Don’t you just love it when the government “invests” your money? The latest debacle in this regard is the loss of $17 million (the total loss is actually more) that the state “invested” in Advent Solar. This comes on top of a $20 million loss on Eclipse Aviation, a $9 million loss on Earthstone International, and a general failure of the state’s private equity program.
Politically-motivated state “investments” are destined to fail. Rather than wasting money to bring individual businesses to New Mexico, our political leaders should look for ways to use these resources to “invest” in lower taxes and a friendlier business climate. It may require Constitutional changes, but it is pretty clear that allowing the State Investment Council is an ineffective tool for bringing business to the Land of Enchantment.