The chart below shows employment growth by state. Its divided up by the last month, the last year, 3 year, and 5 year.

In the five year map, a vast majority of states showed negative growth, which is understandable considering the 2008 crisis.

What is worthy of note is that for the 3 year growth rate, New Mexico is one of two states that showed negative employment growth (and was the worse off of the two). The year over year, New Mexico is one of a handful of states that continued to show a loss in employment.

But take comfort in that we had .29% growth last month!

growth1

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money1

 

I’m sure most of our readers are well aware of the massive money printing the Federal Reserve has done and continues to do. Currently, Bernanke is flooding the economy with $85 billion a month through purchases of $40 billion worth of mortgage-backed securities and $45 billion worth of Treasuries. If you haven’t noticed, the financial markets are enjoying the new injections of their favorite drug as our economy takes another trip on the boom cycle. How long this will last? Who knows. However, Bernanke isn’t the only one with his foot on the gas pedal.

There’s been a string of devaluations, depreciations, and printing bonanzas around the world.

Japan’s central bank is poised to start the presses under the direction of the newly elected Prime Minister Shinzo Abe. The Bank of Japan’s Governor Masaaki Shirakawa even offered to step down early so they can start the party. The BOJ policymakers have declared their goal to be a 2% inflation target and will “aggressively” attempt to achieve it.

In recent days, Economics Minister Akira Amari has said stocks are undervalued and that he would like to see the Nikkei Stock Average hit 13000 by the end of March

It seems they’re shooting for getting the Nikkei above 13000 points and are willing to print as much yen as necessary to do it. The Wall Street Journal noted the concerns of other countries on the Japanese move:

The yen’s more than 10% decline against the dollar since November has invited some foreign grumbling, putting Tokyo on the defensive. Bank of Mexico Gov. Agustin Carstens said Tuesday in Singapore that he believed Japan was actively pursuing a policy of trying to push the yen lower, while Germany has warned Japanese lawmakers against trying to strong-arm the BOJ into easing policy.

The concerns on Japan starting a currency war even warranted a direct response from the G-7:

In an attempt to head off a potentially destabilizing round of currency devaluations, G-7 members Tuesday reaffirmed their commitment to allowing market forces determine exchange rates. The statement also said G-7 central bank policy will be solely focused on domestic objectives.

The statement followed comments in recent months by Japanese Prime Minister Shinzo Abe and his aides suggesting that the country is targeting an aggressive drop in the yen’s value to shore up its exports. However there was no explicit mention of the yen in the statement and Japanese officials moved quickly Tuesday to say other G-7 nations understood their policies were not aimed at targeting the exchange rate but at fighting deflation.

“It’s not so much the (yen’s) level but the speed of the drop and the volatility it creates that cause concern,” the G-7 official said. “There was a concern that it may overshoot.”

The official said there was no question the statement was issued principally because of the recent decline in the yen and that Japan had been reluctant to sign up.

Many investors were able to get in front of the wave. George Soros nailed $1 billion in gains from the yen devaluation. If you take a look at the Nikkei, you’ll pretty much see an inverted graph of the one below.

yen

 

But it won’t be because of Japan that a string of devaluations will occur. It already is! World’s central banks are all printing money to stave off the global recession. Its the only tool in their tool box and they love it.

Venezuela devalued its currency by nearly 50% last Friday! The Venezuelan bolivar was devalued to 6.3 per dollar from the previous 4.3 per dollar. This only adds to the high inflation the country already suffers from. Its estimated to reach 30% by the end of the year.

Venezuela

Chavez’s government is an all too familiar one. A socialistic government that demonizes business, nationalizes the means of production, and promises its people the moon. A central planner who thinks he knows more than the spontaneous order of the market process. Now his government is faced with huge deficits that this devaluation can’t even cover. His people are faced with rampant shortages throughout the country despite being a very oil rich nation. They got plenty of oil but, unfortunately, you can’t eat it!

A perfect example of the socialist miscalculation Mises described.

Economic calculation can only take place by means of money prices established in the market for production goods in a society resting on private property in the means of production. – Ludwig von Mises, Socialism p. 123

Even the current exchange rate after the devaluation is optimistic and some report that the bolivar is exchanging on the black market for 18 per dollar. The market is a stubborn one, isn’t she?

