Colorado borrowing from the bank(rupt)

by Amy Oliver | 3:50 pm, April 9, 2010 | Comments Off

Thanks to Complete Colorado for leading with this story from CNN: 33 states out of money to fund jobless benefits.  Colorado is one of them having borrowed $186 million from the federal government.

So let’s get this straight — a state that is required to have a balanced budget borrows from the federal government, which is already over $12 trillion in debt.  Colorado’s unemployment rate is rising, but at 7.7 percent it is still lower than the national average of just under 10 percent.  Maybe the state just couldn’t cut those road trips to Beaver Run Resort.

Question is who will pay for it? For taxpayers it doesn’t matter if the money comes from the state or the federal government.  It still comes out of our pocket.

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