Education Spending

Win Quigley, from the front page of yesterday’s Journal, on the way New Mexico chooses to implement the Hartwick rule:

New Mexico has amassed billions of dollars over the almost 100 years that we’ve been a state, mostly from oil and natural gas extraction, that is hoarded in rainy-day funds.
The idea is that when oil and gas run out, we’ll be able to tap the funds and pay our bills going forward. That is to say, New Mexico in another 100 years will be pretty much the way it is today, because we don’t invest in our people now.
In 100 years, we will still have one of the worst high school dropout rates in the country. We’ll have too many impoverished children, too many kids killed by suicide, murder and accident.