A slowdown in Colorado’s economy caused by unresolved budget and tax-credit issues were the primary concerns voiced Wednesday by John Beeble, the new board chairman of the Denver Metro Chamber of Commerce, and Hassan Salem, the outgoing chairman.
Speaking to hundreds of people at the chamber’s 128th annual membership meeting, Beeble called the situation a “critical time in our history.”
Beeble cited the pending expiration of the wind production tax credit, debt sequestration issues and the defense spending cuts that “come with the budget impasse as well as the impacts on Medicare and Medicaid.”
“This is very challenging but even more so in a partisan environment. We are committed to serving as the constant reminder that pragmatic solutions must rule the day,” Beeble said.
According to one study, more than 42,000 Coloradans could lose their jobs if Congress cannot agree by early next year on a plan to reduce the federal deficit. The Budget Control Act will automatically cut military and space budgets by nearly $500 billion unless lawmakers create — and agree on — a new plan.
The fact that a key federal tax credit — the wind production tax credit — expires at the end of the year has already caused job cuts in Colorado.
Wind turbine producer Vestas has said uncertainty surrounding whether the credit will be extended has already cut into its business, causing layoffs throughout its business including in Colorado.
Hassan Salem said the chamber must do what it can to reinforce the importance of federal investment “given that Colorado has the highest federal workforce in the country outside of Washington, D.C.”
“Particular emphasis should be given the Department of Defense and its spending in Colorado, given how many private industries it drives,” Salem said.
Beeble said cooperation is key to helping the state through the uncertainties.
This “regionalism,” he said, is “not easy, intuitive or always in the short-term interests of an individual entity.”
But regional cooperation matters, Beeble said, because “It protects us from the vagaries of the political winds. It matters because it is how we ensure the sustainability of this thriving region for generations to come.”
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
