the war that consumed the nation, Longfellow stepped outside and heard bells on Christmas Day. He wrote a poem that spoke to the dissonance he felt in his own heart about the promise of redemption in Christmas and his very personal experience of grief. With the Civil War raging and his own life reeling from sorrow he penned a poem – I Heard the Bells On Christmas Day – that was later set to music.

This beloved Christmas hymn honestly admits the sorrow of life on earth with a look toward God who promises to make all things right in his perfect time. Facing Christmas in 2020 no doubt will be difficult for many, but take heart - God is not dead, nor doth He sleep; The Wrong shall fail, The Right prevail, With peace on earth, good-will to men.”

To understand the American economy right now, don’t just look at the Stock Market. While stocks are rising to some of the highest levels in history, there is growing concern the entire world of work is showing signs of such radical change that it could be years before some stabilization comes to the labor market.

On Wednesday of this week the Bureau of Labor Statistics released the JOLTS report. The Job Openings and Labor Turnover Survey or JOLTS - shows the number of job openings each month, how many workers were hired, how many quit their job, how many were laid off, and other research including the number of worker deaths.

JOLTS showed there was a rise in the number of jobs available which is good news. Currently, there are approximately 6.7 million open jobs. Yet roughly 10.9 million people are considered unemployed and actively looking for work. If we analyze this data correctly, this results in a ratio of about 1.6 unemployed workers for every job opening in the United States. There is another way to think about this reality. For every 16 workers who were officially counted as unemployed, there were only 10 jobs available. That means that for more than 4.2 million unemployed workers, no jobs are available.

This is especially true for workers in the retail, leisure and hospitality sectors. This area only has 0.2 job openings per unemployed person. This sector of the economy is all but dead.

Whenever 46 states get behind anything, it is usually an indication something important is transpiring. On Wednesday of this week, the Federal Trade Commission and a group of 46 states in separate antitrust lawsuits charged that Facebook engaged in a long campaign to acquire or stop technology companies it feared could rival their dominance.

Both lawsuits target two of Facebook’s major acquisitions: Instagram and WhatsApp. Both lawsuits could result in requiring Facebook to release their ownership of the two very popular apps. The FTC complaint also alleges Facebook now holds the power of a monopoly in the U.S. personal social networking market.

Robert Zemsky has served as the professor of higher education at the University of Pennsylvania for more than two decades. During his tenure, there have been big changes in the world of higher education, but none so drastic as what the Chronicle of Higher Education called this week – The Post-Pandemic College. Zemsky’s book, The College Stress Test, was published just prior to the COVID-19 pandemic. Already colleges across the nation were closing in record numbers. When COVID struck, that number accelerated quickly.

Since 2015, more than 30 institutions of higher education have closed or have been forced into a merger with another school. By the end of 2019, enrollment was already declining at public institutions by more than 35%. For private colleges, that number doubled.

Zemsky’s book predicted as much. He just did not realize how accurate his enrollment and financial models would become in light of an international pandemic. “Small colleges with small endowments will close,” Zemsky stated at a recent forum at the Wharton School on Penn’s campus. “Every aspect of the university experience has been touched by COVID, and we aren’t sure what is going to happen in the future

When the COVID-19 pandemic began to rise in full force, states were forced to issue guidelines that restricted the number of people who could gather at one time. This was especially true for in-door gatherings. Churches, like schools, were affected by these restrictions. Seeking to maintain some semblance of community, many churches quickly transitioned to livestream services. Most pastors desired to submit to the orders of the state, but over time, these restrictions grew in ways that directly interfered with the free exercise of religion – a right that is protected by the First Amendment.

Sooner or later, it seemed inevitable that the Supreme Court would be forced to interpret just how far the government could reduce religious freedom while it sought to reduce the virus’s spread.

The Supreme Court had already issued two earlier rulings allowing states to place harsher restrictions on houses of worship. Both of these cases came to the Court from Nevada and California, respectively. Both of them were decided on 5-to-4 votes, with Chief Justice John G. Roberts Jr. siding with the court’s four liberals. The Nevada case was particularly irrational. It allowed casinos and other tourist institutions to host hundreds of people inside their walls. Churches could not.

When Governor Andrew Cuomo recently issued a regulation that capped attendance at houses of worship in areas in the most restrictive “red” and “orange” regions of the state to 10 or 25 people regardless of the size of their building, that was a step too far.

Thanks to Justice Amy Coney Barrett, the Court reversed its earlier decision. Justice Barrett’s presence on the Court formed a new majority. The opinion was directly focused on the arbitrary and unequal treatment of churches. The ruling was written as an application of the equal protection clause in the First Amendment. The majority opinion was unambiguous: “the loss of First Amendment freedoms, for even minimal periods of time, unquestionably constitutes irreparable injury.”

Watching the stock market this week could easily give you economic whiplash. The week began with an announcement of progress toward a COVID-19 vaccine in clinical trials that sent the market soaring to a new record for a single day of trading – up 452 points by noon on Monday. By Wednesday, however, the tide had turned. A sell-off late Wednesday sent stocks tumbling by 345 points in the last hour of trading which is never a good sign. The week ended with jobless numbers climbing to 742,000 for the week – a bit ahead of the 710,000 estimated by Dow Jones economists. Week over week – this was an acceleration from the previous week’s total of 709,000 revealing the job market overall is still struggling.

