Summary
Eddy Aragon interviews Walt Benson, a financial expert and county commissioner, about New Mexico’s political landscape—especially the race involving Greg Hull—and the broader economic climate. Benson assesses Hull’s prospects, explains how inflation is driving market volatility and hurting consumers, critiques local economic development policies, and proposes solutions for statewide growth, including eliminating the Gross Receipts Tax (GRT) and investing in infrastructure.
Introduction
* Eddy Aragon: The host of “Rock of Talk” on AM 1600 KIBA, Eddy moderates the conversation. A strong supporter of Greg Hull, he highlights Hull’s successes as mayor of Rio Rancho and frames the upcoming election as a choice between proven competence and a DNC-backed, less-qualified candidate. He steers the discussion from politics to the economy, focusing on inflation and local economic challenges.
* Walt Benson: A financial advisor with Zanetti Financial and a County Commissioner for District 4, Walt offers expert analysis on political and economic topics. He views Greg Hull as talented but an underdog and characterizes his opponent, Deb Haaland, as a “puppet” for the national Democratic Party. He provides a detailed breakdown of inflation, jobs reports, and federal policy impacts on markets, hard assets like gold, and Social Security’s long-term solvency. He also criticizes the county commission’s economic development strategy, saying it deters business growth.
Key Points
* The upcoming New Mexico election is portrayed as a pivotal contest between Greg Hull, representing proven local competence, and Deb Haaland, viewed as a hand-picked national DNC candidate lacking relevant experience.
* The national economy is highly volatile due to inflation. Strong jobs reports often trigger market sell-offs because they signal the Federal Reserve is unlikely to lower interest rates amid persistent inflation.
* The US government faces a “knight’s fork” on inflation: lowering rates is inflationary, while raising rates increases debt service costs, leading to more borrowing and inflation. This makes hard assets like gold and silver attractive long-term holdings.
* Social Security is projected to be depleted by 2032, with the likely solution—additional borrowing—further exacerbating inflation.
* Bernalillo County’s current economic development policies are seen as hostile to new businesses, creating a “socialist’s unicorn” rubric no real company can meet, pushing investment into neighboring Sandoval and Valencia counties.
Insights
* Eddy Aragon
* Believes Greg Hull’s Rio Rancho record—strong growth in median income and population—makes him the competent choice.
* Argues Hull’s path to victory runs through rural New Mexico while avoiding Bernalillo County, Santa Fe, and Las Cruces.
* Highlights “blue-collar pain” from inflation and high interest rates on cars and homes, noting difficult timing for the incumbent party ahead of midterms.
* Walt Benson
* Considers Hull talented but the underdog due to Deb Haaland’s national DNC backing and control.
* Warns the stock market is “frothy” and overvalued, suggesting a correction is overdue.
* Explains that, regardless of Fed rate moves, massive US debt will sustain long-term inflation, making hard assets a prudent investment.
* States Social Security’s impending shortfall will spur inflation when the government borrows to cover obligations.
* As a county commissioner, opposes the local economic development plan he voted against, arguing it deters businesses.
* Proposes eliminating GRT and expanding infrastructure as the two key actions to attract business and stimulate private-sector growth.
Chapter
* Eddy Aragon: What are your thoughts on the election going forward because it’s a big one?
* Walt Benson: He believes Greg Hull has a chance but is the clear underdog because the national DNC has hand-selected Deb Haaland. He compares Haaland to Joe Biden, suggesting she is a puppet for the party, noting she failed the bar exam seven times and has raised most of her funds from out-of-state donors who can control her.
* Walt Benson: He thinks Haaland’s campaign may be underestimating Hull, similar to her primary opponents. Benson admits he initially discounted Hull because Rio Rancho has a “weak mayor” system, but winning three terms and a successor winning on continuity proves Hull’s talent.
* Eddy Aragon: He agrees and outlines a strategy for Hull: win rural New Mexico by appealing to families and churchgoers, while avoiding Bernalillo County, Las Cruces, and Santa Fe. The main headwind is the economy, particularly “blue-collar pain” from inflation.
* Walt Benson: Now if we can’t, let’s look at the bigger economy and let’s talk to our listeners that are interested in investing: what’s going on?
* Walt Benson: Market volatility is driven by inflation. The strong June 7, 2026 jobs report caused a sell-off because good news implies the Fed won’t cut rates. This hurts President Trump, who wants a strong market heading into midterms.
* Eddy Aragon: A strong job market means people have employment, but it marginalizes those who don’t.
* Walt Benson: High employment boosts spending, and with limited supply, that fuels inflation. The jobs report plus elevated June 10, 2026 CPI suggests the Fed won’t lower rates. He recalls officials calling inflation “transitory” during COVID, which proved wrong.
* Walt Benson: The “knight’s fork” dilemma: cutting rates is inflationary; raising rates increases debt payments, forcing more borrowing, which is also inflationary. In either case, he expects long-term inflation, making it a good time to consider hard assets like gold and silver after their recent pullback.
* Eddy Aragon: He summarizes and reminds listeners they can contact Walt and Greg at Zanetti Financial.
* Walt Benson: Can we jump onto that? Another report came out today with Social Security.
* Walt Benson: A new report shows Social Security funds will be depleted by 2032 due to rising expenses and demographics (more retirees, fewer workers). Benefits won’t stop; the government will likely borrow to fund Social Security, creating another major inflationary event.
* Eddy Aragon: High interest rates for cars and homes are also slowing the economy, which is politically difficult for Trump ahead of midterms.
* Eddy Aragon: What can we do just so we can get some private sector growth? And, what are you seeing from both the county commission standpoint and then from private people?
* Walt Benson: The county commission has “taken a hatchet to all economic development.” They created a rubric requiring unrealistic “socialist’s unicorn” criteria—like union-run operations and donating 10% of profits to schools. He was the lone dissenting vote.
* Eddy Aragon: No company would ever agree to those terms.
* Walt Benson: Since passage, businesses are already choosing Sandoval and Valencia counties instead.
* Eddy Aragon: Those counties are potential strongholds for Hull, highlighting the lack of pro-growth vision elsewhere.
* Walt Benson: If I had a magic wand, what would I do?
* Walt Benson: Eliminate the Gross Receipts Tax (GRT), which is confusing and deters businesses. The state could use its sovereign wealth fund to cover short-term shortfalls while growth expands the tax base.
* Walt Benson: Build out infrastructure—roadways, plumbing, electricity—so businesses can open immediately upon arrival.
Next Arrangements
* Political Strategy:
* Explore specific policies Greg Hull should champion to win rural New Mexico beyond family values, especially differentiators from Deb Haaland in those counties.
* Economic Development:
* Draft a realistic alternative business rubric to replace the current model, focusing on practical, pro-growth criteria that companies can meet.
* Personal Finance Guidance:
* Provide actionable advice for pre-retirees on protecting 401(k)s and savings from expected long-term inflation, including allocation to hard assets and inflation hedges.
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