Errors of Enchantment

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Colorado’s rebates rival New Mexico’s, but are far superior due to TABOR

04.25.2022

The Rio Grande Foundation has long advocated for legislation along the lines of Colorado’s Taxpayers Bill of Rights. The gist of the law is that it constitutionally limits government spending to the combined rates of inflation and population growth AT ALL LEVELS of government. Anything above that must be approved by the voters as must any tax or fee increase.

Finally, if revenues come in at a higher rate than approved under TABOR, the money must be refunded to taxpayers. A few years ago we at RGF analyzed the law based on how a similar one might impact New Mexico. We found that every man, woman, and child would have received an astonishing $786 back in 2019.

Given New Mexico’s massive budget surplus (driven largely by record oil production AND prices), spending went up more than $1 billion in the most recent budget. New Mexicans also saw tax reductions and rebates passed in the special session. Those are all good things, but Colorado’s law provides predictable, steady spending growth so spending and taxes don’t get out of control.

The following data shows how personal incomes in Colorado have far outpaced those in New Mexico in recent years. More information about details of TABOR can be found here. The law came into effect in 1992.

Perhaps unsurprisingly, even prior to the most recent spending boost (taking effect in FY 23), New Mexico government was MUCH larger than Colorado’s.

Opinion piece: Don’t waste New Mexico’s opportunity — get rid of income tax

04.25.2022

The following opinion piece ran in the Santa Fe New Mexican on April 22nd, 2022. The piece also ran in other newspapers throughout the state.

New Mexico is in a unique economic situation. Despite having the highest unemployment rate in the nation for all of 2022, our incredibly strong oil and gas industry, buoyed by high prices and rapid production growth, have given politicians in Santa Fe “more money than they know what to do with.” So, in the recent 30-day session, we saw spending grow by more than $1 billion and some significant tax cuts. Then, in a special session, rebates to be paid out to taxpayers and non-taxpayers alike.

The impetus to return money generated by the oil and gas industry to New Mexicans is welcome, but there are serious questions about the legality and logistics of handing out checks to those who don’t pay taxes to the state. Furthermore, asking the Tax and Revenue Department to hand out cash “only” to those who deserve it is an unenviable and impossible task that also seems to violate the state’s anti-donation clause.

But, after three years of Gov. Michelle Lujan Grisham and the Democrats raising taxes, it is hard to complain about getting money back.

Of course, this is an election year, and by all accounts, Democrats, including Lujan Grisham, face a challenging political environment. Rising inflation is never popular. And, as COVID-19 concerns wane and voters consider Lujan Grisham’s record in fighting it as balanced against economic concerns and their children’s educations and mental health, her record appears wanting.

A recent report from the National Bureau of Economic Research found that only New York and New Jersey performed worse than New Mexico did during the coronavirus pandemic. Considering that New Mexico’s economy remains weaker than our neighbors, that our kids missed more school and faced big declines in reading and math, and that none of this caused New Mexico to have particularly good COVID-19 outcomes in terms of lost lives, only lends credence to the report.

In the absence of a strong track record on these core issues, the governor clearly plans to use handing money generated by oil and gas for her political benefit. That may aid her reelection chances, but nothing she and the Legislature have done to date will improve New Mexico’s overall economy which remains challenged.

The fundamental economic problem New Mexico faces is its unattractive business climate. Addressing the gross receipts tax and its “pyramiding” and taxation of services as business inputs has been discussed for years now, but it is time to seriously consider bolder economic reforms like reducing or even phasing out New Mexico’s personal income tax.

Indeed, the personal income tax is expected to generate just over $2 billion in fiscal year 2023. That’s a lot of money, but New Mexico is in a financial position to reduce income tax rates over time. Combined with business-friendly gross receipts tax reform, modest budgetary restraint (annual spending simply can’t grow by 15 percent) and a focus on truly diversifying New Mexico’s economy could allow New Mexico to become income-tax-free.

