Recession and Employment Hyman
measure the business cycle in a regional
economy using the year-over-year employment
growth. By this standard, New Mexico is
suffering from one of the worst recessions
on record. The New Mexico Department
of Workforce Solutions reports that the
12-month decline in employment reported for
June was the worst in 55 years.
From the Desk of a Teaching Economist: The New Relevance of the Medical Care Price Index
During the course of the health insurance debate, we will be bombarded with facts, figures, charges, counter charges, and outright fabrications about proposed reforms for delivering health care. Political drama is one thing, but trying to separate fact from fiction is another; thus, my attempt to expose one tiny piece of the health care picture that we might help us make policy decisions. Just exactly how do we measure medical costs and how do they compare to other costs?
The big news is the huge budget shortfall: $700 million over two years.
This shortfall is in addition to the 9% cut in FY10 compared to pre-recession
FY09. The main culprit in revenue shortfalls had been weak energy markets,
which continue to be a problem. Added to this now is the recession, which
has come full blown to the Land of Enchantment.