Is the Rio Grande Foundation attempting to throw some “cold water” on the narrative that New Mexico’s economy is booming due to oil production and that we can just spend the money on new government programs without concern to adopting long-overdue free market reforms? Yes, that is the case.
Here’s the latest data set which shows that New Mexico has a lot of work to do before it becomes as economically-successful as its neighbors. The data below are from the St. Louis Federal Reserve. While it compares New Mexico with its neighbors, the State has the 3rd-lowest average personal income in the nation (only West Virginia and Mississippi are lower). Notably, while each of our neighbors has its own pro-growth policies in place, Colorado’s recent vote to preserve the Taxpayers Bill of Rights is a lead contributor to that State’s incredible performance.