WEBVTT 1 00:00:00.040 --> 00:00:02.680 A big, big, big day is always better with statistics, 2 00:00:03.160 --> 00:00:04.360 statistics being. 3 00:00:04.200 --> 00:00:04.719 What they are. 4 00:00:05.519 --> 00:00:07.519 I found, and I don't even know how I stumbled 5 00:00:07.559 --> 00:00:11.000 upon Mike o'donald's Twitter feed. But here is this man, 6 00:00:11.119 --> 00:00:12.919 and I did not know him at all. We literally 7 00:00:13.000 --> 00:00:16.000 just met on our zoom call right before we started this. 8 00:00:16.399 --> 00:00:19.000 But I started to follow him because he posts very 9 00:00:19.039 --> 00:00:22.120 interesting graphs and statistics, and some of them are not 10 00:00:22.160 --> 00:00:25.199 necessarily very flattering for Colorado. And after I checked his 11 00:00:25.239 --> 00:00:27.519 work a few times, and I did check his work 12 00:00:27.519 --> 00:00:29.839 a few times, I thought, you know what, this guy 13 00:00:29.920 --> 00:00:32.240 seems to know what he's talking about. And not only that, 14 00:00:32.799 --> 00:00:36.560 he's putting it on Twitter with no expectation of anyone 15 00:00:37.000 --> 00:00:39.159 really paying attention to it. But what he does is 16 00:00:39.200 --> 00:00:42.520 so fascinating. I wanted to amplify his platform. So I 17 00:00:42.560 --> 00:00:44.600 have invited Mike o'donald to come on the show with 18 00:00:44.679 --> 00:00:45.119 us today. 19 00:00:45.159 --> 00:00:48.479 And here he is. Mike. First of all, welcome to 20 00:00:48.520 --> 00:00:50.920 the program. 21 00:00:51.200 --> 00:00:52.960 Thank you very much, Manie, it's an honor to be 22 00:00:53.039 --> 00:00:53.640 on your show. 23 00:00:54.039 --> 00:00:57.679 Well, tell me a little bit about yourself, because here 24 00:00:57.759 --> 00:01:02.119 you've got these incredible statistics, and where did this come from? 25 00:01:02.200 --> 00:01:05.439 How did you get to be the man posting things 26 00:01:05.439 --> 00:01:08.680 on Twitter, super nerdy economic stuff and more. 27 00:01:11.159 --> 00:01:14.680 Well, I am a super nerdy economic person, but really 28 00:01:14.799 --> 00:01:18.680 a lot of the statistics that I follow and track 29 00:01:19.120 --> 00:01:21.599 really come out of my lifetime career, which is really 30 00:01:21.640 --> 00:01:25.200 working with small businesses. I grew up in my dad's 31 00:01:25.280 --> 00:01:27.480 my family owned business, but I've always had a passion 32 00:01:27.519 --> 00:01:30.599 for small business. For twenty years here in Colorado, I 33 00:01:30.719 --> 00:01:33.079 ran a group called Colorado Landing Source. We did a 34 00:01:33.120 --> 00:01:36.280 lot of loans to small businesses all over the state, 35 00:01:36.920 --> 00:01:40.280 and following trends, you know, whether they're national or whether 36 00:01:40.280 --> 00:01:44.000 they're state specific, can really help you when you're working 37 00:01:44.079 --> 00:01:46.920 with small businesses. And I still do a lot of 38 00:01:46.920 --> 00:01:49.920 that in my declining years as well. 39 00:01:50.799 --> 00:01:52.079 So you mentioned trends. 40 00:01:52.680 --> 00:01:56.000 If you had to give a sort of a bird's 41 00:01:56.000 --> 00:02:01.079 eye view of the business trend for Colorado, and we'll 42 00:02:01.120 --> 00:02:04.719 start in twenty ten and we'll take it to twenty 43 00:02:04.760 --> 00:02:07.560 twenty six, what would that line look like for you? 44 00:02:09.319 --> 00:02:12.800 It's again it's Colorado, and actually moved here in two thousand, 45 00:02:12.919 --> 00:02:16.199 so I'm still a newcomer to Colorado. But Colorado has 46 00:02:16.319 --> 00:02:19.639 always had the reputation of it being a very entrepreneurial state. 47 00:02:20.319 --> 00:02:23.560 All of the jobs in Colorado we now have thirty 48 00:02:23.599 --> 00:02:27.199 years or of history have been created by young businesses, 49 00:02:27.280 --> 00:02:31.400 startup businesses less than twelve months old, except in six years. 