Booming, but Not Better (Yet) | Scott Wasserman
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This document provides an overview of economic mobility issues in Colorado presented by Scott Wasserman of the Bell Policy Center. It discusses barriers like growing inequality, lack of investment in communities, rising low-wage jobs, and challenges facing the middle class. It also notes opportunities like reforming social insurance systems, adapting to technological changes, and investing more in education, economic security, health, and fiscal policy issues. The future of work, shifting demographics, and a need for racial and gender equity are also addressed.
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Booming, but Not Better (Yet) | Scott Wasserman
- 1. Scott Wasserman President, Bell Policy Center BOOMING, BUT NOT BETTER (YET):
- 2. Booming, but Not Better (Yet): A Look at Economic Mobility in Colorado Presented by: Scott Wasserman Barriers and Opportunities to Consider for Sustainable Growth in Colorado
- 3. Personal Experience But Thereโs So Much More in That Picture Stock Market? Unemployment? Growth & Productivity? Inequality Racial & Gender Equity Educational Attainment & Workforce Development Asset Building Family Economic Security Healthy Communities
- 6. Lack of Investment in Communities & Coloradans Investment in public services is near an all-time low
- 7. General Fund revenue over time
- 8. Education is a prime example of public divestment
- 9. Growing Inequality The divide between Coloradoโs top and bottom is widening
- 11. Growth of low-wage jobs is part of the problem In 2004, 13% of Colorado workers were employed in jobs paying below 100% FPL. In 2016, the amount of Coloradans working in low-wage jobs was up to 22%.
- 12. Growth of low-wage jobs is part of the problem
- 13. The Bellโs look at Coloradoโs middle class Two-Thirds Median Income: $68,800 Spending: $82,929 Deficit: $14,129 Median Income: $103,200 Spending: $115,450 Deficit: $12,250 Double Median Income: $206,400 Spending: $203,688 Surplus: $2,712
- 14. The Bellโs look at Coloradoโs middle class From an aspirational perspective, substantially fewer families have incomes to support a middle class lifestyle in Colorado (Exercise is akin to a โself-sufficiency standardโ for middle class aspirations) Our income-based definition finds nearly half of all Colorado families are in the middle class
- 15. Technologyโs Effect on How We Work & Learn The future of work is here; our economy & learning systems must adapt
- 16. Social Insurance Systems in Need of Reform Health Care Paid Leave Lifelong Learning Retirement
- 17. The Issues for 2019 And Beyond Education โข Full-day K โข Preschool โข Lower tuition โข K-12 funding โข Tax credits Economic Security โข Paid family leave โข Retirement security โข Student debt Health Fiscal Policy โข Public option โข Reinsurance โข Cost controls โข Tax policy & TABOR โข Gallagher โข Transportation funding
Editor's Notes
- For the majority of Coloradans, the American Dream feels out of reach. It doesnโt matter how hard we work or how well we play by the rules. Whether weโre in Greeley or Grand Junction, Yuma or Ouray, the deck feels stacked.
