WSJ looks at New Mexico’s permanent funds

To be honest, anytime the national media does a thorough, well-researched report on New Mexico, we’re happy. That is the case with this new Wall Street Journal story about New Mexico’s permanent funds which now total $75 billion. We have discussed this issue numerous times and RGF president Paul Gessing spoke to the reporter for 45 minutes recently, but sadly was not quoted in the article. That said, the article is a good one and if you click on it (soon) you can read the actual article much easier.

Ultimately, New Mexico needs to be using its annual budget surpluses and permanent funds strategically to reduce tax burdens on New Mexicans and make our state more diversified and prosperous. Deb Haaland wants to pay for “universal” health care which is a terrible approach for a number of reason.

RGF would also note (and argue) that New Mexico puts too much money into these funds which were created on the assumption that oil and gas would “run out.” In reality, we keep finding more, but something MUST be done to take this money out of government and make New Mexicans more prosperous.