50 00:02:31.439 --> 00:02:35.159 Of those thirty years, five of those years correspond with 51 00:02:35.400 --> 00:02:38.719 national recessions. The last year of the six year was 52 00:02:38.719 --> 00:02:42.560 actually up until the end of March twenty four, didn't 53 00:02:42.599 --> 00:02:46.000 correspond with a national recession. So when we look at 54 00:02:46.000 --> 00:02:50.039 what's happened in businesses, we as a state have always 55 00:02:50.039 --> 00:02:54.680 been dependent on entrepreneurs, new businesses, startups. That seems to 56 00:02:54.719 --> 00:02:58.439 be becoming less of a focus in Colorado. And part 57 00:02:58.439 --> 00:03:02.360 of my message shouting to the world through social media 58 00:03:02.439 --> 00:03:04.400 or just out the window out where I live here, 59 00:03:04.879 --> 00:03:07.199 is that we need to be more focused on businesses 60 00:03:07.240 --> 00:03:12.080 because businesses create jobs. The jobs create play the taxes 61 00:03:12.159 --> 00:03:15.240 in Colorado, and now that we're not as focused on 62 00:03:15.319 --> 00:03:19.879 helping businesses grow successful at jobs in this state, the 63 00:03:19.919 --> 00:03:21.800 states kind of run into a little bit of trouble 64 00:03:21.800 --> 00:03:25.039 in the future if they're planning on increasing employment. Texts 65 00:03:25.080 --> 00:03:28.240 as all those sort of things, it states to well. 66 00:03:28.159 --> 00:03:30.639 You don't ever dip your toe, or maybe you have it, 67 00:03:30.719 --> 00:03:33.120 I just have not seen it. You may mention that 68 00:03:34.080 --> 00:03:36.919 for instance, I was looking at the suicide rate in Colorado, 69 00:03:37.000 --> 00:03:39.560 the latest statistic you have out about that, and in 70 00:03:39.680 --> 00:03:42.199 that you say, and this is because the Democrat controlled 71 00:03:42.199 --> 00:03:45.919 Colorado legislature is more interested in promoting mental illness than 72 00:03:46.000 --> 00:03:48.840 treating it. But for the most part, you don't make 73 00:03:48.919 --> 00:03:51.919 political statements. You just kind of put the numbers out 74 00:03:51.919 --> 00:03:55.039 there and let them speak for themselves. Are you as 75 00:03:55.599 --> 00:03:59.719 an advotive follower as the politics of all this, or 76 00:04:00.159 --> 00:04:02.759 or on the side of the results of the politics, 77 00:04:02.879 --> 00:04:03.879 if that makes sense. 78 00:04:04.960 --> 00:04:07.560 Well, I see the results. I see the fact that 79 00:04:07.599 --> 00:04:10.599 we do have. Now the legislature here in Colorado isn't 80 00:04:10.759 --> 00:04:16.199 very economically aware or doesn't seem to focus on the future. 81 00:04:17.040 --> 00:04:19.079 There's a sort of perspective of being a kid in 82 00:04:19.120 --> 00:04:21.360 a candy shop. I don't if that expression means anything 83 00:04:21.399 --> 00:04:25.680 to anyone anymore, but essentially they seem to be And 84 00:04:25.720 --> 00:04:29.360 this has happened really since COVID, when the budget in 85 00:04:29.439 --> 00:04:34.360 Colorado almost doubled but our population stayed pretty much the same. 86 00:04:35.120 --> 00:04:37.920 And now we've got this mentality of let's go out 87 00:04:37.920 --> 00:04:39.720 and spend as much money as we can. Let's go 88 00:04:39.759 --> 00:04:44.120 out and add more fees. You can't call them taxes anymore. 89 00:04:44.920 --> 00:04:47.720 Colorado was now the sixth most regulated state when it 90 00:04:47.720 --> 00:04:50.160 comes to small businesses. That didn't used to be the case. 91 00:04:50.560 --> 00:04:55.319 So we're just creating things in expectation of revenue coming 92 00:04:55.319 --> 00:04:57.240 in to pay for whatever it is that they think 93 00:04:57.360 --> 00:05:01.040 is exciting to do as opposed to the isaics, And 94 00:05:01.040 --> 00:05:04.680 perhaps I don't explain that well. So I'm hoping that 95 00:05:04.680 --> 00:05:06.639 that And I've got a few people that have picked 96 00:05:06.680 --> 00:05:09.160 me up now on Twitter who follow me and sometimes 97 00:05:09.199 --> 00:05:12.680 requote my stats. But it's just important that people and 98 00:05:12.839 --> 00:05:16.079 power in the state understand, you know, where we're heading 99 00:05:16.160 --> 00:05:19.079 based on where we've been, at least the trends. 