The New Mexico economy is already bouncing back from the devastating global pandemic.
Contrary to the pessimistic economic forecasts of the so-called experts, the Land of Enchantment regained more than 5,000 nonfarm jobs in May, driving the state unemployment rate down by an impressive 2.7 percentage points.
This economic rebound is not just unique to New Mexico – much of the U.S. economy is rapidly healing from the coronavirus pandemic, and reclaiming the gains that were temporarily lost during the crisis. According to the Bureau of Labor Statistics, our country added a whopping 2.5 million new jobs in May, while the national unemployment rate dipped by nearly 1.5 percentage points.
Although the mainstream media were shocked by these numbers, there is nothing surprising about America’s ongoing economic rebound – for the past four months, the Trump administration has implemented countless emergency initiatives that have largely preserved the record-breaking economic momentum that we witnessed since President Donald Trump entered office
As governors began to implement the federal government’s guidelines to slow the spread of COVID-19, the White House began working on measures to safeguard our country’s economic renaissance. By signing the historic CARES Act, Trump ensured that almost every adult in New Mexico received direct relief payments of $1,200, or $3,400 for a typical family of four. Moreover, the federal government has created additional assistance programs for workers who have lost their jobs during the pandemic, providing them with an additional $600 per week in unemployment compensation.
Direct economic relief for American workers, however, was only one part of the president’s strategy to protect our economy.
Thanks to the groundbreaking Paycheck Protection Program, New Mexico employers also took out more than 21,000 forgivable federal loans worth more than $2.2 billion. This popular program has successfully insulated the private sector from the harmful economic effects of the pandemic and helped prevent millions of layoffs across New Mexico and America.
“The Treasury Department and the Small Business Administration launched the program in record-breaking time – just one week,” Trump revealed in late April, adding that “in the 14 days following its launch, we processed as many loans as the SBA would typically process in over 14 years.”
More importantly, the White House also spearheaded efforts to replenish the program when the funding ran out, ensuring that American businesses always have the financial support that they need to stay open during the temporary economic shutdown. In early June, Trump proudly expanded the PPP initiative, signing legislation that gave businesses and entrepreneurs greater flexibility with respect to how they can use their federal loans.
“Because the Act is essential to protecting jobs as the Nation begins to reopen the economy, I have signed the Act into law without delay,” the president said at the time.
Thanks to Trump’s ongoing efforts to revive the U.S. economy, the Land of Enchantment is beginning to regain its economic footing. New Mexico simply can’t afford to abandon this proven formula for economic prosperity this November – which is why we must do everything we can to secure our “v-shaped” recovery by reelecting Donald Trump.
Yvette Herrell is a former state representative in New Mexico.