{"id":28799,"date":"2011-04-27T11:35:54","date_gmt":"2011-04-27T17:35:54","guid":{"rendered":"http:\/\/www.nmpolitics.net\/index\/?p=28799"},"modified":"2011-04-27T11:37:16","modified_gmt":"2011-04-27T17:37:16","slug":"new-mexico%e2%80%99s-biggest-problem","status":"publish","type":"post","link":"https:\/\/nmpolitics.net\/index\/2011\/04\/new-mexico%e2%80%99s-biggest-problem\/","title":{"rendered":"New Mexico\u2019s biggest problem"},"content":{"rendered":"
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The Roundhouse in Santa Fe (Photo by Peter St. Cyr)<\/p><\/div>\n

Sen. Eric Griego was right on in a recent commentary<\/a> to criticize state lawmakers who refused to discuss, debate and vote on\u00a0raising revenues during the 2011 legislative session.<\/p>\n

Why did these senators and representatives take their stand against raising revenues? Because their agenda is to protect the richest New Mexicans and corporations. More progressives like Sen. Griego will win\u00a0N.M. Senate and House seats\u00a0in 2012, and\u00a0the\u00a0Land of Enchantment\u00a0will\u00a0start moving again.<\/p>\n

As for\u00a0New Mexico\u00a0being on the take, as Sen. Griego\u2019s critics blogged on\u00a0NMPolitics.net, well, ever since conquistadors crossed the Rio Grande back in the day, that\u2019s been the case. But, let\u2019s take a closer look at what\u2019s happening now.<\/p>\n

First things first: Read the N.M. State Constitution, Article 12, Section 2.\u00a0The Permanent School Fund is\u00a0a savings account mandated by the U.S. Federal Government in 1910 as a\u00a0condition for statehood in 1912. Today, the\u00a0School Fund is worth $9 billion. It\u2019s one of the world\u2019s largest public education endowments.<\/p>\n

But, it\u2019s not invested in New Mexico\u2019s public schools, colleges and universities. Instead, New Mexico\u2019s lawmakers transfer the fund to New York City\u2019s\u00a0Wall Street\u00a0for investment in the \u201cfree\u201d market (AKA capitalism).<\/p>\n

A very small percentage of the fund\u2019s return on investment is\u00a0folded\u00a0into the general fund, and mixed by these conservative Democrats and right-wing Republicans with other\u00a0income tax and\u00a0sales tax revenues. Then, lawmakers\u00a0dump the\u00a0result\u00a0into the state equalization education funding formula, and distribute\u00a0dollars\u00a0equally to K-12 school districts in the form of\u00a0student-unit\u00a0values.<\/p>\n

But these conservative Dems and right-wing Republicans continue to defund the student-unit value. How come?\u00a0Because they\u00a0voted to reduce revenues for education by cutting\u00a0state income taxes\u00a0in 2003, by refusing to close out-of-state\u00a0corporate income tax\u00a0loopholes, by voting to give corporations incentives worth\u00a0millions of dollars,\u00a0and by failing to\u00a0supplement\u00a0the student-unit value decline with\u00a0money from the $9 billion Permanent School Fund.<\/p>\n

Falsely claiming to be friends of education<\/h3>\n

These lawmakers falsely claim to be friends of education. In fact, they\u00a0defunded the student-unit value<\/a> again\u00a0during the 2011, 60-day session completed in mid-March. NMPolitics.net readers and bloggers can see the 2011 voting record of their\u00a0state senators\u00a0and representatives for themselves:<\/p>\n