100 00:05:19.439 --> 00:05:21.839 You know, what are the parts of economics and the 101 00:05:21.879 --> 00:05:24.399 study of economics that I always think is kind of 102 00:05:24.399 --> 00:05:28.399 interesting is the human part of it. Because economists, though 103 00:05:28.439 --> 00:05:31.439 they they will factor in human reaction to parts of 104 00:05:31.480 --> 00:05:35.399 it that they often miss the on the human reaction 105 00:05:35.519 --> 00:05:36.759 to whatever these policies are. 106 00:05:36.759 --> 00:05:37.519 And when I look at what. 107 00:05:37.480 --> 00:05:41.600 The Democrats are doing and legislating and regulating, there seems 108 00:05:41.600 --> 00:05:44.480 to be an assumption that they can continue to do 109 00:05:44.600 --> 00:05:47.800 whatever it is they want to do to business, and 110 00:05:47.959 --> 00:05:51.040 business will not react, business will not leave the state. 111 00:05:51.199 --> 00:05:54.600 Business will not make decisions about where to place their 112 00:05:54.639 --> 00:05:58.199 next you know, headquarters or their next factory. In your 113 00:05:58.240 --> 00:06:04.079 work with small business, how reactionary is small business to 114 00:06:04.279 --> 00:06:07.000 these changes or are they kind of locked in place 115 00:06:07.040 --> 00:06:08.279 and stuck here any way? 116 00:06:08.639 --> 00:06:10.000 Proving the Democrats right. 117 00:06:11.160 --> 00:06:13.720 Yeah, No, it's very very important when we look at it. 118 00:06:13.800 --> 00:06:16.439 Where entrepreneurs want to start a business, they will start 119 00:06:16.439 --> 00:06:19.160 a business where they really want to live, but they 120 00:06:19.240 --> 00:06:22.360 want to live in a place where it's affordable to live. 121 00:06:22.759 --> 00:06:25.600 You know. The Buer of Labor Statistics does track business 122 00:06:25.639 --> 00:06:29.319 migration trends and Colorado was now number six in terms 123 00:06:29.360 --> 00:06:32.000 of the states where businesses are moving out of the state. 124 00:06:32.480 --> 00:06:35.000 And we see that and that obviously has impacts on 125 00:06:35.800 --> 00:06:37.879 people wanting to move into the state. So when we 126 00:06:37.920 --> 00:06:41.160 look at things like new haul statistics, we are seeing 127 00:06:41.240 --> 00:06:43.879 fewer people moving, more people moving out of the state 128 00:06:43.920 --> 00:06:46.879 than moving to the state. We haven't seen that impact 129 00:06:46.959 --> 00:06:50.240 on housing prices yet, but we are starting to see, 130 00:06:50.519 --> 00:06:53.160 you know, something is changing in the state, and it 131 00:06:53.199 --> 00:06:55.160 has to do a lot with the policies that are 132 00:06:55.160 --> 00:06:56.279 coming down from Denver. 133 00:06:57.360 --> 00:06:59.480 So, Mike, when I talk to people and I'm going to. 134 00:07:01.480 --> 00:07:03.920 I've been mulling this over whether to make this a 135 00:07:03.959 --> 00:07:05.839 topic on the show, but I think it sort of 136 00:07:05.839 --> 00:07:09.480 fits in this context. It is very frustrating for me 137 00:07:09.720 --> 00:07:12.720 because I've been watching politics professionally for twenty years now, 138 00:07:12.759 --> 00:07:15.480 this is my job. It's very frustrating for me when 139 00:07:15.519 --> 00:07:20.079 I see people struggling. I see people, you know, talking 140 00:07:20.160 --> 00:07:22.800 about how tough things are and how housing is expensive 141 00:07:22.800 --> 00:07:25.879 and food is expensive and restaurants are expensive, but then 142 00:07:25.920 --> 00:07:28.519 they keep voting the same way, and that for me 143 00:07:28.839 --> 00:07:30.480 has been a huge frustration. 144 00:07:31.319 --> 00:07:33.839 When you put out these statistics. 145 00:07:33.279 --> 00:07:36.800 I just want you to know you are essentially providing ammunition. 146 00:07:36.920 --> 00:07:39.480 You are providing not literally ammunition. I have to clarify 147 00:07:39.480 --> 00:07:41.519 that for the low IQ people who listen to the show, 148 00:07:41.959 --> 00:07:46.040 rhetorical ammunition that I think the Democrats, I mean, excuse me, 149 00:07:46.079 --> 00:07:49.600 the Republicans should use every one of these statistics that 150 00:07:49.639 --> 00:07:53.639 you publish because they're all the results of policy. They're 151 00:07:53.680 --> 00:07:57.920 all the result of choices being made by politicians. What 152 00:07:58.160 --> 00:08:00.199 do you think, out of everything you've been looking looking 