(Albuquerque) What happened to New Mexico’s workforce during and in the wake of the “Great Recession?” The tenor of that question might change dramatically with one look at the chart below. As clearly seen below, New Mexico’s workforce participation rate which had been on a general upward trajectory since the mid-1970s, dropped precipitously during the recent recession.
In a new policy brief (available at the following link), “The Troubling Case of New Mexico’s Disappearing Workforce,” Rio Grande Foundation president Paul Gessing analyzes New Mexico’s workforce participation rate and how it compares to other states, explains why workforce participation is so important, and briefly outlines some ideas for New Mexico policymakers to consider to bring more of our state’s workers back into the workforce.
This reminds me of the lame old joke about Detroit. “Why is Detroit’s population static?… Because every time another child is born, another man leaves town”.
Of course, the problem is far more complex than simply deadbeat parents. Skilled tradespeople & professionals have left, to follow better paying jobs. Companies set up, where their tax incentives are most favorable. One must also examine if social assistance programs, actually discourage the working poor, & incentivize unemployment.
Michael W Davis, DDS
Santa Fe, NM