LETTERS TO THE EDITOR
GIVEN THE recent articles and editorials in the Journal regarding New Mexico’s very expensive sacred cows — the Rail Runner and the Spaceport — why is it that the governor, the Legislature and the Journal totally ignore a short- and long-term measure to reduce spending by using just a small portion of the mountain of money the state is sitting on — The Land Grant Permanent Fund (LGPF), which has (more than) $15 billion, and the Severance Tax Permanent Fund (STPF), which has about $5 billion, collectively more than three years coverage of all state expenses.
An allocation of only about $400 million, or 2 percent, of the permanent fund totals would enable the state to retire the debt for both the Rail Runner and Spaceport and free up $40 million to 50 million a year immediately and even greater amounts in future years. Plus (it would give) both edifices a reasonable chance to break even or even make money on annual operations. What person doesn’t think that it’s better to get out of debt than pay interest? Also, with all the problems identified in New Mexico from crime increase to deficient education to job creation/attraction issues, wouldn’t it be better to have $40 million to $50 million a year more to focus on improvements and growth than letting the money needed just sit in the bank and continuing to pay interest to others, most probably out-of-state investors.
As for those who seem to be very afraid to touch the LGPF, just take the money from the STPF, particularly since petroleum products are essential to both operations. It seems to me that it would be more than conservative enough to maintain the balance of the two permanent funds large enough to cover three full years of state budget needs, or about $19.6 billion.
The Legislature and responsible governor and even local politicians seemed to be more than willing to spend taxpayers’ dollars on these sacred cows, and both have had more than enough years to prove their worth and have not, so why can’t they actually take an action to save our dollars for a change?
CHRISTOPHER M. TIMM Albuquerque