As the chart clearly shows, Texas has been a job creating machine relative to the rest of America in recent years. Two policies, the lack of a personal income tax (Texas is one of five states without one) and the existence of Right to Work laws which forbids forced unionization, undoubtedly have driven this growth and New Mexico must consider adopting both policies to be competitive.
Of course, no state is perfect and Texas is no exception. The state is facing a budget shortfall of up to $27 billion. And, while tough decisions must be made, it would seem that NOT spending $250 million to subsidize Formula 1 Racing in the state would be one of them.
So, Texas is to be applauded. I’m sure that the budget deficit will be closed without killing the state’s economy. What New Mexicans need to ask themselves is whether they want the Land of Enchantment to be a jobs magnet or not?