As Colorado state treasurer, my foremost job is to safeguard our tax {dollars} and make sure the long-term financial prosperity of our state. My workplace fastidiously manages Colorado’s money circulate and an funding portfolio of roughly $17 billion — a fragile steadiness that permits us to fund state packages and providers whereas lowering the burden on Colorado’s taxpayers.
This mission requires sluggish, regular and sensible investing. In contrast to a personal enterprise, we can’t afford to take huge losses or “transfer quick and break issues.” However that’s precisely what President Trump is doing by slapping tariffs on Mexico. Left unchecked, this misguided commerce coverage could have damaging penalties not only for our state, however for your entire nation.
At $2.8 billion, Colorado trades extra with Mexico, our third-largest buying and selling associate, than the U.S. trades with some international locations. Over the previous 5 years alone, we have now imported round $1 billion in items yearly from our neighbors to the south. This contains belongings you use on daily basis — laptop and digital gear, car elements, family home equipment like fridges and microwaves and the opposite important objects that hold our financial system buzzing.
Colorado stands to lose much more on exports, which have surged by 80% over the previous decade. Mexico is now Colorado’s main export market, overtaking Canada. Key exports embrace beef, aerospace elements, semiconductors and energy transmission gear.
A tariff warfare would cripple a few of our state’s cornerstone industries: agriculture, aerospace and superior manufacturing. In Greeley, the place I’m from, oil and gasoline, meatpacking and agriculture, will all be impacted. JBS Swift & Firm employs about 4,200 staff in Weld County, and oil and gasoline firms like Halliburton, Noble Vitality and Anadarko Petroleum rent 1000’s extra. The truth is, as many as 97,000 jobs are tied to commerce with Mexico, placing households in danger.
Elevated tariffs act as a tax on customers, lowering their spending energy and tanking our state price range that’s already projecting a $1.2 billion shortfall. Much less income would require deep cuts to behavioral well being packages, public faculties, increased schooling and different important packages — providers that Coloradans rely on and desperately want. I do know this firsthand: My sister, who’s developmentally disabled, depends on Medicaid for life-sustaining care.
The chaos created by these insurance policies, whether or not actual or perceived, additionally discourages funding. This makes it tougher to finance essential initiatives, like reasonably priced housing and wastewater programs, that hold us aggressive. Additional delays will solely add to our state’s large infrastructure downside — a backlog valued at $100 billion by my estimate. Faculty infrastructure wants are projected at $20 billion alone; throw in lead pipe substitute, transportation upgrades and different deferred upkeep, and the listing provides up shortly. To confront these challenges, we urgently want extra funding, not much less.
I can’t stand idly by whereas federal insurance policies threat jeopardizing our future. We can’t stand up to the destruction of our important commerce relationship with Mexico. These tariffs would set off devastating job losses, inflated costs, diminished state providers and financial stagnation — forces which will shatter Colorado’s vibrant financial system. I denounce this reckless agenda and name on fellow state leaders to affix me.
I additionally pledge to assist households climate the approaching storm. Beneath my management, our division has rolled out a number of initiatives designed to shore up Coloradans’ monetary stability throughout risky occasions like these.
Our expanded Property Tax Deferral Program, for instance, supplies housing safety for owners so that they don’t have to decide on between tax funds and drugs. The CLIMBER Mortgage Fund could be a lifeline for small companies struggling to rent staff or hold the lights on. Our Colorado SecureSavings Program, which simply surpassed $100 million in retirement financial savings, helps 72,000 staff and counting turn into extra resilient to future shocks.
And we’re at present serving to information Senate Invoice 81 by way of the Colorado legislature to successfully handle that $100 billion infrastructure backlog.
Every thing we do on the Colorado Division of the Treasury is designed to assist Coloradans — and the state — stay financially secure and ready by way of chaotic occasions. As state treasurer, I’ve been proud to place your financial pursuits first. I want I may say the identical for our president.
Dave Younger, of Greeley, was elected state treasurer in 2018 and reelected in 2022; he served within the Colorado Home of Representatives from 2011-19.
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