In a book titled "Budgeting" written by former State Senator Joe Shoemaker, he described the Joint Budget Committee as a "David-sized committee with a Goliath-sized task." That task was especially difficult last spring as we were dealing with the economic impact of the coronavirus. In order to balance our state budget, we had to make $3.3 billion in reductions. That number was based off of a forecast that we received from the Office of State Planning and Budgeting.
It was extremely difficult to predict which direction our economy would go immediately following the shutdown, or how quickly we would bounce back. But according to our state economists who presented the quarterly revenue forecast to the JBC on Friday, Colorado seems to be recovering at a much quicker pace than predicted. Unfortunately, our state revenues are still down significantly compared to where we were prior to the pandemic.
Colorado has regained 39 percent of the jobs we lost since the pandemic began. Our unemployment rate continues to decline, but it still remains quite elevated. Inflationary pressures remain subdued, and our manufacturing and business activity have returned to expansionary territory. And while U.S. retail sales have exceeded pre-pandemic levels, Colorado's tourism-related sectors continue to struggle. This is not all bad news, considering the second quarter plunge in U.S. economic activity was the worst on record--ever!
So while the economic recovery over the past three months has outpaced expectations, the damage has nevertheless been extensive, and the pace of improvement is showing signs of slowing. The most disturbing statistic that was share with us was the change in employment by relative wage level. The higher-wage and medium-wage sectors are recovering at a much quicker pace than the lower-wage sectors. That means as we navigate the path forward, we must keep our lens wide and make sure no one is left behind. We must build back an economy that works for everyone!
Honoring Justice Ruth Bader Ginsburg's legacy
When I received the news of Justice Ruth Bader Ginsburg's death, I felt sick to my stomach. I was both shocked and saddened to lose such an incredible and admirable woman. I was familiar with her legacy as an activist for women's rights, but it wasn't until her death, after the many tributes about her legacy were aired, that I truly understood just how significant her work has touched my life as a woman in the Colorado State Legislature.
I never had the privilege of meeting Justice Ginsberg, but I can't help but feel my position on the Joint Budget Committee--considered by many to be the most powerful committee in the General Assembly--would not have been possible without her advocacy. When I was born, women were still not allowed access to credit cards without a male cosigner! She changed the way the law sees gender.
Today, for the first time in Colorado's history, female legislators outnumber the males on the JBC. I am proud to be one of those women, and I am very grateful to people like Justice Ginsburg who dedicated so much time and energy in forging equality for women. Like many women, I have benefited from her trailblazing work.
Rachel Zenzinger
Rachel Zenzinger won election to the Colorado State Senate, representing District 19, in November 2016. She also served as Senator for SD19 in 2014. Sen. Zenzinger is a member of the Joint Budget Committee, the Chair of the Senate Appropriations Committee, and Vice Chair of the Statutory Revision Committee.
Forum & Fundraiser on Racial Justice Matters
On Wednesday, September 23rd at 6:00 p.m. we are hosting a forum and fundraiser on racial justice matters featuring Sen. Julie Gonzales, a member of the Democratic Latinx Caucus, and Rep. James Coleman, a member of the Democratic Black Caucus.
Individuals from Arvadans for Social Justice (ASJ), a newly formed group in Arvada, will also be on hand to provide an overview of their mission, goals, and activities related to racial justice.
When: September 23rd @ 6:00 p.m. Where: Zoom (Link to be sent no later than September 21st) Who: Sen. Julie Gonzales, Rep. Coleman, and Arvadans for Social Justice