Workers who were already receiving unemployment benefits and continued to file for an additional week took a substantial drop this week falling by 429,000 applications to 6.37 million. This was a new low since the pandemic began. The nation’s total unemployment rate fell to 4.3%.

Keep in mind, unemployment benefits continue for 26 weeks from the regular unemployment compensation program active in each state. During the COVID crisis, extended benefits have been established in 37 states plus the District of Columbia, Puerto Rico, and the Virgin Islands.

Yet, many workers have already exhausted funds available to them in this program and have moved over to the Pandemic Unemployment Assistance program.  Claims for this program increased by 23,863 to 320,237, while yet another pandemic emergency assistance program increased by 233,458 to 4.38 million.

Add all these programs together, and the total number of Americans receiving financial assistance from the government this week stands 20.32 million. One year ago this week, a total of 1.48 million Americans were receiving unemployment assistance. This shows just how bad the pandemic has affected the US work force.

A letter written by a passenger on the RMS Titanic sold this week in England for 42 thousand pounds – about $55,000 US dollars. The letter was penned aboard the ship on April 11, 1912  - three days before it would sink in the icy waters of the Atlantic.

John Harper - a 39-year-old Baptist pastor from Scotland wrote a thank you note on the ship’s stationary to a “Brother Young” who had recently helped him and showed kindness to his daughter and sister. He mailed it just before the ship departed for America. Harper was widely known across the world as a brilliant speaker with an uncanny ability to make the Bible come alive in his sermons.  John’s wife had died some years earlier, and he was headed to the United States so that could preach at the famous Moody Church in Chicago.

Soon after the Titanic struck an iceberg on April 14, 1912, John placed his daughter and sister into a lifeboat knowing that he would never see them again in this life. He hugged and kissed them both, and as the lifeboat was lowered into the sea, he was last seen waving goodbye to them.

As the boat moved away from the sinking vessel, Pastor Harper began assisting other passengers to the lifeboats. He clung as long as possible to portions of the ship that remained above the surface, but soon he could no longer hold on. Survivors remembered hearing him pray aloud, and one young man was so frightened of death that he trembled and cried in horror. With the last remaining strength of his body, Harper looked at the young man and quoted Acts 16:31 to him - “Believe on the Lord Jesus Christ and you will be saved.”

Four hundred years ago this week, on November 11, 1620, one hundred two men and women landed on the shores of the modern Cape Cod, MA. Most of them were part of a group of Protestant separatists who were members of a church in England from a village called Scrooby. They sailed across the Atlantic Ocean on a ship called The Mayflower.

From the very beginning, not everyone got along with each other. There were sharp disagreements and crimes were committed one against another. They had left behind a land where the King of England dictated his pleasure as the law of the land. When the early Plymouth settlers realized they must have some sort of governance that would provide protection, justice, and order among themselves, they did not reach back to what they knew in the Divine Right of Kings.

Instead, they wrote a charter known as The Mayflower Compact that formed what they called, “the civil body politic.” This new community would be framed by what they wrote in the Compact as “just and equal laws.” These laws would apply to all of them equally and without partiality.

The signers of the Mayflower Compact did not seek a theocracy or some sort of religious test for citizenship in the community. Rather, anchored by a personal and voluntary faith in God, they sought a political consensus that was sustainable and grew over time to allow a self-sustaining economy to take shape. These Pilgrims were among the first to establish a government experiment by the consent of the governed and set the stage for a constitution that would establish a new nation 167 years later.

This week was also the time our country remembers and thanks the many men and women who have served in the armed forces of the United States. Of special note this week was an American hero born in my home state of Louisiana in 1901. From the streets of New Orleans to the United States Naval Academy, Thomas Ryan served with distinction as a member of the Brigade of Midshipmen.

One year after graduation at the age of 21, Thomas was sent to Toyko, Japan to serve as a Japanese Language Officer at the United States Embassy. On September 1, 1923 at 11:58 a.m. the first shock of a massive earthquake hit the island of Japan. Those who heard it said it sounded like thunder. The Great Kanto Earthquake had begun.

Moments later, a 40-foot-high tsunami crashed on the city sweeping thousands to their deaths. Fires began to break out and roared through the wooden houses of both Yokohama and Tokyo burning everything—and everyone—in their path. Thomas Ryan was standing outside The Grand Hotel near the center of the Toyko when he saw a woman known only in history as Mrs. Slack trapped near the top floor.

The young American Naval officer immediately ran directly into the fire, ran up the stairs with flames raging on every side, put the woman on his shoulders and carried her to safety.

Hundreds of Japanese citizens watched him risk his own life for a woman he did not know from a country not his own. His heroic actions resulted in President Calvin Coolidge awarding him the Medal of Honor. His citation reads, “his heroic conduct upon this occasion reflects the greatest credit on himself and on the U.S. Navy, of which he is a part.”

One event takes place every Thursday afternoon around 4:30PM Eastern Time that few people ever notice. Every Thursday afternoon, the Federal Reserve quietly releases its balance sheet.

Like any business, the balance sheet is a look under the hood of the business. The balance sheet reveals all. It gives a statement of a business’s assets, liabilities and shareholders’ equity at a specific point in time. It offers a snapshot of what the business owns and what it owes as well as the amount invested by its owners.

As of this week, the Federal Reserve’s balance sheet stands at $7.1 trillion – the highest in the history of the United States. The Fed makes it possible for money to be backed up by the government in ways that doesn’t allow for banks and other financial institutions to over-regulate the interest rates to the point that people like you and me can’t afford to finance homes, automobiles or other major purchases.

This practice is not without danger. For the first time in American history, The Federal Reserve is a regulator, a supervisor, and now a direct participant in the economy. Quantitative easing as the tool of first choice for the Fed in a time of crisis has led to a renewed focus on its balance sheet.. A $7 trillion-dollar balance sheet makes the Fed the largest financial institution in the nation – more than the four largest banks combined. What this tells us is the government itself is now so deeply involved in the economy that should even a modest downturn take place, the economy could crash.

It might be time to look again at the monetary policy of the United States. For not since the passage of the Federal Reserve Act of 1913 has there been a better time to consider the structural design of the Federal Reserve System. Let’s hope the new Congress does just that.

This week the nation has passed through a presidential election, and it seems the Electoral College is once again coming under scrutiny. Politicians like Pete Buttigieg are suggesting the Electoral College be abolished. Initially, it sounds like a good idea. One person – one vote. The majority should win – correct?

It is a system that has served us well for almost 250 years. It is what distinguishes our President from the President of France. Without the Electoral College, the American President and the American government would become the exact opposite of what Thomas Jefferson, James Madison, and George Washington desired – a republic of states where every voice could be heard within a system that forced candidates for President to listen to everyone across the nation, not just those who might easily benefit their candidacy.

Economists breathed a sigh of relief when news of the nation’s Gross Domestic Product (or GDP) broke Thursday morning. GDP is measured as the total goods and services produced in a given period. According to the U.S. Department of Commerce‘s Bureau of Economic Analysis, GDP for the third quarter rose at a seasonally adjusted annual rate of 33.1 percent.

This history making third quarter jump was the largest output gain since the 1940s when the government first began to track GDP data. Certain sectors of the American economy have grown as a direct result of the COVID crisis and other areas of business and commerce have all but ended. The big four technology companies, Amazon, Apple, Google, and Facebook together are worth more than $5 trillion, and they largely carried the US economy during 2020.

Contrast that with the earnings of big oil companies like Conoco Phillips. This week the oil giant stated it lost $450 million in the third quarter as low crude prices and reduced production cut into corporate profits. Conoco Phillips reported a total third-quarter loss of almost 50 percent from the previous year: From earnings of $2.3 billion in quarter three of 2019 to $1.2 billion this week. By any measure, this is a huge hit to the bottom line of an iconic American company.

Senators from both major political parties vigorously questioned the CEO’s of Facebook, Twitter, and Google regarding their policies of content moderation. At issue was the now infamous Section 230 of the Communication Decency Act of 1996. While the statute is clear that no “provider or user of an interactive computer service shall be treated as the publisher,” the issues of concern regard the accuracy of that requirement by these media giants who wield such vast influence in the collective thinking of the nation.

Legally, no one is forced to use Facebook or Twitter or Google. There is no law mandating their use by anyone. Yet, these three companies have grown into such large corporations that legal authorities and government regulators are wondering if these companies have slipped the bounds of a private corporation and now serve as public utilities.

False information communicated on a public platform is being likened to yelling fire in a crowded theater by many political leaders. The question before Congress is what, exactly, is the role of government in the actions of a private company? Anti-trust lawsuits can serve as a check on corporate power that moves beyond appropriate limits, but when political leaders begin to object to statements simply because they do not resonate with their beliefs or preferences, what should be done? Should the force of regulation be applied to a private company’s content moderation policy? If so, how, by whom, and for what?

JPMorgan Chase reported $9.4 billion in profits during the last quarter — 4% more than it made this time last year. Goldman Sachs made $3.6 billion, nearly double what it made in the same quarter a year ago. Wells Fargo and Citigroup were both profitable making $3.2 billion and $1.7 billion respectively.

To what should we attribute the success of the banks? By their own testimony, loans are not defaulting as badly as was once predicted, and the government stimulus has enabled the banks to steady their balance sheets and keep interest rates low with the help of the Federal Reserve.

Jamie Dimon, JP Morgan Chase CEO warned that while the bank he leads is doing quite well, there is a great amount of uncertainty about the future. He warned the economy could crash quickly were there another double dip recession, and he was doubtful many small businesses could survive much longer without some sort of direct government aid to them.

Watching the economic cycles during the pandemic, it is not difficult to observe the economy is not on solid footing for the vast majority of Americans. While the earnings of stocks and bonds are skyrocketing, not every sector of the market is growing. In fact, only a few are growing in ways that even remotely resemble the earnings of the big four banks.

