This is a part of an occasional series looking at aspects of Colorado’s faltering economy.
Money issues are on the minds of many Coloradans, both their own cost of living, and the financial stability of the government services they may rely on.
That’s some of the findings of a new poll from the Colorado Polling Institute that surveyed 622 likely voters in early November with the help of a bipartisan team.
Sixty-one percent of Colorado voters reported they “have cut spending on nonessential items in the past year.” The national level for that percentage was lower, with 42 percent of voters saying the same.
When CPR News asked readers if they were feeling the pinch when it comes to housing and jobs, dozens responded with anecdotes of a difficult job market and staving off unnecessary spending. Some said they were one medical emergency or appliance breakdown away from dreary finances.
One Coloradan estimated that they forgo 85 percent of nonessentials even after making decent money, budgeting obsessively and using coupons and discounts.
A Denver area resident said when they were interviewing for a part-time job at the meat counter at Whole Foods, they were told “they received over 200 applications in three days.”
Multiple people mentioned the price of pet food increasing along with groceries.
The “petflation” is due to “pandemic-related supply chain issues and a growing demand for premium wet pet food,” according to a CBS News report. The outlet’s analysis of the U.S. Bureau of Labor Statistics' Consumer Price Index shows pet food prices have climbed more than 20 percent since 2022.
“I'm delaying retirement because prices for essentials such as groceries and pet supplies have gone up so much,” said Coloradan Lauren Springer.
“I am definitely aware of price increases, but it won't affect holiday spending significantly,” said Mike LeBaron. “Dog food seems to be increasing very fast!”
The Colorado Polling Institute found that about 46 percent of respondents said that, while they believe the state budget has some problems, they didn’t see it as in a crisis. Still, the number of Colorado voters surveyed that said the state budget is in good shape dropped to 6 percent, down from 11 percent in March when the last poll was taken.
One respondent talked about the difficulty in balancing finances on a fixed income as a senior who owns their home. “Down to our last bit of money in our retirement fund. No Christmas this year,” they said.
Another said they rely on public benefits and community resources to care for their 1-year-old child.
Yet another mentioned they found themself going to a food bank for the first time in their life “because my student loan is more than my mortgage.” And another person said a costly home emergency repair and decreased social security benefits by about $200 left them feeling defeated.
“As a 77-year-old who would like to be able to retire at some point, I don't see that in my near future because of the economy,” said Michelle Poolet.
Colorado’s economy is flashing warning signs. Job growth has slowed to a trickle. Layoffs are inching up. The housing market is in a slump. Both the state and its biggest population center are struggling to plug massive budget holes. On top of all that, the longest government shutdown in history was weighing on the economy.
The big question, though, is whether all the bleak data points to something more serious: recession. And the answer is complicated.
Colorado Public Radio takes a look at what those warning signs might mean through the new series Silent Recession. Read more stories in the series here.