- Fast Facts Colorado was the 13th youngest state in 2015 1 of 4 all Coloradans is a baby boomer 4 of 10 Colorado workers are baby boomers Approximately 1M workers are projected to age out of Coloradoโs workforce by 2030 Why It Matters Senior spending on health care and other services is expected to drive 70% increase in jobs such as personal care aides, RNs, retail sales We must fill jobs vacated by retiring Coloradans, especially in education, health, utilities, mining, government industries Less spending from 65+ households means reduced overall demand and slower economic growth
- Fast Facts Racial/ethnic minorities in Colorado projected to increase from 1.8M in 2017 to 4M in 2050 Hispanics will comprise over 60% of growth in working-age population between 2017-2020 Median income of Hispanic/Latino Coloradans is $49,201, compared to $71,406 for white Coloradan Why It Matters Minorities face barriers to economic mobility Coloradoโs minorities have lower incomes, higher poverty rates, lower educational attainment levels, lower homeownership rates, poorer health outcomes than whites Addressing educational and skills gaps is essential to ensuring qualified workers fill Coloradoโs future jobs
- Fast Facts From mid 1970s through 2000, Colorado invested an average 4.5% in state services Only investing an average of 3.8% since 2000 Amount invested currently is comparable to spending during recessions, despite Coloradoโs current booming economy Why It Matters Investing a smaller share of our economy in state services means even less resources for people feeling effects of high costs for education, child care, housing, health care
- Fast Facts CPP serves 20% of COโs 3 and 4 year olds and 76% of at-risk 4 year olds. Colorado preschool teachers earn only 57% of mean salary for all Colorado jobs ($30,177) Colorado ranks 39th in spending on statewide preschool By 2020, 74% of all Colorado jobs will require some postsecondary education and training Average tuition costs have increased more than 100% between 2000 and 2016, adjusted for inflation Coloradoโs outstanding student loan debt totals $24.75B โ fastest growing segment of debt 57% of Coloradoโs for-profit students are low-income Why It Matters Major two-generation implications Both are becoming more unaffordable, putting a major lever to economic mobility out of reach ROI for ECE: $13 for every $1 invested Non-traditional postsecondary students will become the norm: adults, parents, those retraining to meet future work needs The effects of automation will require life-long learning and training for more workers.
- Fast Facts Most income-unequal county is Custer County โ top 1% makes 86.6x more than bottom 99% Top 1% takes in 16.6% of all income in Colorado 92% of Colorado Tax Filers have an income of less than $150K Why It Matters Economic inequality adversely affects education, health, work policies, housing, asset building Growing inequality is one of the main culprits for a shrinking middle class Racial wealth divide will impact black and Hispanic/Latino families and then the broader economy
- Fast Facts In 2016, 1 in 4 Coloradans had job with median wages unable to keep family out of poverty 69% increase in the share of workers in low-wage jobs since 2004 Most new Colorado jobs will be in low-wage sectors Why It Matters Despite booming state economy, economic inequality persists, largely due to poor pay When adjusting for inflation, average weekly wages have only increased $33 since 2000
- Fast Facts In 2016, 1 in 4 Coloradans had job with median wages unable to keep family out of poverty 69% increase in the share of workers in low-wage jobs since 2004 Most new Colorado jobs will be in low-wage sectors Why It Matters Despite booming state economy, economic inequality persists, largely due to poor pay When adjusting for inflation, average weekly wages have only increased $33 since 2000
- A Middle Class income range has gone up by roughly $20,000 per year Two earners are essential to making the income necessary to afford an aspirational middle class budget Child Care, higher education, and housing are the primary hurdles families must overcome. Student debt has gone up dramatically for these families. Only one-quarter of middle income families have children in the home, and families are having children later.
- A Middle Class income range has gone up by roughly $20,000 per year Two earners are essential to making the income necessary to afford an aspirational middle class budget Child Care, higher education, and housing are the primary hurdles families must overcome. Student debt has gone up dramatically for these families. Only one-quarter of middle income families have children in the home, and families are having children later.
- Fast Facts 1.1M Coloradans (41% of total workforce) are working in jobs considered high risk for automation 1 in 5 Coloradans work in jobs likely to be affected 94% of new jobs created nationally between 2005 and 2015 occurred in alternative work arrangements 20%-30% of working-age population in U.S. are engaged in some type of independent earning Almost half โ 44% - of workers in jobs most likely to be automated have a high school diploma or less. Another 19% have some college. Why It Matters Retaining and preparing workers for jobs of the future means emphasis on adult education, skill training, and making both affordable How we view work is changing; traditional arrangements are becoming the way of old Independent workers have limited protections, but we must find ways to make health coverage, retirement savings, unemployment, and other benefits available
- For the majority of Coloradans, the American Dream feels out of reach. It doesnโt matter how hard we work or how well we play by the rules. Whether weโre in Greeley or Grand Junction, Yuma or Ouray, the deck feels stacked.