Thursday, November 30, 2023Other Voices: Preparing For Session '24; Chair of Senate Finance Contemplates State Of The State, Plus: Remembering Biz Journalist Harold Morgan New Mexico’s current, extraordinary revenues can make it easy to forget that, not that long ago, state legislators had to repeatedly make deep cuts to keep the state afloat. First, we were hit by the 2008 Great Recession, then by plummeting oil and gas prices around 2014, and finally by the pandemic and saturated oil market of 2020.
What a different world we live in today: two years of historic revenues—driven by flourishing oil and gas production that even low prices can’t discourage—means we literally have money to spare.
But not to waste. The financial tide has turned, but much like it does during years of low revenue, New Mexico will need strong leadership during these years of plenty. Self-control and vision must be the ideals we hold as we plan for the future.
As a reminder, last year one such opportunity was squandered when we sought to utilize the state’s revenues on a billion dollar tax package that was selectively vetoed. This next year we will take deliberate action. We must first seek to fill up our trust funds so that they are self-sustaining and can serve as a guaranteed revenue source for critical state priorities into the future. For example, we can use today’s bounty to capitalize the land of enchantment legacy fund to support our natural resource agencies, while simultaneously appropriating more funding into the opioid settlement fund to support our substance abuse interventions and treatment efforts. These are just two of a multitude of examples. . . Take a second to imagine the quality of life our children and grandchildren can have when we invest in our people, our resources, and our own financial security in a targeted and deliberate way.
I know the temptation is to spend it all now, but if we want New Mexicans to benefit in the long term, we must make very judicious spending decisions guided by a strong vision of where we want to be in five, 10, or 20 years. For example, any tax changes we seek must be targeted to avoid jeopardizing our fragile revenue sources that are enabling us to invest in programs that change lives. Simultaneously, we must leverage the power of compound interest every opportunity we get through the creation of expendable trusts that will allow us to pilot new ideas and ensure we don’t find ourselves in a situation where we once again have to make cuts to the services our people need to prosper. We have a once-in-a-lifetime opportunity to shift New Mexico toward a better future. And we will, if we are informed by the hard choices of the past and driven by a clear vision of the future. HAROLD MORGAN  My friend and long-time colleague Harold Morgan, 77, passed away last month. Harold started writing for this small syndicate in 2004.
He spent a career in numbers as founding editor of New Mexico Business Journal and Sunwest Bank’s chronicler of New Mexico’s economy. . .As a tribute, I’d like to share some excerpts from his 17-plus years of columns. In 2011 he skewered Gov. Martinez and her economic development secretary whose only proposals were recruiting companies to the state. “Recruiting is good and necessary, but for that to be the only topic massively misses the point,” he wrote. Recruiting had no impact on the smallest communities. That year Harold surprised everyone: “Legalize marijuana. There! I said it! In public! Conservative me!” His reason was that “the social costs of legal marijuana, however high, would be less than the social costs of illegal marijuana.” He meant that illegal weed brought otherwise law-abiding citizens into contact with criminals. “In my brief, long ago marijuana flirtation, my supplier was a Washington-based federal prosecutor. This nicely defines the potential for societal rot.” In 2012 Harold wrote that Martinez’s thin agenda lacked values. “Republicans must bring a framework of values to the conversation.” Run articulate Republicans for office, starting with grassroots positions. “But remember, ground everything in values. Dump the extremism.” Civility was a regular subject. Deb Haaland, then Democratic Party chairwoman, said in 2016 that Martinez’s policy priorities were “exactly in line with the reckless and racist priorities of Trump and other Republican candidates.” Harold responded, “While it’s tough to argue Donald Trump is anything other than reckless and racist, pasting that label on Martinez is hardly civil.” He added, “Republicans say the same stupid stuff.” Harold’s last column was June 28, 2021. He stepped down for medical treatment and then decided to devote himself to a book on New Mexico’s uranium industry. Other Voices is an occasional column of thoughtful commentary from voices other than the blog. Submissions for future editions are welcome via email. This is the Home of New Mexico Politics. E-mail your news and comments. (newsguy@yahoo.com Interested in reaching New Mexico's most informed audience? Advertise here.   (c)NM POLITICS WITH JOE MONAHAN 2023 |
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