September 3, 2016
New Mexico is facing a multi-million dollar budget crisis. According to financial watchdogs, the State needs to plug a $150 million hole in the budget year completed June 30, 2016 and is on track to overspend by another $300 million in FY 17. Worse, the State’s $700 million Reserve Account has already been depleted, virtually guaranteeing a Special Legislative Session. What’s confusing is that New Mexico’s economy is growing, albeit at an anemic pace. Joining host Stephen Spitz to explain the reasons for the budget shortfall and why New Mexico has been so slow to recover from the financial crisis is Dr. Jeffery Mitchell, Director of UNM’s Bureau of Economic Research, who advises State policy makers on these very issues. Produced with assistance of Roman Garcia, Jefferson White and Lynn Schibeci.