Nine states already lack an income tax. Most New Mexicans know that Texas with its prodigious oil supplies does not tax personal incomes, but most other states lacking income taxes have nothing like our oil and gas revenues. Florida has no income tax. Same with Tennessee and South Dakota. New Hampshire has both no income tax and lacks a sales tax. None of them has significant oil revenues.

New Mexico has suffered economic and social mismanagement over the last few years. Record oil and gas revenues are helpful, but as New Mexicans contemplate the coming elections, it should be more apparent than ever that more spending has not and cannot solve the state’s social ills. It is time for genuinely bold solutions.

New Mexicans simply can’t allow this oil and gas-fueled opportunity to pass.

Paul Gessing is president of New Mexico’s Rio Grande Foundation. The Rio Grande Foundation is an independent, nonpartisan, tax-exempt research and educational organization.

Transparency at UNM Foundation a victory for open/good government

04.22.2022

An important decision just came down from a three-judge New Mexico Court of Appeals panel with the opinion written by Judge Megan Duffy in a case the Rio Grande Foundation has been tracking for several years.

The judge ruled that records generated by UNM’s Foundation are indeed public. This is an interesting case for Rio Grande Foundation because:

1) We strongly believe in donor privacy; but

2) UNM’s Foundation operates as an arm of a publicly-funded university. The ability to shift activities from a public to a private wing of the University is an attractive tool for keeping information that SHOULD be public, private instead.

3) There is nothing wrong with UNM having a foundation arm, but when you are dealing with a combination of public and private money, you can’t skirt the law by hiding it within the Foundation;

4) The Rio Grande Foundation does not accept taxpayer funding.

You can listen to an interview RGF’s president did with Daniel Libit, the man behind the lawsuit here.

Open Government, Office of Privacy and Open Government, U.S. Department of  Commerce

Happy Earth Day!: and things just keep getting better on our planet

04.22.2022

Despite all the doom and gloom from the media and radical environmentalists, the environment is in fact improving in many significant ways. Some of the data is below from Alex Epstein.

And, regardless of the CO2 emission issue (Epstein shows a vast increase over a longer term), the chart below that highlights the reduction in US CO2 emissions in recent years. Yes, the chart ends in 2020 which was a massive drop, but while emissions rebounded slightly in 2021  from pandemic lows (Biden’s first year in office) the trend continues downward.

U.S. CO2 emissions 2020 | Statista

Episode 396: Border Issues with Rodney Scott and Russell Johnson

04.22.2022

On this week’s interview Paul sits down with Rodney Scott, a retired chief of the US Border Patrol and Luna County rancher Russell Johnson.

Although the Rio Grande Foundation does not work directly on border policy issues, there is no question that what happens at the border impacts New Mexicans and is also newsworthy nowadays. This conversation separates border security from immigration policy while diving into several of the important issues facing the United States (and especially those living along the border) when it comes to border policy.

Study: New Mexico MOST dependent on federal government

04.21.2022

New Mexico is widely-recognized in study after study as among the very most federally-dependent states in the nation. A recent Wallethub report puts us at 6th, but an interesting report from Smart Asset ranks New Mexico at the VERY top in terms of overall federal dependence.

You can see that while not at the top in ALL categories, New Mexico’s percent of workforce employed by the Feds is higher than any state besides Hawaii or Virginia/Maryland which naturally have numerous federal employees. Not surprisingly New Mexico’s federal employee wages are also considerably higher than local private sector dollars.

To many the federal jobs and money flowing into New Mexico are an unmitigated positive, but it certainly hasn’t led to the broad-based wealth and prosperity one might expect or hope for. And, every federal dollar spent no matter how important is either taxed away from the private sector or added to the massive, fast-growing federal debt.

Correcting the record on CNM “cutting” programs

04.21.2022

In a story that appeared in the Albuquerque Journal recently the reporter made it sound like Central New Mexico Community College (CNM) was going to be “eliminating” their trucker and jewelry training programs.