You can’t fool the market by establishing a fixed exchange rate while printing your monopoly money to fund government expenditures. When the growth in the amount of money in circulation surpasses the growth in the amount of goods and services available, there will be upward pressure on prices. The value of money decreases relative to the value of goods and services. Of course governments always attempt to hide this fact. However, they inevitably fail under the pressures of the market, leading them to implement….PRICE CONTROLS!

Venezuela has established price controls in an attempt to defy economic law. EconomicPolicyJournal reports:

The Venezuelan government has put price controls into place in the country, as a result of climbing prices. But the cause of the soaring prices is out of control money printing by the Venezuelan central bank.Venezuelan M2 money supply has grown by 57% over the last year!

With that much new money chasing goods, it is not surprising that price inflation is soaring.  You can’t fix the problem by decreeing less money should be spent on goods, when there is a lot more money in the system chasing those goods. It simply results in shortages. If a government, say, decrees that Rolls Royce automobiles must be sold for $100, Rolls Royce dealers will be sold out of cars within 15 minutes, the showrooms will be empty and Rolls Royce won’t be supplying any more cars to that market.

Argentina is in a similar boat with its central bank’s heavy foot on the printing press pedal. Since last April, Argentina has been inflating the money supply. As a result, the country has an inflation rate near 30%! Surpassed only by Venezuela. At the beginning of February, Argentina’s Cristina Kirchner ordered a two month price freeze. Within a week of that order, Kirchner imposes an advertising ban in an attempt to hide the inflationary problems.

These are the more severe cases. However, you also have China struggling to juggle between the threat of inflation and an economy starving for its easy money, Brazil on the edge of raising interest rates if inflation remains hovering above 6%, and Europeans biting their nails waiting for the European Central Bank to pull the trigger already.

The global wide money printing is going to be something to look out for throughout the year and how it affects the global economy.

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one size

 

There was a great editorial in the ABQ Journal today on School Choice. It was directed towards House Bill 460, sponsored by Rep. Mimi Stewart, D-Albuquerque, and Sen. Tim Keller, D-Albuquerque. This bill would prohibit any public/charter school from being managed/administered by private companies or having out-of-staters on governing boards.

First, ask yourself, are you happy with New Mexico’s education system? And are schools/teacher unions success or student performance and achievement the primary goal in education?

This bill doesn’t even attempt to take into account actual performance or achievements of the schools they’re requesting to prohibit. Even if these schools outperformed every single traditional school in the state, they would be prohibited on the mere fact that a private entity manages them or out-of-staters sit on the governing board.

If these individuals actually cared about New Mexico’s failing education system, why would they be so adamant to maintain the status quo and go out of their way to prevent MERE CHOICE being given to the parents? It is not as if there is a call to privatize all schools, or force parents to send their kids to some designated corporate education institution. Not at all. Parents, students, and residents throughout the state are seeking to expand educational resources, and expand choices and availability of quality education. What does it matter who manages or administers a school as long as it adequately performs its function as a quality education institution. Much like New Mexico Virtual Academy, chartered by the Farmington school board and run primarily by the for-profit K-12 Inc., which this bill would essentially shut down.

The private sector/free market has given us so much in regards to improvements in our standard of living. From handheld computers, cheap and efficient communication across the globe, to affordable and abundant food. Why can’t we allow it to do the same to our education?

Charter schools and online education have already done much to prove their success in their various innovations and methods. It has proven to be able to service the myriad of different and unique needs of each student in order to provide them the quality education they deserve. The students who benefit from these programs vary as much as the programs themselves- all ages from our youth to adult students who want a second chance at an education; and all skill sets from those who need more of a challenge to those who need more attention because they need more help understanding. ALL individuals benefit from having a CHOICE.

The one-size-fits-all approach of government education has been failing New Mexico for generations, and for some to attempt to prevent the innovations of the 21st century from taking form in the education sector is only committing a disservice to our children and the future of our state.

You can read the editorial here.

Bottom line: There is no logical reason for a bill like this that seeks to eliminate the mere option of alternate educational institutions regardless of their actual performance. Especially when the status quo of the current education system is unacceptable. The only reasonable explanation is the influence of special interest groups such as the public teacher unions.

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peak oil are we there yet dadPeak oil claims has been heard by every generation since oil was first extracted and refined on a mass scale. They’ve been debunked every time after every new discovery of reserves or significant technological developments in the extraction/refining process that squeezes additional productive use for every drop of black gold. Our generation is no different. This from the Economic Policy Journal

The Mediterranean has joined the shale game, but as most of Europe’s Mediterranean countries drag their feet, all eyes are on Israel, Turkey, and Algeria.

