$0.6 Billion is the cost of overcoming NM Education, Crime, and Infrastructure Crisis for just one company.
Santa Fe Democrats recently celebrated a new $1.0 billion (with $0.6 billion incentives) solar panel plant built in Albuquerque by Singapore's Maxeon Solar. Meanwhile, Phoenix Republicans celebrated a $30.0 billion (no report of incentives) computer chip plant being built outside of Phoenix by American Intel/Brookfield. Why do the hardworking people of New Mexico have to pay companies to come to New Mexico?
NM is ranked fiftieth in educating its youth. NM Senate Majority Leader Mimi Stewart and indicted Ex-NM House Speaker Sheryl William Stapleton and their fellow Santa Fe Democrats put and kept New Mexico at the bottom of all fifty states for education.
NM is ranked forty-fourth in keeping our youth and ourselves safe. Santa Fe Democrats misled New Mexicans to believe eliminating cash bonds would save our children. Instead, our youth are dying violently at the highest rates ever.
NM is ranked forty-fourth economically. Santa Fe Democrats have created an environment that is only friendly to Big Labor and Addiction industries (legal and illegal drug trade, sex trafficking trade, gambling trade, liquor, and alcohol trade). All other sectors have to be subsidized to come to New Mexico or unable to leave (military bases and government laboratories) our state.
NM is ranked forty-seventh for rural internet and road infrastructure. Santa Fe Democrats are stuck in the past with land-based rural internet. Rural New Mexicans could have internet within thirty days if they did not politically oppose Elon Musk's Starlink network. Santa Fe Democrats would instead put NM tax dollars into Spaceport America, RailRunner, and Albuquerque's ART than our highway network.
NM is ranked forty-first for opportunity and equality. I understand why our state ranked low for the chance; Santa Fe Democrats' policies have created tremendous job growth in the addiction industries (see definition above), historically low-paying jobs that fail to provide a path out of poverty. I don't understand how our state can be a minority-majority state, run by Santa Fe Democrats for decades, and rank low for equality. How are Santa Fe Democrats perpetuating inequality?
Santa Fe Democrats' failure to educate our youth to provide safe communities, a lack of economic opportunities, a crumbling highways network, and the continued struggles of our "minority-majority" is why Maxeon Solar did not initially consider New Mexico. Once Santa Fe Democrats offset those failures with $0.6 billion in subsidies, Albuquerque was chosen. $0.6 billion is the value one company places on the
shortcomings of the Santa Fe Democrats.
Maxeon Solar may be as desperate as Santa Fe Democrats. The Motley Fool website listed three reasons Maxeon Solar stocks recently dropped precipitately," … missed badly on revenue; management forecasts continued weak sales in Q3, and probably Q4. At the same time, Maxeon is building even more production capacity in a fragile demand environment." With NM's $0.6 billion contribution and Albuquerque's Industrial Revenue Bonds (guaranteed by Biden's Inflation Reduction Act), Maxeon has almost zero investment in New Mexico.
Maxeon will need tremendous luck to avoid the fate of other bankrupt American solar panel manufacturers. Albuquerque's Schott Solar (our company was one of several companies that built the Schott Solar Albuquerque plant) (which went up in flames this past week). Tucson's Global Solar (I chose not to invest in purchasing the assets out of bankruptcy) ended in bankruptcy. Even Obama's Solyndra ended in bankruptcy despite hundreds of millions in subsidies. The only winners in these endeavors were Chinese companies that purchased the equipment from the bankrupt companies.
A recent Foreign Policy magazine headline, "The state (Arizona) will remain a destination for foreign investment due to a skilled workforce, leadership in water conservation, and low tax burdens." Three critical factors that entice businesses to move to Arizona. Assume that is why Virgin Galactic built their aerospace manufacturing facility in the Phoenix area and not the Albuquerque area.
The CEO of a well-respected architect firm shared with me that an Arizona developer flew into Albuquerque to meet at the site for their new forty-acre mixed-use development near I-40 and Unser Boulevard. A young man stumbled into the group as they listened to the developer's vision for the site. He was clutching his stomach from a gunshot wound, asking for help. After the ambulance left with the wounded young man, the developer turned to the group and said he did not want to be associated with "this." He ended with "I am leaving, and I am done with New Mexico."
Maxeon is a Singapore-based company. Singapore is a city/state/country that does not tolerate crime—mandatory caning for vandalism. Sexual assault and prostitution sentences are up to five years in prison; additional years are added to the sentence if a person under 16 is involved. Outrage of modesty crimes may result in prison sentences. Lastly, the mandatory death penalty for many narcotic crimes. What will happen when Singapore Business Leaders realize what Santa Fe Democrats sold them?
Once New Mexicans elect individuals committed to solving our state's challenges and not protecting Santa Fe Democrats' political contributors, we will not have to bribe companies to come to New Mexico.