Lack of Spending Restraint Illustrates Need for New Mexico Taxpayer Protections

New Mexico Governor Bill Richardson has built a reputation as a fiscal moderate because of reductions in the rates on taxes on personal income and capital gains that he proposed and that were passed early in his term. While those tax cuts are to be applauded and their economic impact has been positive, Richardson’s reputation for fiscal conservatism is overblown. In fact, New Mexico’s Governor has been on a spending spree throughout his term and the positive economic impact of his tax cuts has been largely offset by tax and fee increases elsewhere.