Sen. Morgan Carroll: Laying the foundation for the economy
Right now, the Colorado economy is working for the wealthy few, not for everyone. This session Senate Democrats fought against the widening disparity between the top 1 percent and everyone else who works hard, plays by the rules, but cannot get ahead. In Colorado the problem is all too familiar. Between 2009 and 2012 all income growth occurred in the top 1 percent, leaving millions of Coloradans in its backwash.
We worked to mend the growing disparity, provide opportunity, and ensure the adage — a rising tide lifts all boats — is true.
We addressed the economy through a variety of ways from approving skills training programs to debating equal pay for equal work and the minimum wage. The unsung economic story, though, was the fight for affordable and accessible higher education — the foundation of our economy.
Knowing that in a few short years, 70 percent of Colorado jobs will require a degree or certificate, we tried to build on our Senate Bill 1 passed last year, known as the College Affordability Act. It invested an additional $100 million into public colleges with nearly $40 million going to financial aid, and established a 6 percent cap on tuition hikes. The summer it went into effect, the University of Colorado at Boulder, for example, only saw a 3.3 percent tuition increase, when the year prior, it went up 8.7 percent.
The College Affordability Act was a bipartisan and effective policy, so we attempted to advance it further in 2015, but efforts to cap tuition increases in the coming years were thwarted early in the legislative session.
We suffered partisan defeats on vital policies that would have directly aided students and prospective students, and helped address the national $1 trillion in student loan debt. We tried:
Providing income tax deductions for payments made on student loans — both principal and interest. Republicans said no.
Increasing transparency in the student lending process by requiring that lenders disclose the interest rate and whether it could be adjusted, as well as an estimate of what the total repayment will be. Republicans chose banks, defeating the effort.
Providing in-state college scholarships to the top three graduating students at each Colorado public high school and establishing another merit-based aid program for academic achievers. Republicans nixed both scholarship programs, potentially causing Colorado to lose top students to other states.
Educating high school students about student loans, interest, debt, repayment options, earning potential, and the requirement to repay student loans even if the student does not graduate. Republicans rejected the pragmatic course.
Attempting to help middle class families save for college through increasing state income tax deductions for college savings accounts for those who earn under $250,000 per year. Republicans rejected the move, choosing to help families who make over $500,000 a year, instead.
Prohibiting excessive student loan interest rates by capping private student loan rates at two percentage points above what federal lenders would charge. Again, Republicans chose banks over students.
For those who can afford it, higher education is almost always worth the effort and expense. College graduates typically earn $1 million more over their lifetimes than people with only a high school diploma. In turn, these graduates will also boost their local economies as they spend their hard earned dollars at local businesses.
Colorado is experiencing a workforce gap, meaning it lacks qualified candidates for higher earning positions. In recent years, we have worked toward growth in our “advanced industries,” basically high-tech fields such as aerospace or bioscience, and opportunity exists in Colorado for those with the right degrees. We now rank second in the nation in private-sector aerospace employment, with 1,700 companies in bioscience operating here, and we are attracting new companies like Arrow Electronics to set up shop in our great state.
This year, the General Assembly also passed eight bills from a package called “Colorado Ready to Work,” fostering new opportunities for on-the-job apprenticeships, training in the trades, and earning college credits while students are still enrolled in high school.
But if people still can’t pay for higher education, it will be more difficult for them to land the better-paying jobs or take their existing skills to new levels. That’s why we must continue to fight on behalf of Coloradans who truly don’t want handouts — they just want a fair shot to make a living and to provide for their families.
Despite our battles lost this year, we will not be deterred. We cannot allow education to become a commodity only available to the top 1 percent. Education is the Great Liberator. When students have access to it, it yields opportunity for anyone who is willing to study hard and stick with it — no matter where or how they grew up.
We are fortunate to live in Colorado. We are a state of thinkers and innovators. Colorado consistently ranks the highest in the nation for innovation, entrepreneurship and startups. We need to harness those strengths, and education is the best way to do that.
— Sen. Morgan Carroll is the Senate Democratic leader. She represents Aurora.