153 00:08:00.240 --> 00:08:04.639 out lately, is the most ripe to help sway public 154 00:08:04.680 --> 00:08:08.160 opinion when it comes to making different choices at. 155 00:08:08.079 --> 00:08:08.839 The ballot box. 156 00:08:10.120 --> 00:08:12.720 Yeah, and that's a really good point. I think sadly, 157 00:08:13.040 --> 00:08:15.279 the trends that I'm showing is that Colorado is really 158 00:08:15.279 --> 00:08:17.800 heading towards sort of an implosion of sorts, and that 159 00:08:17.959 --> 00:08:21.439 of course, or perhaps change people's minds. But we know 160 00:08:21.519 --> 00:08:25.000 that under the Biden administration and the Police administration, between 161 00:08:25.000 --> 00:08:29.360 twenty one and twenty four, Colorado residents had the highest 162 00:08:29.399 --> 00:08:33.519 inflation rate of any people in any state. Colorado households 163 00:08:33.519 --> 00:08:36.960 own more money than people in any other state, even California. 164 00:08:37.080 --> 00:08:41.440 The only exception is Washington, DC. Colorado in the last 165 00:08:41.440 --> 00:08:44.600 fifteen months has only created five hundred jobs. You know, 166 00:08:44.720 --> 00:08:47.360 last month you might have probably covered on your show 167 00:08:47.399 --> 00:08:49.440 the fact that the nation created two hundred and eighty 168 00:08:49.480 --> 00:08:52.200 eight thousand jobs in the month of March, Colorado lost 169 00:08:52.240 --> 00:08:54.919 three and a half thousand jobs. So essentially, you know 170 00:08:54.960 --> 00:08:59.279 that the signs are there that the economy of nationally 171 00:08:59.399 --> 00:09:03.360 isn't great, that it's much stronger than Colorado's. And the 172 00:09:03.399 --> 00:09:07.240 only reason that Colorado's economy isn't as strong is because 173 00:09:07.240 --> 00:09:10.559 of the policies that are being imposed on us. You know, I, 174 00:09:10.639 --> 00:09:12.039 as a tax bay, I don't want to have to 175 00:09:12.080 --> 00:09:16.000 pay for someone's medical procedure. All the things that are 176 00:09:16.039 --> 00:09:19.080 sort of being feed on us. Even as I don't 177 00:09:19.159 --> 00:09:21.919 know the details, you probably follow this, but the way 178 00:09:21.960 --> 00:09:24.840 to reduce the cost of insurance in Colorado is add 179 00:09:24.879 --> 00:09:27.759 an insurance premium on the cost of motor vehicle insurance. 180 00:09:28.360 --> 00:09:30.919 Whereas if you look at the fact that the motive 181 00:09:30.960 --> 00:09:35.039 thefts are down in January and February and Colorado and 182 00:09:35.159 --> 00:09:37.320 the cost of insurance is coming down from the CPI, 183 00:09:37.480 --> 00:09:40.799 so you know that if the politicians would be actually 184 00:09:40.879 --> 00:09:42.960 up to date with some of the statistics, they wouldn't 185 00:09:43.000 --> 00:09:45.720 be trying to create policies that don't address an issue 186 00:09:45.759 --> 00:09:47.600 that doesn't exist anymore. Stuff like that. 187 00:09:47.799 --> 00:09:48.559 Well, I mean, like. 188 00:09:48.639 --> 00:09:52.039 The insurance thing is a perfect example, because not only 189 00:09:52.279 --> 00:09:55.480 do they want to add a fee to our insurance premiums, 190 00:09:55.720 --> 00:09:59.120 they're then going to use the fee for something that 191 00:09:59.159 --> 00:10:02.080 the insurance in history has said is not a driver 192 00:10:02.399 --> 00:10:04.840 of high insurance rates. So they're going to fix a 193 00:10:04.919 --> 00:10:09.440 problem that doesn't actually have anything to do with insurance 194 00:10:09.519 --> 00:10:12.960 costs by charging us more and telling us that it's 195 00:10:12.960 --> 00:10:15.919 going to bring our pricing down. Maybe they do know 196 00:10:16.159 --> 00:10:17.879 that prices are on the way down, but this way 197 00:10:17.879 --> 00:10:19.919 they can claim credit and still make more money for 198 00:10:19.960 --> 00:10:22.879 the state. I mean, it's it's kind of absurd, Mike. 199 00:10:22.960 --> 00:10:25.600 I want to ask you, were you following this closely 200 00:10:25.840 --> 00:10:28.679 back after the Great Recession in two thousand and eight 201 00:10:28.720 --> 00:10:31.879 and two thousand and nine, because I've long had a theory, 202 00:10:31.879 --> 00:10:34.159 and I looked at Colorado for a long time, even 203 00:10:34.200 --> 00:10:38.399 before I moved here, because Colorado recovered far more quickly 204 00:10:39.000 --> 00:10:42.240 than many many, many other states after two thousand and 205 00:10:42.240 --> 00:10:45.360 eight and two thousand and nine. And I believe that 206 00:10:45.480 --> 00:10:49.519 the reason Colorado recovered so quickly is because of tabor limitations. 