The International Energy Agency released a report this week that showed a very uncertain future for the entire industry as new energy policies requiring a reduction in fossil fuels in some states has changed the energy business in dramatic ways. The report predicts the global demand for energy will decrease by 5% by the end of 2020, energy-related CO2 emissions by 7%, and energy investment overall by 18%. This will continue to create a huge shock to an already burdened system  - especially in the production of oil and coal.

The number of people who could permanently lose their job in this sector could rise to historic levels. What can be done? The trend is moving away from oil and gas toward new sources of energy. The change will require the building of a new employment infrastructure where workers can build new electric cars or develop a solar energy product line that is reliable and affordable. Transitioning workers in old line energy into the new world of energy requires careful thought and action.

By the end of 2020, the CBO projects federal debt held by the public is projected to equal 98 percent of GDP. By 2023, the federal debt will be 107 percent of GDP - the highest in the nation’s history, and by 2050, the federal debt will be 195 percent of GDP.

People can argue about politics and even about economics, but you can’t argue about arithmetic. The United States is on a fiscally unsustainable path.

To be clear, the looming financial crisis is not immediately on us. There are some policy changes that could raise productivity through additional public investment in the right places – like infrastructure and education. However, the idea that the government could start new social programs or continue massive spending binges without thinking about the future by believing the Federal Reserve can finance all of it is just not true.

We must stop believing that deficits do not matter. The longer Congress waits to make the tough choices that must be made, the more likely it is that there could be real long term damage to our economy. The choices before us will become more difficult if we don’t act very soon.

Earlier this year, the CEO’s from Facebook, Amazon, Google, and Apple testified before the US House of Representatives Antitrust Subcommittee and declared that their business models speak for themselves. Their design for success and growth without the heavy hand of government regulation stifling their innovation and creativity made them what they are today. In their opinion, the best path forward for the future is to continue in the same way of the past. Not everyone agrees.

As the same group of Tech leaders prepare to testify again later this month – only this time before the US Senate’s Commerce Committee - the US Department of Justice and Attorneys General across the nation are involved in active investigations as to exactly how responsible these companies are in their business.

At issue in this hearing will be Section 230 of the Communications Decency Act. Tucked inside the Communications Decency Act of 1996 is this section that has protected tech companies from liability over the content posted by users on their online services even while moderate that content.

Section 230 says that "No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.” Advocates of free speech maintain this section has allowed them to advance their ideas without fear of retribution or censure. Opponents of this section see it as a legal loophole enabling false information to be foisted on an unsuspecting public that can’t tell the difference between truth and lies.

The issue is complex. Absent this section of the law, it is doubtful the tech platforms would have been able to find their niche in the market to become powerful engines of innovation. The protections of Section 230 have, without doubt, allowed questionable information to be broadcast without regard for its accuracy and effect. Section 230 is unique to U.S. law. European nations, Canada, and Japan do not have similar statutes on the books. This raises the question for many on both sides of the political aisle as to what, if anything, should be done?

The American economy is sputtering. Total non-farm payrolls rose by 661,000 in September and the unemployment rate fell by about a half a percentage point to 7.9% for the month. This improvement was weaker compared to prior months—in June the economy added 4.8 million jobs, in August 1.5 million.

Overall, the nation is down 10.7 million jobs from where it was in February, the month before the pandemic hit the U.S. in full force. Long-term unemployment, where people are out of work for 27 weeks or more, is on the rise.

Alignable, a small business referral network with vast connections to almost every sector of the economy, has been doing detailed research on the status of small business in America. Its latest findings show some positive developments in the adjustment and innovation of many of America’s small businesses to adapt to the new normal created by the pandemic.

Yet, as we come into the 4th Quarter of the year, their survey finds that more than 42% of small businesses may not survive into 2021. That is a staggering figure. The potential for a widespread contraction in the economy in the 4th quarter is probable as government funds injected directly into the economy have come to an end.

For recovery to continue, innovation must remain a priority. Perhaps now would be a good time for the large tech companies to invest in small businesses so that new businesses could emerge out of the rubble and one success could build on another. That is exactly how these tech giants were born, and that has always been the path of recovery in a free market economy. Investment by others to empower new growth has always been the engine of American ingenuity.

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.

Amid the rapid movement of the stock market and cloud data platform Snowflake’s IPO – now one of the largest rollouts in the public technology space – the 233rd anniversary of the signing of the United States Constitution quietly passed without much fanfare.

Following numerous meetings, debates, and drafts, the final version of the Constitution of the United States emerged from the Constitutional Convention in Philadelphia on September 17, 1787. To read it in the light of the Declaration of Independence that was drafted almost a decade earlier is to understand the careful thought given by the American Founding generation in ways that opened a new way of life for all people in every state of the Union. To be sure, the Constitution’s articles contained compromises that were and are disappointing in their scope, but the scaffolding created by these leaders allowed a new nation to form and strengthen in ways that would, over time, become a more perfect Union.

