Bidenflation Hits Hard: 1 State Estimated to See 17,400 Jobs Lost

Taxes surge along with property values, leaving owners with empty wallets

Bidenflation has hit America hard.

It peaked a little over a year ago at 9.1%, and while it's down since then, it's still causing problems.

Travel is hit because of the rocketing price of fuel. Families are hit with the exploding prices for food and housing. Manufacturing is hit with the higher costs of labor and materials. Retail is hit because families simply opt to do without some products when their budgets are so tight.

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Credit card companies, however, might not be complaining as Americans drain savings and load up on their plastic to keep paying their living expenses.

Now a report confirms that other governmental units, like a state, are being hit by Joe Biden's economic policies, too. And in a bad way.

The report from Denver's KDVR television explains state officials expect to lose 17,400 jobs and see their GDP plunge $942 million as a result of Biden's actions.

The trail of influences begins with Biden's inflation, which has caused a surge in the value of homes in the state.

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Many ordinary suburban homes across the Front Range now carry prices tags of $600,000, $800,000 or even more.

In one foothills area just west of Denver a real estate listing this week talked about a 260-square-foot cabin, sans electricity or other modern amenities, for $110,000.

And while the state does have the Taxpayers Bills of Rights, which limits increases in property taxes, those provisions do allow for an increase in that revenue based on inflation.

So Coloradans are looking at, come the next property tax bill due date, increases of hundreds, possibly thousands of dollars.

KDVR reported an analysis of the situation by Common Sense Institute found the higher tax bills will act as a drag on the economy.

"FOX31 spoke with Chris Brown, CSI’s vice president of policy and research, about the analysis. Brown said the institute’s researchers used REMI, an economic modeling and forecasting software, to analyze the effects increased property tax payments could have under current law," the report said.

Getting to the bottom line, the report said while property taxes usually grow at about 5.9% a year, they now are expected to explode by many times that.

"So instead of state revenue growing $700 million with the historical rate, revenue will grow by an estimated $2.13 billion this year," the report said.

The CSI analysis found "increased property tax payments and decreased personal income would result in an estimated $1,406 loss per household."

Brown said that's money consumers are not sending back into the economy, and that "could result in 17,400 lost jobs and a $942 million reduction in state GDP."

The Democrat majority in the Legislature had approved a scheme to reduce property taxes modestly, in return for voters giving up much more cash by waiving much of their annual TABOR refunds, when the state collects more than is constitutionally allowed and has to return the excess to residents.

Voters resoundingly killed that idea and Gov. Jared Polis, an ardent leftist who lives with his husband in the governor's mansion, has called lawmakers back into session to try to cope.

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