207 00:10:49.919 --> 00:10:53.120 It prevented the government from overspending during the Great Recession. 208 00:10:53.440 --> 00:10:56.879 Therefore they were able to bounce back more nimbly. What 209 00:10:56.960 --> 00:11:00.559 are your thoughts on that? 210 00:11:00.759 --> 00:11:02.639 And I was looking at stuff back there. I moved 211 00:11:02.639 --> 00:11:04.960 here just before the dot com bubble burst, and so 212 00:11:05.480 --> 00:11:09.159 that affected Colorado worse than most states. As the result 213 00:11:09.159 --> 00:11:12.480 of that, Colorado became a very diversified economy. We didn't 214 00:11:12.480 --> 00:11:16.120 become so dependent on telecommunications like we were, and the 215 00:11:16.159 --> 00:11:19.679 Colorado's economy was very well prepared moving into that recession. 216 00:11:19.720 --> 00:11:22.279 We were late going into it and we were early 217 00:11:22.320 --> 00:11:24.960 coming out of it compared to most states, and that 218 00:11:25.120 --> 00:11:27.039 was the function of the fact that we were focused 219 00:11:27.039 --> 00:11:31.200 on business diversification strength. You're right, we weren't overspending, we 220 00:11:31.200 --> 00:11:33.799 weren't doing all sorts of boondog or things. We actually 221 00:11:33.799 --> 00:11:35.639 fixed the roads, and the roads were in pretty good 222 00:11:35.679 --> 00:11:38.559 condition back in the twenty teens or the early twenty 223 00:11:38.679 --> 00:11:41.519 to the ten years before the twenty teens, So all 224 00:11:41.559 --> 00:11:43.200 of that was strong and we came out of that. 225 00:11:43.399 --> 00:11:47.120 Now we are very poorly positioned for the next recession, 226 00:11:48.240 --> 00:11:50.879 which may be sooner than we think. In Colorado might 227 00:11:50.919 --> 00:11:54.000 have its own recession, but we are very poorly prepared 228 00:11:54.000 --> 00:11:56.360 for that. So we'll be early in and we'll be 229 00:11:56.480 --> 00:12:00.240 late out. And that all has to do with ending 230 00:12:00.360 --> 00:12:02.639 or trying to overspend. But TABOR has actually kept us 231 00:12:02.639 --> 00:12:05.240 strong through that lost recession. But it's not going to 232 00:12:05.320 --> 00:12:07.399 help us through this next one because we have fees 233 00:12:07.440 --> 00:12:08.360 everywhere now. 234 00:12:08.519 --> 00:12:10.679 And they've just given away our table refunds, so we 235 00:12:10.720 --> 00:12:13.279 don't even get our money back. A Texter just asked 236 00:12:13.320 --> 00:12:16.320 this question, Mike, how many of the jobs last lost 237 00:12:16.559 --> 00:12:21.159 last month were related to government layoffs like park service, BLM, 238 00:12:21.200 --> 00:12:24.159 et cetera. And I want to ask a second part 239 00:12:24.159 --> 00:12:27.879 of that question, And what's been surprising to me is 240 00:12:27.919 --> 00:12:30.200 the number of jobs during the end of the Biden 241 00:12:30.240 --> 00:12:34.519 administration that were government jobs. So did we even create 242 00:12:34.600 --> 00:12:38.639 that many private sector jobs? And are these losses related 243 00:12:38.679 --> 00:12:41.120 to government jobs or where did they come from? 244 00:12:41.720 --> 00:12:44.240 Now, the losses that we see in Colorado don't seem 245 00:12:44.240 --> 00:12:46.720 to be related to government jobs. We have I think the 246 00:12:46.840 --> 00:12:48.480 number is, off the top of my head, just under 247 00:12:48.519 --> 00:12:51.440 forty thousand federal employees in the state of Colorado. But 248 00:12:51.519 --> 00:12:54.320 over the last couple of years in Colorado, the only 249 00:12:54.399 --> 00:12:57.120 jobs that are being created have been in healthcare. Apparently 250 00:12:57.159 --> 00:13:02.840 we're very SIGNI yeah, more so in local government, but 251 00:13:02.919 --> 00:13:06.000 a lot in state government as well. So essentially we're 252 00:13:06.000 --> 00:13:09.720 creating jobs there and we don't really have a stronger basis. 