Employment

A "Now Hiring" sign hangs on the front wall of a Harbor Freight Tools store in Manchester, N.H. 

The Common Sense Institute released an analysis Thursday that examines the strain even a minor recession put on the Colorado Unemployment Insurance Trust Fund.

The Denver-based think tank said historic demand and "prevailing financial instability" of the state unemployment insurance fund meant the money ran out quickly and slipped into the red.

As of April the reserve had been able to cover 78% of its claims, despite effort to build up the fund before the pandemic.

“With more than $1 billion in federal loans, and growing, the state’s UI Trust Fund should remain a top concern for policy makers and business leaders,” Chris Brown, CSI's vice president of policy and research, said in a statement.

Colorado averaged borrowing $100 million a month since October. Of the 19 states that have needed federal loans, Colorado ranked ninth highest.

Averaged out, the fund has required loans equal to $174 for each Coloradan, the analysis found.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.