Reading the initial plans of James Patterson of New Jersey, Alexander Hamilton of New York, and James Madison of Virginia is an exercise worth doing. Entering the colonial world of America is a window into the mind of those who sought to create a new nation that could sustain the test of time and emerge as a world leader in liberty. When Connecticut’s Roger Sherman synthesized the various plans into one harmonious document, the stage was set for each state to carefully examine, debate, and finally ratify the document that has served us well for almost 250 years.

Every American would benefit from reading both the Declaration of Independence and the Constitution. Future generations would benefit from the people of today teaching their key concepts and articles to the people of tomorrow. For the gift given to us at the founding of our nation is a gift that must remain vibrant in the hearts and minds of all Americans lest we drift away from its core principles of liberty and equal justice under law.

I was delighted to see the release of The Essential Scalia – the long awaited book containing some of the greatest writings of the late Supreme Court Justice Antonin Scalia. Known as Nino by his friends and colleagues, Justice Scalia’s opinions and essays contained in this book represent some of the finest legal writing in the history of the United States.

Perhaps one of the greatest contributions of the book is the Foreword by his fellow Supreme Court Justice, Elena Kagan. Justice Kagan’s foreword is part memoir and part law school lesson as she takes the reader into her chambers and the relationship she shared with a man with whom she often disagreed.

Though they often disagreed about various legal cases that would come before them, Justice Kagan said she held to an unwavering rule. “When Nino circulated a new opinion,” she writes, “I would put aside whatever else I was doing to read it. Whether I expected to agree or to disagree, I wanted to know immediately – not in a day or in an hour but right now – what Nino had to say.”

One of my favorite lines comes from his dissent an abortion case of in 1992. His opening sentence is worth the price of the book: “The States may, if they wish, permit abortion on demand, but the Constitution does not require them to do so. The permissibility of abortion, and the limitations upon it, are to be resolved like most important questions in our democracy: by citizens trying to persuade one another and then voting.”

As the pandemic continues into the Fall, some changes forced as a result of COVID have been met with acceptance and even gratitude from a majority of Americans. Remote work is here to stay. Telemedicine – once considered an inferior means of practicing medicine -  is now the preferred option for routine medical exams.

While these developments have accelerated in the age of COVID, education at all levels has become the focus of policymakers and technology companies. While much of the education research centers on ways to advance learning outcomes through a reorganization of existing structures, one of the most pivotal policy innovations of the past thirty years goes largely un-mentioned.

Charter Schools were first begun in 1992 and grew over time to become one of the most effective ways to guarantee the success of students from low income areas. This was done by liberating poor students from failing schools by helping them attend another school that was actually a new type of school – a school chartered with a state or local education agency – to provide instruction that would be measured and held accountable for the results of their teaching.

The growth of charter schools across the nation has slowed since 2016. Why? Peterson and Skakeel carefully expose the plan of charter school opponents when they write: “Given the rising achievement levels at charter schools, the slowdown in the sector’s growth rate cannot be attributed to declining quality. It is more likely that political resistance to charters is increasing …..because charters might prove to be as disruptive an innovation as the transistor.”

Nineteen years ago today, news stations around the world reported that American Airlines Flight 11 crashed into the North Tower of New York City’s World Trade Center at 8:46AM. Less than ten minutes later, another report came that United Airlines Flight 175 had crashed into the South Tower between floors 77 and 85 igniting a fireball that began to melt the steel beams supporting both skyscrapers. And, yet another report came at 9:37AM that American Airlines Flight 77 had crashed into the Pentagon killing an LSU graduate and Naval officer Scott Lamana along with 183 other victims.

If the plan of the terrorists was to bring the United States to its knees by attacking its economic, military, and political leadership, they did not succeed. On this anniversary of their death we must resolve once again to live in honor of those who died in the service of freedom. For all that seeks to divide us during these days, we must resolve once again that we are not enemies, but friends.

The sorrow of this day for our nation corporately is also met with grief for my family personally. Yesterday, my grandmother, Anne Wilson Dietzel departed this life and entered into the joy of her Lord.

Many knew her as the loving and supportive wife of my grandfather, Coach Paul Dietzel. She was the quiet strength of his life loving others in ways that made the ordinary seem special. She could often be found arranging flowers for the marriages and families of cadets at the West Point Chapel or preparing home dinners for the football players at South Carolina and LSU. Her smile could light up a room. She was strong and tender; kind, yet truthful. She always supported others in times of need.

Her life marks the end of an era for a generation who suffered strong in the face of world wars and built a nation strong and resilient. She taught me real leaders never shrink from adversity, but they are also quick to admit when they were wrong. Her absence will be felt when my children ask questions about her, but cannot talk with her. It will be felt this fall when LSU takes the field because she loved LSU football.

Yet, in our grief we rejoice in the promise that a new life is now hers through Christ. Until that day when the morning dawns and the shadows flee, I will always miss Nana.

News of a drop in the number of first-time jobless claims falling to 881,000 last week was encouraging on the whole. Taking a look at the total number of Americans still out of work numbering more than 29 million is reason enough to investigate what is driving that high number if jobless claims are shrinking.