253 00:13:09.720 --> 00:13:12.919 We have losing jobs, and of course some headmin services, 254 00:13:12.960 --> 00:13:15.960 you know, some of the manufacturing things, but we're not 255 00:13:16.200 --> 00:13:18.519 really even on a national level. I think we only 256 00:13:18.559 --> 00:13:21.480 lost twelve thousand federal government jobs in the month of 257 00:13:21.480 --> 00:13:25.559 March when I check there, So we haven't seen the 258 00:13:25.600 --> 00:13:29.440 wave that everyone's protesting about the government being gattered and downsize. 259 00:13:29.480 --> 00:13:32.840 That isn't reflected in the stats yet in Colorado. Again, 260 00:13:33.720 --> 00:13:35.840 if you've got kids or grandkids and they want to 261 00:13:35.840 --> 00:13:38.320 grow up and get a job. Based on the current numbers, 262 00:13:38.360 --> 00:13:40.240 you either have to be in healthcare or you have 263 00:13:40.279 --> 00:13:41.720 to work for the government if you want to have 264 00:13:41.720 --> 00:13:43.639 a job in Colorado. Because those are the only new 265 00:13:43.720 --> 00:13:45.120 jobs being created in the state. 266 00:13:46.039 --> 00:13:48.960 Oh, that's depressing because those jobs don't create anything. 267 00:13:49.080 --> 00:13:50.679 They don't create a new. 268 00:13:50.679 --> 00:13:53.679 Job, they don't create a product, they don't have the 269 00:13:53.720 --> 00:13:56.799 opportunity for growth. They're just a drain on taxpayer dollars 270 00:13:56.840 --> 00:13:58.279 in the long run. I mean, don't get me wrong, 271 00:13:58.559 --> 00:14:01.879 they'll provide some sort of service, but they're just a 272 00:14:01.919 --> 00:14:06.440 fiscal drain on everybody else. This is an interesting text message, Mandy. 273 00:14:06.720 --> 00:14:09.840 I've had my bakery cafe for twenty one years, starting 274 00:14:09.879 --> 00:14:12.840 in Aurora and moving to Denver. The over regulation and 275 00:14:12.879 --> 00:14:15.000 cost of doing business are going to drive us out 276 00:14:15.120 --> 00:14:19.159 of business. Minimum wage up one dollar per year four years. 277 00:14:19.519 --> 00:14:23.440 Thanks not the Denver City Council, the Family Act mandated 278 00:14:23.440 --> 00:14:26.919 for a one K plan, insurance, property taxes, landlord passes 279 00:14:26.919 --> 00:14:30.480 those on to tenants. You know, policies matter. Give us 280 00:14:30.480 --> 00:14:34.480 a break, please, this is not a small business friendly state. 281 00:14:34.600 --> 00:14:38.519 That from Chef k is this what you're hearing from 282 00:14:38.559 --> 00:14:41.240 other small business owners that you know, Mike. 283 00:14:42.759 --> 00:14:46.440 Yeah, and again that's the challenge is that we still 284 00:14:46.440 --> 00:14:48.759 have a lot of startups in Colorado, about twenty four 285 00:14:48.799 --> 00:14:51.879 thousand startups in the last twelve months that we've tracked it, 286 00:14:52.519 --> 00:14:54.159 and I on average each create about three and a 287 00:14:54.200 --> 00:14:58.720 half jobs, and they created eighty five thousand odd jobs 288 00:14:58.720 --> 00:15:02.200 the last twelve month period. But existing business has lost 289 00:15:02.399 --> 00:15:06.039 eighty seven thousand jobs. So that's the challenge is that 290 00:15:06.159 --> 00:15:08.559 businesses that have already started and are ramped up and 291 00:15:08.639 --> 00:15:12.200 have been there for five, ten, twenty one years are 292 00:15:12.240 --> 00:15:14.799 just finding that they're being put upon so much to 293 00:15:14.879 --> 00:15:17.600 pay for projects that don't really benefit them and their 294 00:15:17.600 --> 00:15:21.080 community that they just don't necessarily need one to support 295 00:15:21.600 --> 00:15:24.639 those sorts of activities. You know, Denver has gotten a 296 00:15:24.679 --> 00:15:27.159 little out of control, if I can be so bold, 297 00:15:27.159 --> 00:15:29.320 and a cost of tax and sales taxes that they're 298 00:15:29.360 --> 00:15:33.080 really really high now, so you know, they supply and 299 00:15:33.120 --> 00:15:36.200 demand if prices keep