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Even as New Mexico continues to get low rankings in all sorts of economic and social measures, it might make sense to take stock of our resources that have not been used in aiding the state’s economy.
Most readers do not realize that New Mexico has America’s third-largest sovereign wealth fund, according to the Sovereign Wealth Fund Institute, an organization that monitors these government managed investment funds.
Coming in at slightly more than $17 billion in size, it’s also the 31st largest such fund in the world.
The Institute also ranks fund managers on how much integrity and transparency they exhibit in their fiduciary duties; New Mexico actually scores pretty high in this category as well.
That’s the good news. The bad news is the New Mexico Permanent Fund can only be used to invest in public education. But what if there was an opportunity to take a one-time piece of the fund, say 15 percent of the principle, and apply it over a four- to five-year New Mexico budget cycle, with some additional changes in the gross receipts tax, and then cut all New Mexico income taxes to zero, and do so on a permanent, sustaining basis?
Then do it from that point forward.
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