New Mexico’s deeply-troubled economic picture

As the 2017 legislative session heads toward a conclusion absent any significant economic reforms, but having passed several tax hikes that may be vetoed by Governor Martinez, the State’s economic picture continues to darken.

After months of hovering near the top of the national ranking of states with the highest unemployment rates, New Mexico “broke through” in January rising to 6.7%. The contrast is even more stark when New Mexico is compared against its more economically-free and successful neighbors, especially Colorado which does not have “right to work” (as do our other neighbors), but has Constitutional tax and spending protections, no Davis-Bacon prevailing wage law, and has legalized and taxes marijuana.

Making New Mexico’s high unemployment rate even worse is the fact that, as the Albuquerque Journal noted recently, the proportion of New Mexicans working relative to the population is the lowest its been since the Bureau of Labor Statistics started measuring back in 1976.