Economic Security and Prosperity2019-02-05T14:17:49-06:00

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

Fairer Taxes Put Us on the Road to a Stronger New Mexico!

October 15th, 2019|

Fact sheet Most New Mexico families with children will see a state income tax cut thanks to legislation enacted in April. The legislation also helps make our state tax system more fair and will provide a reliable stream of revenue for our schools, hospitals, and more.

Valuing Families at Work

August 19th, 2019|

Report New Mexicans are working hard every day to provide a brighter future for their families and our state. When they or their child gets sick, they should be able to take care of themselves or their family with the assurance that they won’t lose wages or risk their livelihood to do so.

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Recent Blog Posts

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Recent News Coverage

Report: Majority of NM Families to Benefit from State Tax Cut

October 15th, 2019|

Bill Jordan, government relations officer with New Mexico Voices for Children, said currently those with the largest incomes in the state pay the smallest share of their incomes in state and local taxes, while those with the lowest incomes pay the highest share. He said 385,000 children will benefit when the revamped tax code returns $64 million to working families.

All news coverage

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