Tucked away in the CARES Act that was passed by Congress earlier this year is a provision in Title II, Section 2101 that creates a funding stream called the Pandemic Unemployment Assistance. Participation in this program requires that a person be diagnosed with COVID-19 or be the caretaker of a person with COVID-19 who cannot work – even remotely – during the pandemic. Claims under the Pandemic Unemployment Assistance program rose sharply last week to 759,482, an increase of 151,674, according to unadjusted figures.

Analysts predict that job creation will continue to grow, but layoffs in major industries such as airlines and even technology are driving concerns the economy could be in somewhat of a bubble that could easily burst given the volatility of the market at this time.

Looking back at the Nasdaq this year, it has gained about 34% and closed above its 200-day moving average for 83 consecutive sessions. That is a good sign that definitely shows consistent strength, but along the way there have been volatile spikes in some individual stocks causing many to compare this time with the collapse of the tech bubble from two decades ago. For many economists, this time reminds them of 1999 and 2000 when the market tanked on tech.

Looking out over the next 12 months, tech stocks that stand to remain strong given the market’s volatility are those that are strong in the fundamentals of what tech is and can provide directly to customers. Given the widespread availability of various tech services directly to consumers, the companies that are most capable of scale and sustaining their business over time are those that continue to master the basics of their service and not chase various add-on’s that may or may not be helpful over the long term.

And speaking of the long term – The Congressional Budget Office released a report this week projecting that the total debt of the United States will exceed the size of the entire country's economy next year. This comes as trillions of dollars have been directly injected into the national economy that will be classified as debt on the nation’s balance sheet. It might be strange to think of the United States government sticking to a budget, but when the numbers are analyzed under the general accounting principles that most Americans understand, it isn’t hard to see the path we are on isn’t sustainable forever. Soon – and very soon – taxes will rise to pay for the increased spending of the government. Of that – we can be sure.

Many school districts around the country have announced their fall classes will consist either of full-time remote learning or hybrid learning where children will spend up to a week at home at a time. As a result, some parents are taking matters into their own hands.

All across the nation “pandemic pods” are being formed. These pods are a do-it-yourself approach to restarting children’s academic progress and social lives after the challenging lockdowns of last spring. In these learning pods, families come together in small, closed groups to provide and share childcare, curriculum, or both.

This week The Conference Board released the Consumer Confidence Index data that showed consumer confidence at its lowest point since 2014. Consumer spending accounts for 70% of economic activity in the United States, so when the past two months showed steep drop-offs in purchases by consumers across the country, it quickly caught the attention of economists.

This was the backdrop for Federal Reserve Chairman Jerome Powell’s announcement of a major policy shift by the Federal Reserve. Powell addressed a virtual group of economists, financial market consultants, academic leaders, and government representatives this week at the annual Jackson Hole Economic Policy Symposium sponsored by the Federal Reserve Bank of Kansas City.

While Chairman Powell was announcing these policy changes, the stock market was reaching record highs while 14.5 million people are collecting unemployment benefits and millions more are receiving direct payments from a special pandemic-related federal program. These facts serve as evidence that the Fed policy is helping Wall Street maintain its rise, but for how long? Just how long can Wall Street be disconnected from Main Street without infusions of cash by the Federal Reserve?

Somewhere between the COVID driven financial tools of the Federal Reserve used to prop up the nation’s economy, the continued drop in consumer confidence, and ongoing double-digit unemployment lies the truth about where the economy stands in this unprecedented moment in American history. We will wait and see how these policy changes affect the economy in coming days.

Our current employer-based health insurance system was formed after World War II, and with millions of newly unemployed people as a result of the pandemic, millions are now without health insurance at the very time they need it. The COVID crisis has taught us that the current health insurance system is too complex, too expensive, and too inefficient to help doctors treat patients during critical times of emergency and extended care.

The Kaiser Family Foundation recently reported that the average premium paid by workers for family coverage has increased 71% over the past decade, while the average deductible has increased 162%. In some states, employer-sponsored insurance pays health care providers rates that are as much as 300% higher than those paid by the Medicare program. As a result, many small businesses have ended their employer-sponsored plans because they cannot afford them.

It is hard to find anyone who defends this status quo.

First time jobless claims rose above 1 million again this week giving rise to the perception by many economists that a drop off in employment may be just around the corner. As federal stimulus funds run out, the economy teeters on the verge of collapse given the potential volatility of today’s market.

This week I looked closely at the jobs that were being added back to the economy, and I fear that some of the losses in certain sectors could be permanent. By looking at the Bureau of Labor Statistics data between July 2019 and July 2020, I discovered more than 4 million jobs were lost in leisure and hospitality – a 24 percent from a year ago. Other big losses were in professional and business services as well as health and education services. It seems unlikely the all these jobs will be restored or replaced.

The COVID pandemic is changing America in ways few of us can really comprehend. The recovery is no longer about how we get back to normal, it is about building and adjusting for the future for our country.

Fifteen years ago this week, Hurricane Katrina began to form in the Gulf of Mexico and made a direct hit on my home state of Louisiana.

More than 1800 people died in this deadly storm, and since that time, Louisiana has changed dramatically. New pumping stations were installed to help the city rid itself of millions of gallons of water in a matter of moments. Levies have been rebuilt and better fortified for the future.