In interviews and other discussions, we at the Rio Grande Foundation expressed concern that while the State pushes for “free” college CNM was eliminating basic vocational programs. After doing some research and meeting with someone knowledgeable about the situation at CNM, it turns out that the “elimination” of these programs is simply spin being applied (and readily picked up by the media) pushed by the CNM union.

CNM is simply proposing to reduce costs by ending these two programs as college courses receiving credits through the College and replacing them with noncredit programs focused solely on job skills development, licensing and certification in a cost effective time frame. It strikes us as unnecessary to have EVER had in place college credit programs for these two industries as trucking companies care about commercial drivers licenses and jewelers care about skills, not college credits.

At RGF we have long considered CNM and its focus on vocational learning as one of the bright spots in New Mexico’s otherwise mediocre and bloated higher education system. We are glad the media and by extension WE were wrong.

CNM hosts public forums with president finalists - Albuquerque Journal

 

Tipping Point New Mexico special edition: District 1 Congressional candidate Louie Sanchez

04.20.2022

In the first of what will be a handful of “special” episodes of Tipping Point NM, Paul sits down with congressional candidate Louie Sanchez. Louie is a Republican businessman and entrepreneur running in New Mexico’s revised 1st District with a primary battle to be decided by voters on June 7. Based on recently redrawn maps, this district could be highly competitive for Republicans looking to unseat Democrat Rep. Melanie Stansbury.

Episode 395: Biden raises royalties, reduces leases, stupidity of ethanol, Rail Runner, IPRA

04.20.2022

College is “free” but CNM is pushing to eliminate trade education for truck drivers and jewelry. Paul and Wally wonder if this means a shift away from vocational learning at New Mexico’s “free” institutes of higher education.

The Biden Administration has decided to increase royalties and scaled back leases on federal lands including an 80% reduction in leases in New Mexico.  The federal and state pushes for ethanol are the wrong way to address gas prices.

The Legislature denied funding for it, but MLG announced a plan to spend $500,000 for fare reduction on the Rail Runner anyway. Paul and Wally briefly comment on the fact that at least Rail Runner riders won’t need to wear masks thanks to a Trump-appointed federal judge. Nonetheless, MLG extended New Mexico’s health emergency yet again to April 30.

RGF president Paul Gessing recently spoke to KOAT for a story on RGF’s successful public records suit and the constant flow of tax dollar payments for denied public records.

Union backed Albuquerque Mayor Keller has vetoed a bill that would have restored market forces to public works projects.

RGF has an upcoming luncheon speaker who will discuss vaccine mandates.

Clueless national media praise New Mexico Democrats on energy

04.19.2022

When New Mexico is not being ignored entirely by the national media, they usually just get things completely wrong. This is often the case with what “conservative” outlets like Fox News, but since most media are liberal, it happens more often from the left. Take this Politico piece.

The gist of the article is that New Mexico Democrats have somehow figured out that supporting an “all of the above” energy strategy is a key to political success. But even New Mexico Democrats praised in the article have to be shaking their heads at some of the statements contained within. Here are a few of the worst:

1) The entire premise: while MLG has not attacked New Mexico’s revenue source head-on, she is hardly takes an “all of the above” position on energy and routinely attacks the industry through absurd policies like the Clean Fuel Standard, Methane rules, and electric vehicle mandates (to name a few).

2) Rep. Angelica Rubio, “represents an oil patch district in the Permian Basin.” FALSE!!! Rubio, among the most left-wing members of the New Mexico Legislature, represents Las Cruces. Everyone in New Mexico knows that liberal Las Cruces is well outside the Permian Basin.

3) Far from working to “find middle ground” as Rubio claims, she signed a letter from anti-oil-and-gas liberal legislators in SUPPORT of the Biden Administration’s permitting moratorium despite its impact on New Mexico.

