Rio Rancho, N.M. – Under Republican Governor Martinez and Republican Lt. Governor John Sanchez, New Mexico is losing jobs — numbers released today show that Intel’s salaried workforce has dropped by two thirds, according to an Albuquerque Journal report.
“The failed Republican economic policies have put New Mexicans in a vulnerable position, and the latest job numbers from Intel show that Republican leadership of Governor Martinez and John Sanchez is ineffective,” said Debra Haaland, Chairwoman of the Democratic Party of New Mexico. “The Republican administration claimed that their plan to cut corporate taxes would bring jobs to New Mexico and it failed.”
Despite Governor Martinez’s claims about corporate tax cuts, they have done little to bring jobs to New Mexico. The state has the highest unemployment rate in the country at 6.8 percent, which is well above the 4.7 percent national average. In addition, the state is grappling with budget shortages, which Democrats responsibly addressed during the regular 2017 session. However, the Republican administration saw fit to cut all state funding for New Mexico colleges and universities, instead of sign a responsible budget and revenue package.
In addition, the Republican administration’s unrealistic “no new taxes” policy has put New Mexico’s financial credibility at risk. Moody’s analytics sent a strong warning to other states when Republican Kansas Governor vetoed important revenue increases and gave them a negative credit rating. A negative credit rating leads to a waste of taxpayer dollars by increasing the cost of important infrastructure projects that lead to economic development and opportunity.
New Mexico’s credit rating has already been lowered from AAA to AA under Governor Martinez and Lt. Governor John Sanchez.