As I remembered this tragedy this week, I could not help but realize that the very same passion and grit that helped the people of Louisiana overcome the aftermath of Hurricane Katrina are the very same principles of help and community that can help us navigate the challenges of today.

This week’s job numbers offered a good news/bad news scenario. The good news: For the first time since the Coronavirus struck in March, unemployment claims fell below 1 million. More people are returning to work, and the labor market seems to be taking some ground.

The bad news: There are fewer opportunities in some of the largest economic sectors where job losses were heaviest. The hospitality and retail industries are forever changed because the behavior patterns of Americans have been altered – perhaps permanently. With the rise of remote work and a pervasive fear of large indoor gatherings, the world of work itself is undergoing a radical transformation.

Have you heard the words “Artificial Intelligence” and wondered what they meant? The term itself was originally conceived by IMB when computer engineers first developed algorithms to electronically analyze and predict what numbers indicated for any business.

The way most people understand Artificial Intelligence or AI is by thinking of it as man versus machine.  Others like Elon Musk see it as a sort of augmentation that opens new possibilities and horizons for the future. Either way, processes and tasks once performed by human beings are now more quickly done by computers. During the COVID crisis, AI startups are in vogue because businesses are looking for ways to save money, and AI not only helps optimize cost savings it is also helping solve complex problems.

Blue River Technology has developed an AI system chip that recognizes and sprays herbicide that kills damaging weeds in crops, but does not harm the lettuce or cotton growing next to them. These processing chips have been purchased by companies such as John Deere who will use AI to kill damaging weeds in crops across the nation.

This week’s private sector job report gives us hints about what the future might hold as the nation heads into the Fall. Expectations were high that a job recovery in the private sector might be on the horizon, but this week’s news revealed a dramatic drop in job growth. Private payrolls increased by only 167,000 in July. Economists were predicting 1 million new jobs in the private sector. When you expect one million jobs and less than 200,000 actually appear, leading economic indicators point to an ominous future.

It is just a fact – private sector job growth is the fuel of any free market economy. If job opportunities continue to dramatically shrink in the private sector as they did in July, public sector stimulus and increased government activity will, sooner or later, tip the scale on the American economy in ways that will make it very difficult to recover from the COVID-19 crisis.

If it was not clear prior to July’s private sector job report, containing the coronavirus is not only a medical issue, but an economic one as well.

In 1977, D.D. was a young graduate student at LSU. The opportunity came for her to take over the struggling gymnastics program. The very next year, the LSU gymnastics team went 9-1. That was a sign of things to come!

For 43 years, she has led the LSU gymnastics team. Under her leadership it remains one of the strongest in the nation. The athletes in her program are a who’s who among some of America’s greatest gymnasts.

Throughout my life, I’ve been able to know many of LSU’s coaches across many sports. D.D. Breaux is one of the best. LSU is better because D.D. Breaux spent 43 years on its campus.

Congratulations D.D. Breaux! We will miss you because you showed us what it means to be “Forever LSU!”

The world’s largest Tech companies appear for the time together on Capitol Hill…The nation’s Gross Domestic Product plummets to historic lows….and the loss of a leader and friend.

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This week the world witnessed a rare sight – four of the world’s wealthiest men leading four of the world’s largest companies appeared before one of the world’s most deliberate bodies for an inquisition about their company’s size, impact, and influence.

It wasn’t exactly a friendly audience. Both Democrats and Republicans took their aim as each CEO took their turn in the dock. The underlying issue and real reason for this hearing? Growing pressure from all sides emerging from a distinct fear that these companies have grown so large so fast that their dominance has created a crisis of confidence in a technology market that is now forcing uncomfortable conversations about the future of the technology itself. Are they too powerful? Are they a monopoly? Should they be broken up?

The earnings reports of these four major corporations coincided with the nation’s Gross Domestic Product plunging by an historic 32.9%  - the worst period ever recorded in the history of the United States.

Additionally, 1.434 Americans filed new claims for unemployment benefits last week. This marks the 19th straight week in which initial jobless claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.

This seems to be a tale of two cities.

I first met Herman Cain in a small-town south of Atlanta. Our scheduled 15 minute meeting turned into an hour long discussion about my campaign for Congress...about the next generation...and about the future of our country...He was a mentor, and most importantly a friend.. ever since.

This week continues with public companies on the New York Stock Exchange announcing their quarter two earnings.  The reports of some companies have been very surprising. Chipotle for example…this fast food restaurant chain reported that second quarter digital sales surged 216.3% from the prior year as sales shifted online. Chipotle has provided a road map for others throughout the market – whether it’s fintech, medtech or ed tech – technology that can be accessed by a mobile phone is a powerful step toward survival and growth.

This week marks the 10th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Ten years ago, as the 2008 financial crisis was casting a long shadow over the American economy, the United States Congress established the Financial Crisis Inquiry Commission. Since the days of Dodd-Frank’s policies, we have learned the investment practices of the big banks, hedge funds, mortgage companies, and the overall financial practices of public companies and their interactions with government regulations can produce a toxic environment when met with a real stress test – like a worldwide pandemic.

