For years there has been one word to define New Mexico, “potential.”
New Mexico has all the potential in the world to become a state economic success, however, due to inept thinking and policy implementation we have never been able to meet our potential. In a recent ranking from USNews, New Mexico ranked 42, out of all 50 states, in friendliest business states, while our respective neighboring states ranked in the top 10.
So, how do we combat this perpetual self-imposed recession that we have always seemed to be in?
Michaela Chavez believes there are four things that need to be done immediately in order to make New Mexico a business-friendly state, allowing for us to compete on a national stage.
First, New Mexico must lower taxes for smaller businesses. Through the lowering of these taxes, profit margins for businesses will increase, allowing for additional cash flow. History has shown time and time again, that when businesses attain additional cash flow, through the lowering of fixed expenses, that they are more likely to reinvest these funds back into the business. This allows for business growth, increased job opportunities, and ultimately high wages for all.
Next, regulatory bodies are a necessity, however, there are so many needless regulatory bodies that have come into existence since the Biden and Michelle Lujan Grisham administration. Regulatory bodies have always had a greater negative effect on small businesses as opposed to corporations, as corporations have the ability to afford needless regulations while small businesses may not have this luxury. Chavez wants to do away with these needless regulatory expenses, creating more cash flow for businesses, and ultimately more opportunity for all.
Third, our state must maintain our next generation of young bright minds to remain here in New Mexico, while at the same time becoming a destination state for those same minds elsewhere. Business’s will not relocate or initiate startups in New Mexico unless there is a talent pool to fulfill their companies job requirements. We must invest in our schools and teachers at an infrastructure level to maintain the development of the next generation while at the same time creating opportunities to keep them home and attract others from different states.
Finally, we must find ways to incentivize private funding into the state. What Chavez means by this is that New Mexico needs additional state and private banks to establish commerce here. At the same time, our state needs to incentivize angel investors and venture capitalist to invest their money into businesses throughout our state. Nearly every company that deals with extraordinarily high volumes of cash flow require funding to further develop and scale their business. Ultimately, through this avenue the opportunity for job growth and wage increase is endless.
Michaela Chavez is pro small business and anti-big government. She believes through capitalism, opportunity, and competition, that our state will reach its true potential.