Nearly every elected official or candidate tells us that they are going to create jobs and strengthen the economy of New Mexico and the United States.
In reality, their actions seldom support their rhetoric. The proposed Amendment 5 to the New Mexico constitution in this year’s general election is a prime example.
Amendment 5 would change the rules that regulate the investments of the New Mexico Land Grant Permanent Fund. Apparently, the amendment supports good intentions: to reduce risk to the fund and to produce a more reliable income stream to educate our children without raising our taxes.
There is one major inconsistency: the amendment would remove the 15 percent upper limit on the book value of investments in “international funds”, i.e., funds that are based in all countries, except the U.S.
Does it make sense to educate our children for jobs in the U.S. when the state of New Mexico is investing in and creating jobs in other countries — and not the U.S.?
Apparently, Governor Martinez, Ray Powell, and the legislature didn’t “think the issue through,” or they don’t really believe the U.S. has a future.
Vote “no” on Amendment 5.