For Israel, it will be a slow road without the majors.

For Algeria, it’s full speed ahead, in theory—but the foreign interest is just dabbling for now due to a lack of shale infrastructure.

For Turkey, the situation is more promising thanks to a renewed interest by the majors and a near-perfect blend of good governance and attractive fiscals.

Here’s what the playing field looks like:

Turkey

Turkey is the best bet here. In Turkey, it’s all about the Dadas Shale, in which the majors have recently expressed a renewed interest, making the game immediately more promising for the North American juniors who are betting heavily on this play.

The Dadas Shale is being compared to Texas’ Eagle Ford shale and Oklahoma’s Woodford shale in both size and potential. What is that potential? Well, those who are investing in it say it has more than 100 billion barrels of original oil in place.

While nothing’s being produced, testing is about to begin and new technology has the majors and juniors highly optimistic.

Positives

• Everyone likes working with the Turkish government—permits are fast and bureaucracy is kept to a minimum. Turkey is too keen to become a regional energy hub to let bureaucracy stand in the way. There’s just too much riding on this.

• Fiscal terms are very attractive: foreign companies get a flat 12.5% royalty tax and a 20% corporate tax rate

• The infrastructure is already there; it’s easy to refine and get to your choice of markets

• Shell has recently renewed its interest in Dadas (it’s about to drill five wells)

• ExxonMobil is in talks with the government right now about a Dadas license of its own

Negatives

• The National Oil Company is holding on to key geological data that would help the industry, but this year should see some new regulations that make exploration even easier

• This is still some way off (but Shell’s drilling in Dadas this year might be the turning point—at least the juniors think so)

Israel

Some think Israel is on the verge of a major energy revolution because of the combination of shale discoveries and a recent conventional natural gas discovery (16 trillion cubic feet).

While Israel doesn’t have much by way of heavy oil, it does have world-class shale oil resources.

Shale can contain both natural gas and oil, and in terms of oil, Israel’s shale plays put it in third place vis-à-vis expected volume, behind the US and China (but ahead of Russia).

Positives

• If these shale oil reserves can be extracted, we’re talking about making Israel a rival to Saudi Arabia…

Read the rest of the article here.

Just a few days ago, reports came out on over 200 billion barrels of oil reserves were found in the Outback:

The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil.

The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region’s rocks.

It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at today’s oil price, will be able to be recovered.

The find was likened to the Bakken and Eagle Ford shale oil projects in the US, which have resulted in massive outflows and have led to predictions that the US could overtake Saudi Arabia as the world’s largest oil producer as soon as this year.

All this coupled with the shale oil/natural gas revolution occurring in the United States, I think its safe to say the peak oil theory has been debunked for this generation. I’m not saying that these resources are infinite. However, there is a pattern of cry-wolf activists continually moving the goal post on our last drop of oil. Could we run out eventually? I don’t know. But I know the market, empowered by the simple economic law of supply and demand, would drag on any dwindling supply for generations–to the point of incentivizing alternative sources of energy by the time such resources could be completely depleted. Basically, oil will be used until better technologies make other sources (i.e. solar, wind, nuclear fission/fusion, hamster wheels, rocks, human farts) cheaper than oil. Thanks to markets, it will be a gradual process.

The actions of certain special interests groups that pay off politicians to penalize oil producers and subsidize alternative fuels in an effort to forcefully alter the consumer demands of the market will only have the opposite effect of the intent. Market entrepreneurs are much more forward-looking and adaptable to changing market conditions than any self-loving bureaucrat or politician.

Alternative sources of energy will naturally be developed and produced when the need arises and the market demands it. By burdening current energy producers with regulations and taxes in an effort to disincentivize these businesses from the production of fossil fuels results in raising all businesses’ input costs, money that could be better spent on more productive uses such as improving on current energy technology. One of their tools of production, cheap and efficient energy, is artificially made expensive which hampers the natural market process for adapting to changing conditions. Cheap and efficient energy (something we have with oil) would be beneficial in the preliminary stages of research and development of alternative sources of energy.

Artificially making oil expensive through taxes and regulations is a great way of cutting the legs from underneath those who would most likely give us “greener” energy.