going up. In Colorado, as I said, 300 00:15:36.240 --> 00:15:38.679 it's been had the highest inflation rate of any states 301 00:15:39.240 --> 00:15:42.000 and have the highest debts, so people don't have as 302 00:15:42.080 --> 00:15:44.120 much money to spend on the things that they used 303 00:15:44.120 --> 00:15:47.720 to spend on, and that's all pushing on, pushing down 304 00:15:48.799 --> 00:15:51.960 demand for products. At the same time as that, the 305 00:15:52.080 --> 00:15:55.200 people have extra costs which increase the cost of providing 306 00:15:55.200 --> 00:15:58.919 those products. So it is becoming challenging and it would 307 00:15:58.919 --> 00:16:01.679 be really nice if there was someone in power in 308 00:16:01.720 --> 00:16:04.600 the state that actually understood business, especially small business. 309 00:16:05.159 --> 00:16:08.600 So let me ask you this, have you how do 310 00:16:08.639 --> 00:16:10.000 you decide what to dig into? 311 00:16:12.360 --> 00:16:14.559 I'm a very curious person. I'm part of it is 312 00:16:14.600 --> 00:16:16.759 based I do a lot of research based on Vieer 313 00:16:16.799 --> 00:16:20.000 of labor statistics, so things that fascinate me. You know, 314 00:16:20.080 --> 00:16:22.559 the savings rate in the United States is about a 315 00:16:22.639 --> 00:16:25.200 third of what it is in Europe. The only country 316 00:16:25.200 --> 00:16:27.519 in the world that has the lower savings trate is Astray, 317 00:16:27.519 --> 00:16:30.279 where I'm originally from, and so people there are even 318 00:16:30.279 --> 00:16:33.159 more put upon than they are here. I don't see 319 00:16:33.159 --> 00:16:36.480 that Darta of Colorado. But I'm just fascinated by how 320 00:16:36.600 --> 00:16:40.440 jobs grow, how unemployment happens, where jobs are being created, 321 00:16:40.480 --> 00:16:44.000 where they're actually being lost. I'm just I have a 322 00:16:44.039 --> 00:16:46.080 short attention span, so I like to look at a 323 00:16:46.080 --> 00:16:48.639 lot of different things, and so that's part of my fascination. 324 00:16:48.759 --> 00:16:53.039 But My overrating objective is that I run a little 325 00:16:53.039 --> 00:16:56.720 nonprofit that provides early stage financing to small businesses on 326 00:16:56.759 --> 00:17:00.120 the Kiva platform, which is you know, crowd lending I 327 00:17:00.200 --> 00:17:05.200 really like. But I'm always watching the entrepreneurial ecosystem in 328 00:17:05.240 --> 00:17:07.880 the state of Colorado to see where the trends are 329 00:17:08.319 --> 00:17:11.599 because you know, many people that I've known in the 330 00:17:11.640 --> 00:17:14.079 state have moved to other states just because it's gotten 331 00:17:14.440 --> 00:17:16.799 too hard here, and I don't want to do that. 332 00:17:16.880 --> 00:17:18.720 So I'm trying to do what I can to try 333 00:17:18.720 --> 00:17:21.880 and shape directional policy to get people aware of the 334 00:17:21.960 --> 00:17:25.279 direction we're heading in and where we will go unless 335 00:17:25.279 --> 00:17:26.240 we do change. 336 00:17:26.000 --> 00:17:29.119 Directional little So have you discovered any data This is 337 00:17:29.160 --> 00:17:30.960 my final question because we're almost out of time that 338 00:17:31.319 --> 00:17:35.200 shocked you that was either so bad or so good 339 00:17:35.240 --> 00:17:39.000 that you went, wow, that's interesting, not in a. 340 00:17:38.920 --> 00:17:40.359 Good way or maybe in a good way. 341 00:17:41.480 --> 00:17:44.240 Well, it just fascinates me how often Colorado is in 342 00:17:44.279 --> 00:17:46.960 the top ten. So I've always heard you mentioned the 343 00:17:47.000 --> 00:17:48.920 suicide rates here. I was just looking back at the 344 00:17:48.960 --> 00:17:51.599 suicide rates and Colorado has been a top ten states 345 00:17:51.640 --> 00:17:54.599 for suicide rates since twenty fourteen based on the CDC 346 00:17:54.680 --> 00:18:00.599 data and I've been trying to work out why the 347 00:18:00.599 --> 00:18:03.039 Colorado Health Department says altitude has a lot to do 348 00:18:03.119 --> 00:18:06.039 with that, but I can see a report that's medical 349 00:18:06.119 --> 00:18:08.799 called it back in twenty eleven that has nothing to 350 00:18:08.799 --> 00:18:11.799 do with it. So, so what's going on in Colorado? 