A recent opinion piece published in the Santa Fe New Mexican on April 20, 2025, discusses the economic challenges faced by New Mexico despite its significant oil production. The article, authored by Matthew Mitchell and Paul Gessing, highlights the state's low employment and GDP growth rates compared to neighboring states.
The authors attribute New Mexico's economic struggles to a lack of economic freedom, citing high spending, taxes, and regulations as contributing factors. According to a report by the Fraser Institute and the Rio Grande Foundation, New Mexico ranks 47th out of 50 states in terms of economic freedom.
"People are more economically free when they are allowed to make more of their own economic choices," the authors state. They argue that economically free regions tend to experience prosperity, lower poverty levels, and higher satisfaction among residents.
Despite having budget surpluses exceeding $3 billion annually, New Mexico remains the only state to have reduced its citizens' economic freedom over four decades. The authors suggest that voters should critically evaluate candidates' positions on taxes, spending, and regulations.
"Economic freedom isn’t the only thing that matters for prosperity," they acknowledge. However, they emphasize that policymakers should focus on removing barriers that hinder economic growth in New Mexico.
Matthew Mitchell is a senior fellow at the Fraser Institute in Canada and resides in Northern New Mexico. Paul Gessing serves as president of the Rio Grande Foundation in Albuquerque.
