Coloradans dream as wallets shrink; experts say it's time to gut and rebuild
When it seems everything is getting more expensive, many Coloradans are struggling to keep up.
CBS News Colorado's new documentary, "Making Ends Meet," follows hard-working Colorado families facing financial hurdles that defy easy solutions.
See a trailer for the Making Ends Meet documentary online.
CBS Colorado partnered with Mile High United Way to host a screening and expert panel discussion on the documentary, and MHUW CEO Christine Benero said, "Metro Denver families are worried about what life will look like, not just for them, but for those who come after them."
The promise that each generation will live better than the last is slipping away for many Coloradans, and fixing it may require more than incremental change — it will require starting over, suggested the panelists.
From skyrocketing housing costs to a fractured health care system to the uncertain value of a college degree, the gap between what Coloradans earn and what it costs to live is growing wider by the year.
On housing, Ismael Guerrero, CEO of Mercy Housing, offered a straightforward prescription: "We need to build more, we need to build cheaper, we need to build faster."
The diagnosis of healthcare is even more dire. Denver Health CEO Donna Lynne said the system's deep fragmentation has left it beyond repair through conventional means.
"I don't believe there is a way to fix it except to blow it up and start all over," Lynne said.
Meanwhile, young people are staking their financial futures on four-year degrees that may never deliver the returns previous generations enjoyed. Former U.S. Sen. Hank Brown, who also served as president of both the University of Colorado and the University of Northern Colorado, pointed to a more accessible alternative.
"I think our community college system is the best bargain for an education in the state and in many states," Brown said.
JB Holston, executive director of the Colorado Department of Higher Education, echoed that sentiment, arguing that skilled trade careers deserve the same respect as a university diploma.
"We have to remove the stigma of that as some kind of a lesser pathway," Holston said.
The panel discussed the absurdity of paying mortgage-sized premiums for health care plans that still require thousands of dollars out-of-pocket to meet deductibles, and the sad truth that young people earning salaries well above the median household income, which for Colorado is $97,000, feel the American dream is out of reach.
The Scott Williams family of Green Mountain has two kids in college and lives in a multigenerational household. Like many families, they are feeling the squeeze of rising health care costs.
"Between my husband and I, to cover the kids, we're paying $1,700 a month to keep them covered, and they are high-deductible plans. Meaning we're still out of pocket, it's still $10,000 out of pocket for a lot of things," said Scott Williams.
More than 8 in 10 Americans say it is harder today to buy a home than it was for earlier generations, according to a CBS News poll conducted last month. In Colorado, the number of multigenerational households is up 40% since 2010, according to the U.S. Census.
Kerry Parker moved back in with her mother as part of her goal to finally finish college. She grew tired of working multiple jobs while watching rent rise and of constantly stretching her dollars to cover insurance, food, car payments, and more.
"I didn't have to struggle and figure out how many hours I have to work to pay this bill. Am I gonna make this, or am I actually gonna get to eat that day?" said Parker.
Collin Ferraro and his partner live in Arvada with a roommate and dream of buying their own home someday. Ferraro says he is stunned by how quickly opportunity has shifted from his parents' generation to his.
"Older generations did not have that same barrier to entry, and because the barrier of entry has been raised so drastically and so quickly, it can be a little startling, and it can be hard to comprehend, but it's real. It's happening. It's difficult," said Ferraro.
"Making Ends Meet" airs Friday at 6:30 p.m. on CBS News Colorado broadcast and stream. At 7 p.m. on the stream, see the full conversation with experts in housing, health care, education and workforce issues as they discuss ways to lift the burden of rising costs for Colorado families.
