Impoverished New Mexico invests millions overseas

According to the Census Bureau New Mexico is one of the poorest states in the nation.

It has zero Fortune 500 companies headquartered within the state. Oil and gas are responsible for about 15% of the State’s economy (GDP).

But, recently, New Mexico’s State Investment Council(SIC) announced  $550 million in investments, much of which will be invested in Europe. The SIC recently announced that IT is having trouble investing all the money available to it due to the flood of oil and gas revenues.

New Mexico has both massive general fund surpluses AND massive “permanent funds” which are outlined in the New Mexico Constitution and provide additional money to public schools and the like. Simple policy decisions made in Santa Fe could reduce/eliminate taxes on citizens and businesses alike, address New Mexico’s flagging education outcomes, improve roads, reduce crime, and more. Sadly, this is not happening.

The money is being spent (often wasted) by government or being held onto by government in the form of future “investments.” New Mexico government is being flooded with cash but you would have no idea if you lived here or visited from another, better-run state.