4) Sen. Martin Heinrich who takes a backseat to no one in his environmental radicalism is quoted downplaying solar jobs. The story quotes him as saying, “Now, I love those jobs, but to be honest, those rooftop jobs, they’re not in my view a benefit because they’re going to replace a job for an [oil company] operating engineer. They’re not.” This IS a robustly sane statement, but Heinrich is NOT some kind of moderate. He’s pushing very hard to eliminate natural gas in home cooking and heating for example.

The article DOES go on to have some useful quotes from NMOGA and Gov. candidate Mark Ronchetti along with some anti-energy statements from environmental groups. It is interesting for some of the things it gets right as well as the big things it gets wrong.

The biggest thing it ignores is how long Democrats have controlled the New Mexico Legislature and the fact that under their “leadership” New Mexico is dead last in numerous rankings of well-being. Dependency on oil and gas absent a thriving private sector economy should hardly result in praise for Democrats’ willingness to tolerate the industry.

Oil well - Wikipedia

 

Here’s how New Mexico K-12 spending per-pupil compares

04.19.2022

How does New Mexico spending on public education stack up against its neighbors? While the Rio Grande Foundation has no love for the National Education Association union which attempts to thwart reform at every turn, they do have a useful report called “Rankings and Estimates.”

The data are not “brand new,” unfortunately as the latest available information is from 2019-2020, but as the data below highlight, New Mexico’s per-student spending (even before the recent influx of money) exceeds each of its neighbors. Alas, one cannot say the same for results.

Furthermore, according to the NEA report New Mexico’s per-pupil spending is 24th-highest nationally.

Rio Grande Foundation is now hiring!

04.18.2022

Rio Grande Foundation Job Opportunity

Director of Communications/Marketing

This position is ideal for young conservative/libertarian minded professionals who are looking to break into the world of state level free market policy work.

Must haves include: familiarity with WordPress design and site maintenance and MailChimp, basic graphic design knowledge, solid writing skills, and overall strong communications skills;

Must be willing to learn New Mexico public policy and learn new skills working in office located in Downtown Albuquerque.

Pay and benefits commensurate with skills but salary would start at $50,000 including health and retirement.

Send cover letter and resume to Paul Gessing, President, Rio Grande Foundation: info@riograndefoundation.org

MLG is denied Rail Runner $$ by Legislature, does it anyway

04.18.2022

For someone who claims to wish to “uphold democracy,” New Mexico Gov. Michelle Lujan Grisham certainly doesn’t do much to actually uphold the “will of the Legislature” when given the opportunity.

Case in point: as the Albuquerque Journal reported, in the recent special session of the Legislature, the Gov. pushed to get $1 million appropriated for Rail Runner fare reductions. She was denied in this attempt by a Legislature that is overwhelmingly controlled by her own Democratic party.

But, again as the article above references, the Gov. pulled together $500,000 from Rio Metro and NM DOT to nonetheless reduce train fares by 75% for the time period from April 18 through July 31 in a desperate attempt to revive flagging ridership in the commuter train which we are told is currently 60% of pre-pandemic levels (representing steep drops from the early days of the train.

Slumping ridership dogs Rail Runner - Albuquerque Journal

 

Rail Runner Ridership remained pathetic in 2021 - Errors of Enchantment

 

Biden increases oil royalty rate and scales back lease sales on federal lands

04.18.2022

Read the headline of this post again. That isn’t a Rio Grande Foundation effort to skew what the Biden Administration is doing to keep gas prices higher than they need to be. In fact, we “stole” the headline from this National Public Radio story.

We’ve been (justifiably) critical of Interior Secretary Deb Haaland for her inaction, even muteness on the issue of energy prices. So, it is hardly a shock that she and the Biden Administration took this step on the Friday before the Easter Holiday. The “step” being taken involves increasing the royalty rate for new oil and gas leases to 18.75% from 12.5%. That’s the equivalent of a 50% tax hike.

Furthermore, according to NPR, while the Biden Administration is complying with court orders to resume onshore oil and gas leasing, the “Leases for 225 square miles (580 square kilometers) of federal lands primarily in the West will be offered for sale in a notice to be posted on Monday, officials said. The parcels represent about 30% less land than officials had proposed for sale in November and 80% less than what was originally nominated by the industry.”

