Under Republican Governor Susana Martinez, New Mexico is making dramatic progress.
When Governor Martinez took office in 2011, New Mexico faced a daunting $450 billion budget deficit, economic stagnation, and high unemployment.
But, by holding the line on spending, cutting taxes, and reforming the tax code, Martinez has stabilized the budget crisis, while cutting unemployment to its lowest level in a decade. Just in the past eight months, state revenues increased by $560 million, allowing the state to replenish its budget reserves.
New Mexico’s recent progress once again shows that pro-growth policies deliver results.
From Governor Martinez’s op-ed in the Albuquerque Journal:
“New Mexico’s tax revenues are rising rapidly, the state’s economy is expanding and diversifying, and we have made important progress in protecting the long-term stability of our state budget. That’s a far cry from the nearly half-billion-dollar budget deficit I inherited when I took office in 2011.
In short, New Mexico’s fiscal house is in good order.
Our economic outlook is also positive. New Mexico’s unemployment rate is the lowest it’s been in a decade, down 2.5 percent since 2011. And we’ve added nearly 9,000 jobs in the past 12 months – all in the private sector.
The road to economic diversification is a long one, but real progress is being made. And, as we look back on the fiscal storms we’ve weathered together, we should take pride that our budget is stable and our fiscal outlook is strong and getting stronger.”