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New Mexico’s economic stimulus money will begin to peter out in July. From the numbers, the American Recovery and Reinvestment Act didn’t live up to our biggest expectations, which were very big, but it defied predictions by pessimists.
In a nutshell, stimulus funding didn’t jumpstart our economy, but it kept the bottom from falling out and bought us some time. If you were one of the people who got or kept a job supported by stimulus money, and you’re now about to be unemployed, it’s at least a better time to be job hunting than it was in the depths of the downturn.
Initially, there were worries that New Mexico wouldn’t get its share, but, as usual, we were one of the bigger hogs at the trough. We got $1,826 per person, compared with a national average of $1,400, according to Pro Publica.org (“journalism in the public interest”).
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