New Mexico is now sitting on $74.8 billion

This ABQ Journal article has a number of important news items (Kudos to Dan Boyd). While MLG considers whether to give New Mexicans a tiny fraction of just the unexpected Iran War Surplus (somewhere around $800 million) the article notes that the value of New Mexico’s permanent funds has risen to an eye-popping $74.8 billion.

Back in March (of 2026) we reported that New Mexico’s permanent funds had hit $70 billion, so that’s a 6.7% increase in JUST a few months. So, while MLG contemplates whether to return a few crumbs to New Mexicans the fact is that the oil and gas industry (and SIC investments) have contributed to massive gains in a very short time. While we’re not upset to see the State’s investments doing so well, the fact remains that 100% of the permanent fund is currently dedicated to further government spending.

Shifting a portion of that revenue to New Mexicans in order to reduce or eliminate various taxes would do more to bring prosperity and improved lives to New Mexicans today than the current plan to allow the State to continue building a war chest of future spending while the population remains poor.

So, the next time some politician says “we can’t afford to cut taxes” you have plenty of evidence to say “you’re wrong.”