Even in the middle of an oil boom New Mexico has weak personal income growth

New Mexico is in the midst of an unprecedented oil and gas boom. Sadly, you wouldn’t know it from looking at the State’s economic policies or data. You also couldn’t tell from visiting its major cities where homelessness and crime run rampant and the economy remains dependent on federal spending and oil revenues.

According to Bureau of Economic Analysis data compiled by the Committee to Unleash Prosperity,  during 2022 New Mexicans experienced personal income growth that was slower than the national average in 2022. Pro-growth tax reforms like those enacted under the late Bill Richardson helped increase personal incomes in New Mexico. Sadly, even with a flood of oil revenue the Legislature and Gov. seem unwilling or unable to grasp the need for tax reform and reduction.

New Mexico personal incomes are among the very lowest in the United States, so there is plenty of room for improvement, but that requires better policies.

Print Friendly, PDF & Email

3 Replies to “Even in the middle of an oil boom New Mexico has weak personal income growth”

  1. Unfortunately, the last people I would go to for recommendations to improve personal income growth in New Mexico are those in the Rio Grande Foundation. Even though we’re in the midst of an oil and gas boom they pretend that the governor is anti oil and gas. Spaceport America which is helping fuel economic growth in Southern New Mexico is the constant focus of their ire. And they’re only real solutions are more tax breaks for the rich, more subsidized oil drilling on public land, and less economic assistance for the poor and desperate.

  2. Mr. Willard:

    Not just about Spaceport, which appears to need more from we taxpayers (Just as that idiotic Railrunner, and other boondoggles) every year.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.