Denver, CO – After another week, another $250 million was paid out in unemployment benefits, according to the Colorado Department of Labor and Employment (CDLE).
On Monday, we reported on CDLE data stating Colorado spent $250 million on unemployment benefits in the week ending June 27.
In total, Colorado spent $3.02 billion by the week ending June 27. The latest press release from the CDLE states Colorado’s current total is $3.27 billion in unemployment benefits for the week ending July 4.
Basically, Colorado is paying $1 billion per month in unemployment benefits.
The Federal Pandemic Unemployment Compensation is a large portion of these unemployment benefits. They pay out a whopping $600 per week to all eligible claimants. That adds up quickly.
We said it on Monday, and we will say it again. People have no incentive to go back to work in the welfare state created by these extra payments.
That is only going to delay the recovery of Colorado’s economy.
It will also continue to cost Colorado more money if people have no incentive to give up their unemployment compensation.
At these costs, Colorado cannot afford to close down again.
Unfortunately, Polis already shut down bars after they were briefly allowed to open. If Polis closes other businesses, Colorado will be facing another massive budget deficit.
You can view the CDLE data at the links below.
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Why not end the all shutdowns and open the schools. That would help unemployment all would have no choice but to try to get their jobs back or new ones don’t let them choose sitting in front of the boob tube.