The referendum passed allows the NM State government to tap into the principal of the State land grant trust funds for support of early education. The interest

The referendum passed allows the NM State government to tap into the principal of the State land grant trust funds for support of early education. The interest from the trust funds have already been earmarked to support State education for many years. This action allows the State to take money from the principal. The full title is misleading/wrong. Some would say this approach is stealing from the future, if oil and gas revenues decline. Time will tell if this action starves future generations of New Mexican children from the education revenues their current generation enjoys. Past administrations have preserved the integrity of the funds, which has provided stability to State finances. This administration has chosen to compromise the integrity of those funds. Also there is no assurance, as far as I know, that education expenses currently funded directly from tax revenues wouldn’t simply move to this land grant principal funding source, thus freeing up monies for a general slush fund for the State government to spend as they wish. No new education money for that 8 year old in that case. Not surprisingly, another referendum that also passed allows the State to invest directly in private “essential household services” (reads infrastructure but the wording is vaguer), perhaps with this new slush fund. But, on the other hand, the NM trust fund is roughly at $18K per capita, and the State also has a $2B surplus this fiscal year (pop 2.1 M). If general fund reserves are flush, and if there are potentially useful pet projects in the hopper, this might be the time to try them. Especially if a recession makes costs cheaper for such investments. It is already so cheap to build anything in New Mexico that (unless it is something just silly) bond issues sail through elections with bipartisan support. Jobs programs find support on both sides of the aisle. Committing to an increase in recurring expenses is another matter.