It’s Called Permanent for a Reason

New Mexico has something called a Permanent Fund. It is money socked away in recognition of the fact that one day the oil and gas resources that fill our state coffers will be no more. It might be worth visiting Merriam-Webster’s definition of the word permanent:

Main Entry: ¹per·ma·nent

Pronunciation: \-nənt\

Function: adjective

Etymology: Middle English, from Anglo-French parmanant, from Latin permanent-, permanens, present participle of permanēre to endure, from per- throughout + manēre to remain — more at per-, mansion

Date: 15th century

: continuing or enduring without fundamental or marked change : stable

synonyms see lasting

— per·ma·nent·ly adverb

— per·ma·nent·ness noun

Now that we understand the word “permanent,” I think we can all agree that there isn’t any circumstance in which “Permanent Fund” could be misinterpreted to mean “Rainy Day Fund:”

A type of contingency fund in which money is set aside to be drawn upon in case of a future budget deficit. It is often referred to as a budget stabilization fund.

Yet, that is precisely the type of convenient rewriting of the English language one legislator is promoting:

A leading state Senate Democrat says it’s time to borrow against New Mexico’s rainy day funds for a $500 million loan — a gamble he says would make it unnecessary for lawmakers to approve major tax hikes and cut the salaries of state workers this year.

Under the terms of a bill introduced by Senate Majority Leader Michael Sanchez, D-Belen, up to $500 million could be moved into the state’s general fund by directing the state’s Board of Finance to issue short-term revenue bonds.

The bonds would be paid off over five years via a special fund created for that purpose, Sanchez said, with the money coming from general fund appropriations and a portion of the state’s gross receipts tax revenues.

Sanchez acknowledged that the bill (SB184) hinges on a wager that the state’s economy will improve in the next few years.

You might consider sending the good Senator from Belen an email letting him know that we, the taxpayers and our children and grandchildren, prefer that he keep his wagering to recreational pursuits done with his own money on his own time at any one of the fine tribally owned casinos found throughout the Land of Enchantment.