Economic Security and Prosperity
The economy should work for everyone, not just a select few. But for New Mexicans who lack job skills and education, and work in low-wage jobs with little hope for advancement, economic security is just a dream. Long-term economic prosperity involves promoting economic and workforce development opportunities for all New Mexicans, as well as supporting access to adequate wage and work supports for those in crisis and those who are unable to work.
Featured Content
New Mexico’s Working Families Tax Credit and the Federal Earned Income Tax Credit
Tax credits for low- and moderate-income working families are a common-sense way to spur economic activity by putting money into the hands of consumers who will spend it. They also are an effective way to lift working families out of poverty. These are just some of the reasons New Mexico should increase its Working Families Tax Credit.
Improving College Affordability to Support New Mexico’s Education, Workforce, and Economic Goals
New Mexico is a poor state, yet little of our state-based financial aid goes to students who can’t attend college without monetary assistance. This report looks at the state’s financial aid structure — how much money is awarded and where it goes — and makes recommendations for policies to improve financial aid that’s awarded on the basis of need. (A Working Poor Families Project report)
Investing in a Healthier New Mexico: The Economic and Fiscal Benefits of the Medicaid Expansion in New Mexico
The Medicaid expansion, as part of the Affordable Care Act, has been very good for New Mexico. Not only are tens of thousands of New Mexicans able to access health care, the program has brought billions into the state that has created thousands of jobs, economic activity, and tax revenue. (Report)
Recent Publications
Policy, Advocacy, and Child Well-being in New Mexico
Presentation Most people do not associate taxes with health, but there is a definite connection -- and it goes beyond raising enough revenue to pay for health care programs like Medicaid. What we tax, who pays the most, and who benefits are all aspects that impact a family's financial security, which in turn, impacts where they can live, what kind of food they can afford to purchase, and more.
The Working Families Tax Credit is a Smart Investment in a Healthier New Mexico
Fact Sheet Increasing the Working Families Tax Credit would put another $52 million back into the hands of New Mexico’s hard-working families – and the businesses where they will spend it. It also has been shown to improve school performance and health, among other outcomes.
Recent Blog Posts
Advancing equity in New Mexico: Immigration
Given New Mexico’s substantial immigrant population and that group’s important contributions to our state – which includes paying taxes – it is essential that we enact policies that promote opportunity for all families. During the 2019 New Mexico legislative session, lawmakers passed several bills that will have broad benefits to immigrants, their families, and the state as a whole.
Advancing Equity in New Mexico: College Affordability
Higher education is one of the most powerful engines of social mobility. Our economy and families thrive, and our future is brighter, when we make adequate, strategic investments in our public universities and colleges and ensure that they are accessible for all youth. But New Mexico has underfunded its public higher education institutions for years, and tuition has increased as a result. New Mexicans of color are among those who are hit the hardest by these budget choices.
Recent News Coverage
New Mexico Legislators Unite Over Methane Pollution
He adds that jobs designed to capture wasted methane also would enhance the state's economy. "We've seen, for example, in states like Colorado that have enacted commonsense methane-capture regulations, that the industry can adapt and it can be part of growing the economy," he points out.
New Mexico again leads nation in child hunger
Sharon Kayne, spokeswoman for New Mexico Voices for Children, said 27% of kids in our state live in poverty, ranking us 49th on this list, tied with Mississippi, according to data from the U.S. Census Bureau and compiled by the Annie E. Casey Foundation. Only Louisiana fares worse, ranked in 50th place with 28% of kids living in poverty.
Current Initiatives
Working Poor Families Project (WPFP) is a national initiative focused on strengthening state workforce development policies as a way of reducing poverty for working families. One way to address poverty among working Americans is with so-called ‘work supports,’ which help stabilize low-wage workers while assisting their climb up the job ladder. Work supports include child care assistance, health care coverage, funding for adult basic education and community college attendance, and unemployment insurance (UI) benefits.
Fiscal Policy Project, our program focusing on tax and budget policy, also covers work supports and wage issues.
Resources
A Basic Family Budget Calculator is an important tool in determining if a family lives in poverty, because the system currently in place to do that is completely outdated.
Federal poverty guidelines, which dictate whether a family is eligible to receive assistance such as Medicaid and Food Stamps, are tied to a formula that was created in the 1960s. It was based on what the typical family spent on groceries because that was a family’s biggest expense at the time. Today, necessities like housing, childcare and health care take up a far greater share of most family incomes than groceries. Not only do the guidelines not take these changes into account, they do not take into account regional differences in the cost of living.
Because the federal guidelines are so inaccurate, families are generally considered low-income when they earn up to twice (or 200 percent) the poverty level. This makes up for some shortfalls in the guidelines, but they are still nowhere near as accurate as a Basic Family Budget.
- Click here to find out the minimum amount families need to earn in order to live at a basic, no-frills level in New Mexico’s cities and counties