Nemo Me Impune Lacessit

Tuesday, 25 November 2008

At least ONE New Mexico Republican Understands

Filed under: Politics — Tags: , , , , — mikewb1971 @ 5:32 PM (17:32)

Here’s a Republican who gets it

Stop State’s Spending Insanity
By House Minority Leader Tom Taylor
Farmington Republican
Monday, February 12, 2007
State spending is on the rise in New Mexico. Normally, we would expect to see government spend, on average, about 3 percent more each year to keep pace with inflation. Growth in excess of 3 percent is an indication that government is expanding.

New Mexico has averaged an average expenditure growth of about 7.1 percent over the past quarter century. In the last three years that has accelerated to a proposed high this year of about 11 percent.

What options do the people of New Mexico have to control state government spending?

I have introduced legislation in the House of Representatives proposing a form of expenditure controls in New Mexico. The basics of my proposal will limit growth in our expenditures to fixed percentage plus population growth for the preceding year, which will yield an average annual of about five and a half percent.

Unlike most states, about 25 percent of New Mexico’s Gross State Product is fueled by 19 million dollars in federal entitlements. That, coupled with the automatic flow into our budget of about $530 million from our permanent funds, yields a relatively stable revenue stream for the state. The legislation will propose that revenues in excess of the limit will be distributed by returning 40 percent to the taxpayers and 60 percent to the Severance Tax Permanent Fund.

Even with the enormous spending appetite that some New Mexico lawmakers have, my bill will restrict the state from spending beyond the limit.

It is time to enact real tax and expenditure limitations. A statutory expenditure control is merely a paper tiger. A constitutional expenditure control is better because it is protected from legislative, executive or judicial tinkering.

If we fail to enact a tax and expenditure limitation, we will continue to see massive spending increases. With our current oil and gas windfalls, we are not getting hurt as badly. But when this windfall is over, we will pay a grave price.

We must put an end to this vicious cycle of spending and increase our state’s savings account. Then we can give the excess back to the citizens of this state.

Advertisements

Blog at WordPress.com.

%d bloggers like this: