1 of 20

_$&%#!_IS CHANGING:��Is it Time for Audacity!

Carol Hedges

September 2022

Colorado School Finance Project

Beaver Creek Colorado

2 of 20

3 of 20

4 of 20

5 of 20

Eisenhower tunnel. Highest tunnel in the world

$42m original estimate. $108 m

Opened in 1973

Responsible for the boon in western Colorado

"You'd have a snow slide come behind you, and you'd wait to get plowed out. You always wanted to have a full tank of gas -- and maybe a little scotch.“ Terry Minge

Trucking, tourism and economic development of Western CO

In 1974 about 3 million people used the tunnel. Today as many as 50,000 cars pass through the tutnnel daily adding to more that 415 m annually

The new accessibility brought surges of visitors, but also new residents. Since 1970, Summit County's full-time resident population has grown to about 31,000, an 11-fold increase. In Eagle County, home to Vail, the population has increased seven-fold, to 55,000.

Both figures exclude significant numbers of part-time residents who have bought or rented second homes.

6 of 20

Photo from US Geological Survey

7 of 20

8 of 20

Access to Central Power 1921

9 of 20

10 of 20

Photo from ABC News

11 of 20

Audacity is Not a Thing of the Past

COVID STIMULUS BILLS��INFLATION REDUCTION ACT

12 of 20

For every action there is an opposite and equal reaction—Newtons 3^rd law

In policy the “reactions” tend to be complex.

Inflation following stimulus investment

Traditional explanation==Too many dollars chasing too few goods

Now, in addition, totally disrupted supply chain, Increased corporate profits (skip to next slide and then back)

Labor shortages—lifestyle changes that may permanently affect labor supply

Not all the “reactions” are negative maybe opposite but not negative

Reduction in child poverty

Child poverty, calculated by the Supplemental Poverty Measure (SPM), fell to its lowest recorded level in 2021, declining 46% from 9.7% in 2020 to 5.2% in 2021, according to U.S. Census Bureau data. On the rise again after tax credits expired

Reductions in Child Hunger (skip to slide)

13 of 20

14 of 20

For every action there is an opposite and equal reaction—Newtons 3^rd law

In policy the “reactions” tend to be complex.

Inflation following stimulus investment

Traditional explanation==Too many dollars chasing too few goods

Now, in addition, totally disrupted supply chain, Increased corporate profits (skip to next slide and then back)

Labor shortages—lifestyle changes that may permanently affect labor supply

Not all the “reactions” are negative maybe opposite but not negative

Reduction in child poverty

Child poverty, calculated by the Supplemental Poverty Measure (SPM), fell to its lowest recorded level in 2021, declining 46% from 9.7% in 2020 to 5.2% in 2021, according to U.S. Census Bureau data. On the rise again after tax credits expired

Reductions in Child Hunger (skip to slide)

15 of 20

16 of 20

What IF?

17 of 20

18 of 20

Changing Times Demand Changing Responses

Vision

Commitment

Tenacity

Our opportunity for prioritizing investment in people and their development is now.

You have the ability to persuade people of the power of the vision of an community responsive, equitable and sustainable education system. You’ve been doing it you’ve invested in it and it, as you know, made a real difference in the lives of kids.

Commitment to your mission of serving Colorado kids is evident. The more you share the successes you’ve achieved, the more your community will invest in your vision. You know that every year there are new and continuing challenges and your willingness to share the challenges and the successes strengthens the foundation for your powerful vision.

Tenacity

(history of the audacious accomplishments---Moffatt, Eisenhower, Glenwood, Polio)

Eisenhower tunnel was years in conception and persuasion, had to completely change the engineering process

Glenwood took 12 years, multiple phases nine years of study and design. Authorized in 1975 construction began in 1980 finished in 1992

Polio initial rollout resulted in deaths, delayed full deployment by 5 years

History of statewide ed reform efforts -- A 23-- 2000

2024 Big opportunity to deal with revenue and we should grab it BUT

Audacity for school finance means Constitutional changes

Eliminate state and local elections for every small change needed

Reenforce your ability to deliver on your challenges

19 of 20

Distribution of Net Wealth in the US 1990-2022