The Administration’s decision will directly impact New Mexico with the number of oil and gas leases reduced by 80% from a total of 26 to just 5.

Secretary Haaland took the time to speak agains the oil and gas industry saying, “For too long, the federal oil and gas leasing programs have prioritized the wants of extractive industries. Today, we begin to reset how and what we consider to be the highest and best use of Americans’ resources.”

RGF reboots speaker series: May 5th, 2022: Limiting Government in an Emergency: Vaccine Mandates, Lockdowns, and the Next ‘Crisis’

04.14.2022

Daniel Suhr | The Federalist Society

We are pleased to announce our next in-person event, which will be co-sponsored by The Federalist Society. We will be hosting one of the nation’s top legal experts on limited government and emergency power.

Daniel Suhr serves as Managing Attorney at the Liberty Justice Center, where he spends every day on the front lines of the fight to preserve our rights and liberties. Daniel holds a B.A. and J.D. from Marquette University, and master’s degrees from Georgetown University Law Center and the University of Missouri-Columbia. When he’s not pursuing major constitutional cases in court, he can be found writing about them on op-ed pages like the Wall Street Journal, discussing them on Fox News, speaking about them at places like Yale Law School, or arguing about them with equally nerdy friends over beers.

Event details:

  • Topic: Limiting Government in an Emergency: Vaccine Mandates, Lockdowns, and the Next ‘Crisis’
  • Speaker: Daniel Suhr
  • Date and Time: Thursday, May 5th, 2022, 11:30am-1:30pm
  • Location: Albuquerque Marriott Pyramid North, 5151 San Francisco Rd NE, Albuquerque, NM 87109-4641

KOAT Channel 7 covers RGF’s successful lawsuit against Keller Administration

04.14.2022

KOAT Channel 7 recently did an excellent story about the propensity of cities throughout New Mexico to make big payouts to citizens who have been denied access to basic public records. The Rio Grande Foundation has won multiple lawsuits including one against the City of Albuquerque but we are not alone. The City of Albuquerque’s taxpayers have paid out more than $330,000 over the Keller Administration’s repeated denial of public records.

The KOAT story includes comments from the Foundation for Open Government, local attorney James Gover, and the Rio Grande Foundation. You can find the full story here or by clicking the image below:

Union-backed Mayor Keller vetoes measure to restore competition in city contracts

04.13.2022

At the Rio Grande Foundation we believe that taxpayers should get the best possible government service for our tax dollar. New Mexico’s failure to do that is one reason Wallethub ranked the State 2nd from the bottom in terms of the Return on Investment (ROI) for those tax dollars.

Alas, Albuquerque Mayor Keller apparently believes that local roads and public buildings should be made even more expensive by requiring union labor. Flanked by union members, he just vetoed repeal of the City’s Project Labor Agreement legislation which will give unions control over major public works projects, thus padding their bottom lines.

As the Albuquerque Journal article points out, “Unions contributed heavily to the political action committee backing Keller’s successful 2021 reelection bid.”

Episode 393: New Mexico’s Pandemic Performance Ranking, Is Richard Branson Abandoning Virgin Galactic? and more

04.12.2022

National report gives MLG poor marks on pandemic performance. You can find the report here. The Wall Street Journal also covered the report here.

MLG extended the health order until April 15. Arizona and even Oregon have allowed their emergencies to expire.

The recent special session of the New Mexico Legislature resulted in tax “rebates.” Taxpayers will receive checks of $250/$500 by June 30 depending on single/couple filing status with a second check coming in August. These are “refundable” credits. The rebates will reduce state revenues by $220 million with $20 million of that going to illegal immigrants, seniors, and others who do not file income taxes to the State. This legislation also creates a logistical challenge for the Tax and Revenue Department.

Is Richard Branson abandoning Virgin Galactic (that’s according to the investing website Motley Fool)?  

