With New Mexico swimming in an oil and gas generated surplus, discussions are underway as to what to do with all the money. The idea of a new “permanent fund” to be put aside for early childhood programs is being raised. With powerful Sen. Finance Committee Chairman John Arthur-Smith endorsing such a scheme it definitely has a chance to become law.
Paul and Wally do a “deep-dive” into “sovereign wealth funds” like NM’s permanent funds. What are they? Are they exclusively good things or do they have serious problems? Could NM be doing more with its oil and gas wealth both past and present?
New Mexico has a unique opportunity to make game-changing improvements to its economy thanks to the oil boom. What is done with the surplus will determine whether we improve our State or let the opportunity slip away.