Louisiana’s own Aaron Nola will take the mound for the Philadelphia Phillies on opening day. Aaron is a homegrown ace for people in and around Baton Rouge, Louisiana. Aaron will be the first Phillies pitcher to make three consecutive Opening Day starts since Hall of Fame right-hander Roy Halladay.

Welcome to Earnings Week! This is the week when analysts look carefully at the financial models and balance sheets of bans, corporations and industry sectors. What was discovered this week was not seen since the days of the Great Recession in 2008. The Consumer Price Index (CPI) grows at a record pace, and the watch for inflation continues. Last month the nation posted its highest budget deficit in history, and the market remains volatile. Twitter is hacked, and the warning is clear: prepare for more attacks! Is local school opening in the Fall? If so, how are children learning? We seem to still be a nation at risk when it comes to the quality of our education systems.

With the rising job numbers and decreasing unemployment levels, the nation seems positioned to recover from the COVID-19 crisis. Warning signs in the economy, however, point to some dangerous trends for the future. Higher education is key to upward mobility, but if the colleges and universities themselves are compromised in ways that cannot actually help students prepare for a career, what can be done. We look at the reports released this week by the Pew Research Center and the American Enterprise Institute. We also highlight the landmark Supreme Court decisions that will have a vital impact far into the future.

The week began with news of a retail sector that increased to a seasonally adjusted 17.7% in May from just one month earlier. Speaking at a Senate hearing on Tuesday, Federal Reserve Chairman Jerome Powell reminded the Senators the US economy still faces long-term damage from high unemployment levels. What does this mean for the future of work in the United States, and how is technology creating disruption that could lead to more opportunity.

If more than 40 million Americans are without work and more than 100,000 small businesses have permanently closed in the last 90 days, how can the stock market rise so quickly after one of the worst collapses in the history of Wall Street? The Congressional Budget Office released a report projecting the cost of the coronavirus pandemic to be more than $16 trillion over the next 10 years. Heartbreaking realities of strife in the United States call for respect, honor, and love for one another.

While unemployment remains at levels not seen since the Great Depression, there are hopeful signs the economy can recover historic losses. Entire sectors of the American economy are forever changed because of the invisible enemy, and lessons must be learned to prepare for the future. Remote work is here to stay, American retail as it was once known is over, and government bureaucracies are under intense scrutiny. As the death toll from the Coronavirus passes 100,000, a new future for public health emerges that makes preparation for pandemics a priority.

As the nation seeks to find its way forward on this Memorial Day weekend, we feature Justin Baer’s piece in the Wall Street Journal this week stands as a legacy story marking one of the worst days for the Dow Jones Industrial Average when it plunged almost 13% on March 16th – the second biggest one day fall recorded. Questions still remain as to how to bring the nation’s economy back. Memorial Day is another year without Navy Seals Robert Reeves and Jonas Kelsall. Both of them were raised together in Shreveport, LA and died together on the same night in the same helicopter on the same mission. Listen to their story and remember all those who gave their lives for freedom.

Chairman of the Federal Reserve Jerome Powell spoke to the nation this week. Powell warned of catastrophic changes in various sectors of the
economy. While economists agree the tools used by the Fed have helped stabilize a volatile economy, the long-term prospects for employment and productivity must change to put the economy back on track. Technology holds many opportunities for expansion in the post COVID economy.  Kickboard – a Louisiana based company provides customized software to meet the needs of schools, teachers, and parents - especially during this time of quarantine. They are showing us the way forward. Develop a product that a large number of people can use and design it to meet needs even during a crisis.

The National Association of Business Economics warns that only a small fraction of the jobs lost will be coming back as the American economy has been radically changed by the COVID-19 crisis. Education, retraining, and learning new skills are critical to the economy getting back on its feet. Ironically, the US Department of Education turns 40 years old this week. How does the Department of Education help children, parents, and college students? Exactly what does it do, and how has it performed for the past four decades? New opportunities are created in crisis, and Tulbelt is a gamechanger for plumbers, carpenters, painters, and anyone in the manual labor sector. Learn how this new technology is changing the landscape of work.

When Todd Graves, the Founder and CEO of Raising Cane's saw the COVID-19 crisis coming, he immediately took action. Through his leadership, the company is surviving the pandemic without any employees being laid off. We look into how Raising Cane's is holding steady during the pandemic. Praxis Ventures in New York City has become a resource to many leaders across the nation. This week they held a national meeting where they encouraged all companies large or small to think like a start-up. We look back to what they taught the hundreds gathered to listen to their talk.

In one month almost every job created since the Great Recession in 2008 was eliminated. Many of these lost jobs aren't returning as the economy makes drastic shifts in the world of commerce and industry. LSU sees this an opportunity for new horizons through its newly reorganized on-line programs. We feature Sasha Thackaberry's ground breaking work at Louisiana State University. While the effects of COVID-19 are changing both finance and education, new leadership skills are required in business. Find out how leading teams differently can result in greater advance and profitability.

Each week holds twists and turns that bring unexpected obstacles and opportunities. We look back to “the week that was”... to guide us forward through the days ahead. We discuss finance, innovation, and history as it relates to business and education. Join me each week for The Paul Dietzel Report.