Below is a short video from LearnLiberty.org on how the free market would keep us from running out of many of our natural resources:

Prof. Steve Horwitz addresses the common belief that the world is running out of natural resources. Instead, there are economic reasons why we will never run out of many resources. In a free market system, prices signal scarcity. So as a resource becomes more scarce, it becomes more expensive, which incentivizes people to use less of it and develop new alternatives, or to find new reserves of that resource that were previously unknown or unprofitable. We have seen throughout history that the human mind’s ability to innovate, coupled with a free market economic system, is an unlimited resource that can overcome the limitations we perceive with natural resources.

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Today we want to bring you an update on what has been going on in the news both nationally and here in New Mexico. It was a busy week with the inauguration and the legislature arguing over, well, everything. Here’s some news and hope you all have a great weekend!

Inauguration day!!
Inauguration-Day

 

National

Inauguration Day

Inaugurations nowadays seem to get even more excessive and gluttonous every time.

Congressional Quarterly’s comprehensive “Guide to the Presidency” helpfully explains that “the only part of the inaugural ceremony that is required by the Constitution is the taking of the oath of office.” If only somebody had bothered to check, we could have wrapped it all up Sunday when Chief Justice John Roberts swore Barack Obama in for his second term, and spared ourselves an extra day’s worth of pomp, circumstance and dreadful poetry.

After his swearing-in, “Calvin Coolidge simply went to bed in 1925.” George Washington’s admirably brief second inaugural clocks in at 135 words. But modern presidents fail to appreciate that for presidential inaugurations, as with presidential activism, less is more. In his first inaugural, in 1993, Bill Clinton suggested that the ritual of presidential anointment brings hope and life to the world: “This ceremony is held in the depth of winter. But, by the words we speak and the faces we show the world, we force the spring.”

In his unsettling second inaugural, in the midst of two bloody and seemingly endless wars, an unfazed George W. Bush pledged America to “the ultimate goal of ending tyranny in our world.”

Four years ago in his first inaugural, a newly anointed President Obama promised a transformational presidency that would “wield technology’s wonders” and “harness the sun and the winds.” He decried “the cynics” who dared to “question the scale of our ambitions, who suggest our system cannot tolerate too many big plans.”

This time around, the president seems not to have adjusted the scale of his ambitions downward. Columnist Steve Chapman summed it up on Twitter: “Shorter Obama inaugural speech: I’m a liberal. Deal with it.”

Would that it had been shorter. Though most of yesterday’s address was a high-minded word-souffle, light on specific policy prescriptions, several passages stuck out. For example: “We reject the belief that America must choose between caring for the generation that built this country and investing in the generation that will build its future.”

Read the rest the reason article here

Something else you might find interesting is the word cloud (most used words) of Obama’s 2013 inauguration address:

2013inaugural word cloud

Revealing?

Women in Combat

Recently, the Pentagon announced it was removing a 19 year ban on women in combat.

WASHINGTON—Defense Secretary Leon Panetta signed an order Thursday striking down the two-decade-old rule excluding women from combat positions in the military, a move that will eventually open thousands of new jobs on the front lines.

The new policy recognizes that in modern warfare, everyone in a combat zone is on the front lines, Mr. Panetta said.

“There is no distinction that’s made between the sacrifices of men and women in uniform,” Mr. Panetta said. “They serve, they’re wounded and they die right next to each other. The time has come to recognize that reality.”

woman soldierWhat exactly are these implications? There aren’t very many details on what specific jobs women will actually be able to serve in where they were previously excluded. Many officials have commented that most likely infantry and special operations units would remain closed.

As a former combat veteran myself, I don’t hold any particularly strong opinion on a woman’s right to be in a combat unit. However, there are practicality issues that would compel me to be against such a matter. As of right now, physical standards in the military are different for male and female. If females are going to be allowed in physically demanding units where they’ll be pit against enemy ground troops, they must be able to meet the minimum standards that male combat soldiers must meet. I’m sure there are many who can meet such standards, while others can not. Either way, you can’t have separate standards if we wish to maintain an effective fighting force.

Another issue that concerns me is pregnancy. There were many examples of women in non-combat supporting units who got pregnant right before a deployment, precluding them from being deployed with the rest of us. I am not saying they would or would not get pregnant on purpose to avoid a deployment, however, the issue remains that it does happen and would be severely crippling to a combat unit. Let’s say half an infantry platoon is made up of women. Before departure date for a deployment half those women get pregnant. 25% of the platoon is now out of commission before they even set foot in theatre! If men could get pregnant, it’d happen to them, too.

