Gov. Lujan Grisham has released her budget to be considered by the Legislature in the upcoming 30 day session.
According to the Albuquerque Journal, “The nearly $7.7 billion spending plan includes a proposed 4% salary increase for New Mexico teachers and more money for school districts with a large number of “at risk” students.”
The budget would provide for “free” college and expand funding for child-care assistance and pre-Kindergarten programs statewide. “In addition, some of the state’s budgetary windfall would be spent on one-time expenditures, including $320 million to set up a new early childhood endowment fund.”
By contrast, in Colorado which continues to see strong economic growth (albeit minus the “boom” in oil and gas) taxpayers are getting a break in 2020. As reported by Fox 31 Denver, Colorado’s income tax rate will be dropping from 4.63% to 4.5% this year (thanks to that State’s Taxpayers Bill of Rights which was recently affirmed at the ballot box).
As seen below, Colorado has seen an influx of people since adopting TABOR. Perhaps New Mexico would see the same if, rather than massive spending growth, we saw restraint combined with tax relief?