Amazon offered funds while state thirsts
Last year, Albuquerque submitted a proposal to host Amazon’s new American headquarters, estimated to create 50,000 jobs in the selected location. In January, Amazon announced Albuquerque would be one of the 237 unlucky cities to have its proposal rejected.
Recently, it was published in the Albuquerque Journal that the proposal contained incentives that came directly out of the Severance Tax Permanent Fund. The State Investment Council had “examined any options available using the permanent funds,” as per emails between state officials. What this means is that State Investment Council members believe such a move is not only legally authorized, but it has already debated ways to reallocate the state’s $23 billion in “rainy day” funds to support a large out-of-state corporation like Amazon versus New Mexico industries.
I don’t intend to suggest the Amazon proposal would not have been a legitimate boon to Bernalillo County and our state, but the Amazon proposal underscores a serious issue that only our campaign is discussing. Despite the proposal, and the reallocation of investment funds within it, Amazon ultimately decided not to bring its business to Albuquerque because we have not made investments into our own state. As long as we continue to not invest in our own infrastructure, our own education, our own communities and our own businesses, opportunities to attract companies like Amazon will be unsuccessful.
The proposed investment wouldn’t change the facts; as of today, our state doesn’t have the resources needed to host companies such as Amazon. We don’t have the infrastructure. We don’t have the workers. We don’t have the schools. The fact of the matter is, major corporations won’t move blue- and white-collar jobs to a state that doesn’t have the secondary economy, the investment in communities or flourishing small New Mexican businesses.
As governor, I’ll challenge the status quo and bring the major changes our families desperately need.
It’s time for big ideas that will foster major changes to New Mexico’s economy. By investing $1.4 billion of our $23 billion (or just 5 percent) into 95 percent of our economy, small businesses, technology, value-added agriculture, work programs, education, renewable energy and infrastructure. This will create much more than 50,000 jobs, it will create 225,000 new jobs. We will implement our plan from Day One, and New Mexico families will experience an immediate impact on their lives.
Ninety-five percent of New Mexico’s economy is powered by small businesses, which employ some 450,000 workers. The lack of investment capital and our business structure penalize small business growth. Hence, New Mexico startups and growth companies continue to leave our state. This is the backbone of our economy, it is sinful that the State Investment Council and economic officials prioritize investment opportunities in multinational corporations, but not in New Mexicans.
We need to increase the investment in our own businesses and people, but the Martinez administration and economic officials have insisted on mocking proposals to attain such ends, while attempting to provide economic relief to multinational corporations. With more than 450,000 New Mexicans already employed by small businesses, investment here will provide far more sustainable success for our communities and directly help more New Mexicans.