There are other arguments for and against women in combat. While I believe if women chose to maintain the necessary standards and make the harsh sacrifices male combat troops make daily, they should be able to accomplish their goals, I also believe there are social dynamics, biological dynamics, and questions of morality that make women in combat a complicated issue. What do you think?

 

Gun Battles

It would seem President Obama will be using his political capital (apparently he still has some) to push his gun control agenda on the American people:

The Obama administration is bypassing Capitol Hill as it works to get gun-control efforts passed, with President Barack Obama and Vice President Joe Biden planning trips outside Washington to build public support.

Obama’s gun control plans depend on many Democratic senators who come from states with strong weapons rights supporters, and the administration’s plans to bypass them and take the cause to the people marks a more aggressive strategy than Obama took in his first term of office, reports the Washington Post.

The president is mobilizing supporters through his former campaign committee, Organizing for Action, which will run grassroots campaigns to pressure lawmakers. Plans are also under way for Obama and Biden to meet with police, clergy, hunters, and others who back their proposals.

Of course with America being a society that highly values the right of citizens to own guns, obviously there was some pushback. Especially among sheriffs across the country.

A collection of sheriffs across the country have sent Congress and the Obama administration a message: If we don’t like your gun laws, we aren’t going to help enforce them.

As of Thursday, 90 sheriffs, many from rural counties, have pledged not to enforce laws they deem unconstitutional, according to a list compiled by the Constitutional Sheriffs and Peace Officers Association, a Texas-based group that has “vowed to uphold and defend the Constitution against Obama’s unlawful gun control measures.”

Stories like this are popping up everywhere. Even here in New Mexico where sheriffs representing 30 of the 33 counties in the state and stood up for our right to bear arms. The current gun control vs gun rights fervor will doubtless be a hot topic in many state legislatures. Gun owners are definitely fired up as the NRA membership has sky-rocketed.

I know this story is a week or so old but if you haven’t seen the Reality Check video that went viral explaining the incorrect gun statistics claimed by Piers Morgan (in the now infamous Piers vs Alex feud) you should check it out. Ben Swann is one of the most objective reporters I’ve seen.

Debt Ceiling Deal

Debt-Ceiling-Gun

Looks like our political leaders got tired of the last debt ceiling fight and decided to just go ahead and kick the can down the road a few months right off the bat.

The House on Wednesday passed the “No Budget, No Pay Act,” a Republican bill that would effectively defuse the debt ceiling threat for several months.

The bill would let the Treasury Department borrow new money until mid-May. In exchange, the legislation would require lawmakers in both chambers of Congress to pass a budget resolution or have their pay withheld until they do.

The vote was 285 to 144, largely on the back of Republican support.

Read the rest of the article here

Of course the “No Pay” portion of the bill is just a bunch of the usual smoke and mirrors considering actually taking a member’s pay is a violation of the 27th amendment which prohibits changing congressional pay until the next election has passed. At best, their pay will be held in escrow until the next Congress, at which time they’ll probably be paid what was held.

 

New Mexico

Driver’s permits for Illegals, a compromise option?

 The ABQ journal ran this story a couple days ago:

SANTA FE – Top Democratic leaders of the House and Senate indicated tentative support Monday for legislation that would grant a new driver’s permit to illegal immigrants In New Mexico but could not be used as legal identification.

The idea, spearheaded by Senate Minority Leader Stuart Ingle, R-Portales, and Senate Finance Committee Chairman John Arthur Smith, D-Deming, is being discussed as a possible solution to a two-year legislative impasse on Gov. Susana Martinez’s push to repeal a 2003 New Mexico law allowing illegal immigrants to get state driver’s licenses.

House Speaker Ken Martinez, D-Grants, and Senate Pro Tem Mary Kay Papen, D-Las Cruces, expressed cautious and conditional support Monday for the alternative that would create a new driver’s permit for illegal immigrants but would not be valid as identification to board an airplane or enter a federal building, as required by the federal Real ID Act. Martinez and Papen, elected as the top leaders of their chambers this year, have opposed the governor’s push to repeal the license law in the past.

“It’s a concept I support,” Papen said. “It’s a concept that hopefully could move us forward, but I wont commit to anything until I see a bill.”

Speaker Martinez said he would rather address public safety concerns related to the illegal immigrant driver’s licenses by making changes to the current driver’s license law. “If that doesn’t necessarily carry the day, you can look at a two-tier licensure system,” he said.

