The Economic, Political, and Intellectual Equivalent of Bloodletting
Businessmen gather at an empty Denver Broncos stadium, with an ominous warning: The more than 70,000 vacant seats around them represent the number of state jobs that would be lost if three tax-slashing and debt-cutting measures are approved in next month’s election.
While many states are wrestling with billion-dollar budget deficits, Colorado voters are being asked to adopt ballot initiatives that would ban borrowing for public works, cut the income tax and slash local property taxes.
The net effect, once fully implemented, would cost the state $2.1 billion in revenue annually and still require an additional $1.6 billion in spending on public education, according to an analysis by the independent Colorado Legislative Council.
Even a tea party candidate isn’t supporting all the initiatives, and a coalition of business leaders and politicians has raised $6 million to defeat the initiatives, even as polls show support faltering.
“It will plunge Colorado into another recession,” said Tom Clark, executive vice president of the Metro Denver Economic Development Corp.
I’m just hoping some of the education spending goes to teaching people arithmetic.