NM’s unemployment rate remains the worst in the nation in February, but our workforce participation rate remains low as well. 

According to Wallethub NM’s ROI for tax dollars is 2nd worst in the nation. 

An RGF email survey controversy generates controversy with the Public Regulation Commission.

RGF submits comments and encourages the public to submit their own comments on new Biden Administration charter school regulations. Comments are due by April 13, 2022 (this Wednesday).

Time to end federal ethanol debacle, stop NM efforts to adopt “clean” fuel standard

04.12.2022

The following is a Twitter thread from a crop scientist who also describes herself as an ex-farmworker and lists her pronouns in her Twitter bio (not likely conservative).

It is relevant because there are some very real issues going on in the global economy with regard to fertilizer and fuel prices. The statements below are relevant for multiple reasons.

  1. The Biden Administration JUST announced that it is allowing an INCREASE in ethanol usage in an attempt to bring gas prices down. Ironically, as the article points out, ethanol, which is supposedly used because it is “clean” is “usually prohibited between June 1 and Sept. 15 because of concerns that it adds to smog in high temperatures.”
  2. The Legislature for two years running has narrowly defeated a “clean fuel standard” bill which would mandate increased usage of ethanol  as touted in this opinion piece by several leaders in the Lujan Grisham Administration.

It is time to abolish the federal ethanol program and STOP any new mandates like the ones being discussed in New Mexico.

Just when you thought the Biden Administration had bottomed out, now they are coming after charter schools

04.11.2022

Click here to submit comments by April 13th (UPDATE: the deadline is now Monday, April 18) to the US Department of Education, letting them know you oppose new rules being considered by the Biden Administration that would negatively impact charter schools.

The following are several specific impacts of the proposed rules (RGF’s Comments follow the bullets):

  • Through a new prescriptive definition of “community impact”, the Department seeks to limit funding to ONLY charters that show they aren’t reducing district enrollment. This requirement empowers grant reviewers to veto state and local decisions to authorize schools by denying applicants funding based on whether the reviewers, who typically are not part of these communities, agree that community needs are met.
  • The new definition of “community impact”, puts the interest of the district above the interest of students and families, and does not consider the quality of the open seats, therefore restricting minority and low-income students to open seats. These students not only deserve an open seat; they deserve a high-quality seat.
  • This proposal exhibits a stunning lack of recognition of current realities. Two years into the COVID-19 pandemic, our nation’s children are in crisis. Widespread school closures produced dramatic learning losses, a decline in college enrollment, and a rapid rise in mental-health challenges experienced both by adults and students that are profoundly challenging families and public education. During this time more, rather than fewer, parents have sought to enroll their children in high-performing public charter schools.Overall, the rules make no mention of how any of these new hurdles will address learning loss or improve student achievement for the most vulnerable student populations. In fact, “academic achievement” is only mentioned twice in the text of the rule and not in a manner that shows how any requirement will improve such achievement.
  • The rules would require applicants to propose racially and economically diverse models, without a definition of diversity and regardless of community needs. This will disadvantage urban areas, culturally affirming school models and models serving indigenous populations. These are the very kind of schools that communities of color have been asking for, and that research supports as effective for historically underserved students
  • The regulations also shift power to the districts, and away from families, by mandating that charters partner with districts to receive priority points and funding in state competitions. There is no corresponding obligation or expectation that district schools invite, pursue, or be open to such cooperative arrangements. This requirement places the power of a community’s educational choices right back in the hands of the district they opted out of, regardless of how willing the charter is to build a partnership.
  • The number of new requirements on top of an already complex program will discourage smaller and more innovative models. These models are the very schools that are often led by leaders of color and by leaders from the community they are seeking to serve.

The Rio Grande Foundation is a public policy think tank based in Albuquerque, New Mexico and that works on public policy issues throughout the State.

New Mexico has historically been one of the very worst performing states in the entire country, consistently ranking 49th of 50th on various indices of school performance. That was BEFORE students lost a full year in their classrooms during the Pandemic. Since then, further data has indicated that New Mexico students have fallen even further behind.