“Look at that (idea),” Martinez said, “but make sure it’s meaningful to the immigrant community, (that) it’s not something they would be reticent to get.”

You can read the rest of the article here.

Governor Martinez said she might be able to jump on board this proposal.

Gov. Susana Martinez, in a potential change of course, said Tuesday that she would consider legislation to create a driver’s permit for illegal immigrants if the proposed permit card could not be used for identification or used to get a driver’s license in another state.

“If we have something that proposes that, and takes care of public safety, I’m certainly willing to take a look at it,” Martinez said Tuesday.

Public safety concerns previously cited by the Republican governor have centered on non-residents fraudulently obtaining New Mexico driver’s licenses for identification purposes.

Her comments Tuesday are in contrast to her position during the 2012 legislative session, when she warned she would veto any legislation that would allow illegal immigrants to drive legally in New Mexico.

Although, there hasn’t been any legislation introduced yet, proposals are being drafted. It seems like something that could be passed and signed by the Governor. This bill brings up some issues that I’m curious about from a logical stand point. While it appears to be legislation that pleases the Governor or those against drivers licenses for illegals, at the same time it gives the Democrat’s (or those who supported driver’s licenses for illegals) an out in their support.

drivers_license_636In this two-tiered system, what happens is that all it does is separate the illegals from the legals in identification. There is no reason why a person who is eligible to get the regular driver’s license will opt to get the permit. Only those who can NOT get a regular license, due to their illegal status, will opt to get the permit (if they decide to come out in the open like that). Who’s to say at a later point these permits won’t be used as a way to identify illegals and apprehend those in possession of them?

And if a police officer pulls over an individual and that individual hands them this new permit, doesn’t the officer then know there is a good chance that the driver is an illegal immigrant? In which case, does the officer have the probable cause to further investigate this individual based on the type of identification he holds? It seems logical that anybody who holds these types of permits are illegal immigrants and as such are easily identified and can be deported.

If this is so, I don’t see illegal immigrants going out to get themselves these new permits since they’d probably understand how easily it would identify them. So essentially, this would be the same as eliminating driver’s licenses for illegals.

Whatever one’s position is on the issue of driver’s licenses for illegals, I think this is a roundabout way of eliminating the driver’s licenses for illegals (wether intentionally or not).

NM Spaceport

As we all know, the infamous New Mexico Spaceport has soaked up over $209 million from NM taxpayers. Its been an extravagant government-sponsored money pit. With that being said, the costs are sunk, we’re stuck with it, and the best course of action to take right now is to allow it to function and operate so as to encourage its success as much as possible. Due to certain liability issues, the spaceport has been at risk of being stalled out and being abandoned by Virgin Galactic.

Here is the Rio Grande Foundation’s take on the issue:

From day one, the Rio Grande Foundation has been critical of the use of $209 million of New Mexicans’ tax dollars to build a spaceport.

For starters, government has a shaky track record of betting on “the next big thing.” The spaceport is also a classic example of wealth redistribution from New Mexico taxpayers (arguably the poorest state in the nation) to wealthy businessman Richard Branson and the millionaires who plan to spend $200,000 to fly into space.

Despite all of this, the project was built and is now open. Thus, it makes sense to make it as successful as possible. Unfortunately, to date New Mexico’s Legislature has failed to pass a law that protects manufacturers, suppliers and anyone else who builds and maintains spacecraft from liability lawsuits. This law would cost nothing to change and will not impact any New Mexican who does not choose to fly into space.

New Mexicans have spent $209 million on the spaceport. The Legislature would be committing an act of legislative malfeasance by failing to pass these basic protections.

Luckily, it seems the legislature and the Governor might being coming to terms on settling for a limited-liability agreement, as reported by the ABQ Journal:

Democratic leaders said Tuesday that an agreement has been reached on limited-liability legislation for Spaceport America and predicted the contentious issue soon would be settled, but some Republicans said they hadn’t seen the deal.

The Democratic leadership said their announcement followed negotiations that began last summer between Virgin Galactic and the New Mexico Trial Lawyers Association.

A bill reflecting the agreement was expected to be introduced as early as today, and the Democratic lawmakers suggested it would have bipartisan support.

Republican leaders, however, didn’t attend the hastily called news conference.

Liability problems have been called a threat to the state’s $209 million investment in Spaceport America. (Associated Press)

“We haven’t seen the details of any deal yet,” said House Republican Whip Nate Gentry of Albuquerque. “We’re hopeful that, whatever it is, is something that will allow the spaceport to be successful.”