351 00:18:12.279 --> 00:18:14.599 And the only thing that most of the experts, and 352 00:18:15.039 --> 00:18:17.880 I don't consider myself an expert, but is that there's 353 00:18:17.880 --> 00:18:20.960 not as much access to the availability of assistance to 354 00:18:21.000 --> 00:18:24.640 people who are you know, distressed or mentally help help 355 00:18:25.039 --> 00:18:27.599 mentally not healthy in this state. So, you know, there 356 00:18:27.599 --> 00:18:29.119 are lots of things I don't have the answers to, 357 00:18:29.240 --> 00:18:32.799 but statistics fascinate me. The fact that we've created five 358 00:18:32.880 --> 00:18:35.160 hundred and sixty three jobs in the last fifteen months 359 00:18:35.200 --> 00:18:37.799 at the same time as our unemployment has grown by 360 00:18:38.319 --> 00:18:41.440 whatever it is by twenty you know, by thirty nine 361 00:18:41.480 --> 00:18:44.200 hundred and ninety five jobs, means that you know, we're 362 00:18:44.200 --> 00:18:46.680 not creating jobs, we are creating a lot of unemployment. 363 00:18:47.000 --> 00:18:49.359 It means that the state and employers are going to 364 00:18:49.359 --> 00:18:52.200 have to pay more for unemployment taxes. We're not bringing 365 00:18:52.200 --> 00:18:55.200 in the new revenue from new peril taxes, so we 366 00:18:55.240 --> 00:18:58.720 are heading towards a little sort of you know, a 367 00:18:59.160 --> 00:19:01.359 cliff that the LEGISLI you might fall off and the 368 00:19:02.039 --> 00:19:03.839 deficit this seed might be a lot less, and I 369 00:19:03.920 --> 00:19:04.400 think it is. 370 00:19:04.519 --> 00:19:07.119 Well, they're already talking about their deficit next year being 371 00:19:07.160 --> 00:19:09.440 even worse. But the reality is, And Mike, if you 372 00:19:09.440 --> 00:19:11.599 could do a handied andy graph of this, I would 373 00:19:11.640 --> 00:19:14.400 appreciate it. If you could just do the Colorado budget 374 00:19:14.480 --> 00:19:18.559 number from twenty ten through now. I think people in 375 00:19:18.640 --> 00:19:20.960 this state that have heard for the last few months 376 00:19:21.200 --> 00:19:24.839 we've got a one point two billion dollar deficit, they're 377 00:19:24.880 --> 00:19:28.079 going to think that this year's budget is one point 378 00:19:28.079 --> 00:19:32.200 two billion dollars less than last year's And I know 379 00:19:32.279 --> 00:19:33.480 that to be false, and I'm. 380 00:19:33.359 --> 00:19:34.039 Sure you do too. 381 00:19:34.240 --> 00:19:35.599 So if you could do that graph for me, I 382 00:19:35.599 --> 00:19:37.480 would share it far and wide, just to let people 383 00:19:37.559 --> 00:19:41.559 know what the hard numbers say. We have plenty of money, 384 00:19:41.799 --> 00:19:44.119 they're just spending it very, very poorly. 385 00:19:44.240 --> 00:19:48.559 In my estimation, Yeah, depending way too much. Again, the 386 00:19:48.599 --> 00:19:51.400 population is flat, it's slightly declining a little bit, and 387 00:19:51.400 --> 00:19:53.519 we shouldn't be spending more and more on the same 388 00:19:53.559 --> 00:19:56.119 population each year. They could fix the roads that would 389 00:19:56.119 --> 00:19:58.039 be nice out that way will be nice. 390 00:19:57.960 --> 00:19:59.920 And then what we'll do how would we get a 391 00:20:00.079 --> 00:20:01.880 new set of tires when we blow them out on 392 00:20:01.920 --> 00:20:05.599 a pothole. Mike is, Mike o'donald is my Mike o'donald 393 00:20:05.680 --> 00:20:08.519 is my guest. He not only has an x feed 394 00:20:08.599 --> 00:20:11.960 that is absolutely outstanding that you should follow, he also 395 00:20:12.000 --> 00:20:15.880 has a Patreon to uh for a longer form columns 396 00:20:15.920 --> 00:20:18.759 that he does, and I would strongly recommend you follow him. Mike, 397 00:20:18.799 --> 00:20:21.559 we will have you on again for sure. Keep up 398 00:20:22.079 --> 00:20:25.599 the good work because I am making a war book 399 00:20:25.720 --> 00:20:29.279 for Republican candidates that is just full of news stories 400 00:20:29.319 --> 00:20:32.359 and data and things like that. And your work is 401 00:20:32.400 --> 00:20:36.000