Charter schools are the only form of school choice available to most New Mexican students. Charters have performed at higher levels than traditional public schools and provide unique options for students in this uniquely diverse state. Many of the highest performing schools in New Mexico are charter schools.

These proposed regulations provide a number of unnecessary hoops for New Mexico families who wish to purse charters. The regulations would also have a negative impact on the ability of charter schools to be formed and to provide the unique educational options that simply aren’t available in traditional public schools.

I urge you to reject these regulations that will negatively impact charter schools in New Mexico and across the nation.

Seen and Heard: Thousands of Pro-Charter School Parents Turn Out to Rally Ahead of Controversial Moratorium Vote at L.A. Board Meeting | The 74

 

National report gives MLG poor marks on pandemic performance

04.11.2022

No matter what metric is used, New Mexico’s pandemic performance under Gov. Lujan Grisham has been poor. The Rio Grande Foundation has been saying this for over a year now we are getting some academic studies to back our points up.

The latest study which is discussed at some length in the Wall Street Journal uses three basic metrics: economy, education, and mortality. With the nation’s worst unemployment rate, arguably the nation’s most negatively impactful education response, and a high COVID death rate (currently 13th-highest), Lujan Grisham’s response looks quite bad.

And, according to the analysis, it is indeed 3rd worst among US states as seen below.

New Mexico’s awful taxpayer ROI

04.08.2022

The latest Wallethub report which ranks states by the return on investment their taxpayers receive for the tax dollars paid. Sadly, but not surprisingly, New Mexico’s return on investment on those tax dollars is terrible (49th overall as the map below shows).

While the following chart comes straight from Wallethub’s report, it is impossible to fully include below. You can clearly see that New Mexico’s overall rank (not ROI) is 50th in education, 50th in safety, and 50th in economy. Health and Infrastructure/Pollution are somewhat better.

Interestingly, New Mexico’s tax burden is ranked a relatively low 34th in this report because it is calculated on a per-capita basis. When Wallethub calculates tax burden they do so as a percent of income and New Mexico ranks 12th-highest.

Source: WalletHub

Is Richard Branson abandoning Virgin Galactic?

04.07.2022

That’ not OUR speculation, that’s from the folks at the prominent investing site Motley Fool. According to the article, speculation is driven in part because Branson revealed in a CNBC interview that he’s planning to hitch a ride on a craft operated by Virgin Galactic’s rival, SpaceX.

That’s like the President of Ford announcing to the press that he’s just purchased a Chevy pick up.

The Fool article goes on to note that “his related entity Virgin Investments remains a major company shareholder, it’s sold off a much larger stake in a series of divestments.”

The Rio Grande Foundation has been a prominent critic of the taxpayer-funded Spaceport America at which Virgin Galactic is the primary tenant. And, while Branson DID launch with a crew out of the Spaceport last summer, there have been zero paying customers launched out of Spaceport America which has been open for over a decade.

Losing Branson’s involvement or loyalty is by no means a death blow to Virgin Galactic’s hopes to get viable space tourism flights going at Spaceport America, but it can’t help and it isn’t a vote of confidence in the company or its technology.

Spaceport America - Virgin Galactic

Tracking New Mexico’s (still well below pandemic start) workforce participation rates

04.06.2022

As RGF has previously reported, New Mexico has the highest unemployment rate in the United States. Unfortunately, New Mexico also has a very low workforce participation rate as seen below. The BLS data are available here.

In addition to having the lowest workforce participation rate New Mexico’s rate has dropped by more than any of our neighboring states since the month prior to the Pandemic. NM’s rate is 2 percentage points lower today. Texas, the worst performing state beside NM dropped 0.8 percentage points.

20-Feb  22-Feb
Arizona 58.9 58.6
Colorado 66.5 66
New Mexico 55.5 53.5
Oklahoma 58.7 58.6
Texas 61.2 60.4
Utah 66.4 66