Republican Gov. Susana Martinez’s office was noncommittal. Her spokesman said she met with Virgin Galactic officials on Tuesday “and is hopeful that the final legislation that passes will lead to the company’s commitment to stay in New Mexico, and that it will lead to making New Mexico capable of attracting other space industry business.”

School Choice Week In Albuquerque New Mexico

The Rio Grande Foundation is a co-sponsor of a national event by National School Choice Week occurring in Albuquerque, NM:

w_s_flyer

 

 

We’ll close off this week’s Publius Digest with an interview of Paul Gessing, the President of the Rio Grande Foundation, discussing School Choice Week in New Mexico:

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Contributors to PubliusNM are currently overwhelmed in other areas of life, generally due to the ever increasing leviathan of our federal, state, and local governments, which requires increased vigilance and work. Plus many of us have families.

We hope you have enjoyed our posts over the past couple of years and also hope to pick this blog back up at some point in the future.

If there are any would-be PubliusNM contributors who are interested in being considered for the blog, please contact us at: publiusnm-at-gmail-dot-com.

In the meantime, we can recommend the following sources for local and national updates — some of these we agree with, and some we just see as providing timely information that is good fodder for discussion.

New Mexico Sources:

National Sources:

In bidding adieu, we leave you with this video containing clips and commentary from Atlas Shrugged, Part II (click here to view in YouTube):

If you have not seen the movie, try to go today (click here to find theaters nationwide).

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One of the more talked about sessions at the RNC was the surprise appearance by Clint Eastwood — worth a watch (click here to view in YouTube):

Marco Rubio (click here to view in YouTube):

And the much-anticipated speech by nominee Mitt Romney (click here to view in YouTube):

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Some more highlights, this time from Wednesday night’s session (for access to all videos, click here).

Governor Susana Martinez (click here to view in YouTube)

Secretary Condoleezza Rice (click here to view in YouTube)

Vice Presidential Candidate Paul Ryan (click here to view in YouTube)

And for the Ron Paul fans, a look at the Paul delegate walk out (click here to view in YouTube)

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For those interested, here are the Ann Romney and Chris Christie speeches from last night:

Ann Romney (click here to view in YouTube)

Chris Christie (click here to view in YouTube)

Reason has an interesting look at Ann Romney’s speech and some polling data here, and Peggy Noonan’s blog post on both speeches is also worth a read.

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As we close in on the GOP National Convention and celebration of the party’s candidates, I thought it appropriate to consider Romney’s VP pick a bit critically. What do our readers think? Is everyone as excited about the Ryan pick as social media sites would have us believe? Any reservations? Jump in on the comments.

First up, there is the always important reminder that it’s not the second member of the ticket who sets policy:

 Mitt Romney on Wednesday unequivocally disavowed more than $700 billion in Medicare spending cuts proposed by his new running mate, Rep. Paul D. Ryan of Wisconsin.

In an interview on “CBS This Morning,” Romney was asked how he squared his running mate’s plan to cut spending on the popular healthcare program for the elderly with his criticism of President Obama for making the same reductions.

More from the LA Times here. For more on Ryan and Medicare, check out Steve Chapman’s post here.

Judge Andrew Napolitano takes a hard look at Ryan’s actual record on fiscal issues, and it’s not all that pretty:

Ryan voted for nearly every request to raise the debt ceiling during his 14 years in Congress. He voted for TARP, the GM bailout and most of the recent stimulus giveaways. He also voted to pay for the Iraq and Afghanistan wars on a credit card, which added another trillion dollars to the government’s debt. And he voted to assault the Constitution by supporting the Patriot Act and its extensions, as well as Obama’s unconstitutional proposal to use the military to arrest Americans on American soil and detain those arrested indefinitely.

We have a rough idea of how Obama would bring about government control of private industry through Obamacare and Dodd-Frank. From Ryan’s voting record, we have a rough idea of what Romney-Ryan would bring us: more of the Bush-era big government. In other words, Ryan is just another big-government Republican holding himself out as a fiscal conservative. Even his controversial budget proposals—which the House approved, but the Senate declined to address—would have increased government spending. It was less of an increase than Obama wanted, which is why the Senate Democrats refused to consider it, but it was not a cut in spending.

More along these lines from Jesse Walker here.

So where do PubliusNM readers stand on the Paul Ryan pick?

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