Colorado is home to more than 1 million Hispanics who represent 21% of the state population. However, nearly 1 in 4 Hispanics in the Centennial State lives in poverty. Growing government debt and higher taxes are hindering real economic growth, job creation, and overall well-being.
Working in Colorado
In 2012, Hispanics in Colorado experienced an unemployment rate of 12.6%, more than 4 percentage points above the national unemployment rate of 8.1%. Hispanic median household income has continued to decrease in the state from $40,845 in 2009, to $40,732 in 2012- earning $12,314 less than the national income level.
Doing Business in Colorado
While Colorado is poised for growth, local and federal overregulation and tax burdens still jeopardize its economy and ability to attract new businesses. In 2013, Colorado experienced a 2.5% job growth and currently ranks 5th in the nation for doing business.
Healthcare in Colorado
For Hispanics in Colorado, the Affordable Care Act (ACA) is resulting in higher costs and less access to healthcare. The law especially burdens young Hispanic Coloradans. With a median age of 27, Hispanics in this state are a young demographic disproportionately affected by the law. So, it’s no surprise that 57 percent of Latinos in the state disapprove of the Affordable Care Act.
Immigration in Colorado
There is no denying the positive impact that immigrants have on the local economy. More than 33,000 businesses in Colorado are Hispanic- owned, generating over $6 billion in sales and employing more than 37,000 people. LIBRE believes that the best path forward to reform the broken immigration system in the United States is through a market-based and employment-driven policy.
Sources: U.S. Census Bureau; Bureau of Labor Statistics; Tax Foundation; Public Policy Polling, and Forbes.