New Mexico’s Job Growth Among Lowest in Western States
The Governor’s Failed Economic Policies
Continue to Hurt Main Street New Mexico
After more than a year in office, Governor Martinez is realizing the results of her economic policies. The news isn’t good.
But the data is not in any statement or press release you’ll find coming from the governor’s office.
According to the state’s own report, New Mexico’s job growth is among the lowest in the West, coming in at just 0.6%. That’s more than a full point behind the average of other western states and even a point behind the national average.
So, what gives? Why are Texas, Arizona, Colorado, Utah, California, Montana and Oklahoma adding more jobs more quickly than Martinez’s New Mexico?
Start with the governor’s illogical focus on protecting big out-of-state corporate interests over the interests of Main Street New Mexico. When the legislature gave Martinez a chance to put New Mexico on a level playing field with its neighboring states, she balked.
SB9 would have closed a corporate tax loophole that lets big box stores (like Wal-Mart and Home Depot) avoid paying any state income tax, while Mom and Pop shops pay 7% or more. Martinez said it would make those big stores flee New Mexico, but that hasn’t been the case. Other western states, like Texas, Arizona and Colorado, have already closed that loophole and Wal-Mart and Home Depot are doing just fine.
Unfortunately, by vetoing SB9 she put New Mexico’s local businesses at a DISADVANTAGE. In neighboring states, all businesses pay the same, so Arizona’s small businesses can compete with Colorado’s big businesses — a real free market. But, New Mexico’s Main Street companies are paying more than their big competitors just to stay alive in New Mexico; they can’t compete against those big Wall Street interests.
In fact, for every 1 job a big box store adds, a local community loses 1.4 jobs. And, while big box stores on average cost taxpayers $468 per 1,000 square feet, small businesses generate a net annual surplus of $326 per 1,000 square feet.
Martinez also vetoed over $23 million in local projects and programs that could have employed more than 200 full-time workers and their families. She cut those jobs from a balanced budget, thereby putting more New Mexicans out of work.
Bottom line: Martinez’s job policies don’t work for out of work New Mexicans.
For more information on how Governor Martinez’s vetoes have negatively impacted the lives of New Mexicans, visit www.dontvetonmjobs.com