By Barclay Jones, vice president, Assets for Family Success

In the early days of the country, Thomas Jefferson wrote:

“Loading up the nation with debt and leaving it for the following generations to pay is morally irresponsible.  Excessive debt is a means by which governments oppress the people and waste their substance.  No nation has a right to contract debt for periods longer than the majority contracting it can expect to live.”

Recent challenges in the U.S. and global financial markets remind us of the inextricable link between the issues of national budget policy and the way each of us manages our own budgets.  Are we running a deficit to cover our expenses (national debt, credit card debt)?  Are we keeping a monthly budget and working to get our expenses in line with our income?  Are we setting aside some money for savings?

For the past eight years, Mile High United Way has helped individuals and families to address these issues and to begin building their financial assets.  For eligible families, MHUW has opened more than 1,100 Individual Development Accounts (IDAs) during this period.  These matched savings accounts have helped Colorado residents to improve the quality of their lives by purchasing their first home, capitalizing a small business, or continuing their education. 

This local experience was recently shared at a national conference in Washington, D.C.  At CFED’s 2008 Assets Learning Conference over 1,200 attendees met to discuss the latest efforts in building assets, financial education and the most effective strategies to encourage savings.

One critical element of the conference was for attendees to visit members of their Congressional delegation at the United States Capitol.  MHUW visited with, or distributed information, to eight of the nine Colorado members of the House and Senate.  The visits provided a tremendous opportunity for two IDA savers to meet with Congressional staff and share their personal stories.

One of these savers, Gustavo Lomeli shared of his experience in using his IDA to complete his undergraduate degree.  Currently an employee with the City and County of Denver, he is working to complete a degree in Business Management at Metro State College.

Since the inception of Mile High United Way’s Assets for Family Success program, more than $2 million has been invested in the community through its investment of savings and match funds. To donate to the IDA program through Mile High United Way’s Adult Self Sufficiency initiative, please click here.

In conjunction with Hispanic Heritage Month, which begins September 15, Solera National Bank will give Mile High United Way $50 for every account opened during the month of September.

When customers open an account with the brand new bank, located in Lakewood at the intersection of Sheridan and Alameda, they have a choice of designating the donation to one of three non-profit organizations: Mile High United Way, Latin American Education Foundation or Summer Scholars.  Solera will allow customers opening the accounts to pick the organization to which they would like the donation to go.  If the customer does not choose, Solera will choose for them.

Funds will be designated to Mile High United Way’s IDA program, matched savings accounts that enable hardworking Coloradans to save money for post-secondary education, a down payment on a home or starting a small business. 

Hispanic Heritage Month commemorates the following historically significant dates in the month of September:  September 15, the anniversary of independence for five Latin American countries—Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. In addition, Mexico declared its independence on September 16, and Chile on September 18.

“We seek to set the standard for community banking and serve the Hispanic community by providing financial education and leadership,” said Paul M. Ferguson, Solera’s President and CEO. “We seek to close the minority achievement gap.”

Get the facts!  The war on poverty is not over.

As today’s theme at the Democratic National Convention in Denver turns to economic struggles, and as the 88th anniversary of women’s suffrage is commemorated, the U.S. Census Bureau released new data today on poverty, income, and health insurance.  Nearly 570,000 Coloradans, or 12 percent, struggle with poverty—the same rate from the previous year.  The trend of increasing child poverty continued with Colorado’s child poverty rate rising slightly to 15.9 percent.  Statewide data also showed that median household income increased from the previous year, and that 16.8 percent of Coloradans are uninsured, which is higher than the national rate.  Nationally, income inequality is a growing problem facing low- and middle-income earners.

“We’re hitting a false flat, where it looks like things were leveling off or getting better, but now are on course to get much worse,” said Kathy White, Project Director of the Colorado Fiscal Policy Institute (COFPI).  “We continue to see too little action and too little progress in the fight against poverty. It’s long past time for state leaders to step up and start working to reduce poverty and hardship in Colorado.”

The Census data comes on the heels of other recent alarming news, including a Colorado Children’s Campaign report released in June that shows Colorado has the fastest growing rate of child poverty in the country.  Last year at this time, Colorado was the only state with a significant increase in child poverty, and a COFPI report also released last year showed that one in five households do not earn enough to make ends meet.

Poverty experts also point out that this data is from 2007.  So it does not take into account growing challenges facing families in 2008, such as rising food and fuel prices, increasing overall consumer prices (5.6 percent higher than in July 2007), rising unemployment (at a 3-year high in Colorado), stagnant wage growth, and other disturbing trends. 

As the eyes of the political world focus on Colorado this week, this new data on poverty, income, and health insurance serves as a stark reminder of the very real impact public leaders and public policies have on Coloradans.  While there is much to be proud of in Colorado, there are also some very real struggles that Colorado families are facing every day.  State and federal leaders have the unique opportunity to confront these challenges head-on, with smart, sound policy making. 

“Mile High United Way, along with our many partners, is working hard to help families gain financial stability and self sufficiency,” said Christine Benero, president and CEO of Mile High United Way.  “The facts of poverty in Colorado are not at all reflective of what I know Colorado policy makers to envision for our state.  There is never a more critical time than now for our policy makers to take action and make sure there is a strong, basic safety net for Coloradans who are struggling every day to provide for their families.”

Outraged?  Do something about it!  Donate, volunteer or advocate for Mile High United Way’s Adult Self Sufficiency initiative and become part of the collective generosity of metro Denver.

Brooke was featured as a Mile High United Way success story two years ago. At that point in time, she had just overcome the odds by conquering her drug addiction, escaping from domestic abuse and winning back her children. Click here to read about Brooke’s life today. 

By Nicole Harr and Annie Bacci, Volunteers of America

Since Morgan moved into Brunetti Lofts with her mom and younger sister three years ago, things have changed.  She hasn’t moved homes or schools — which has enabled her to flourish as a student and athlete at Thomas Jefferson High School.

Morgan and her family relocated often before moving into Brunetti Lofts Transformational Housing Program with Volunteers of America.  They were homeless and often stayed in short term transitional housing or with friends and family.  Now at Brunetti, their family works towards saving for their own home.

While Morgan has lived at Brunetti Lofts, she maintained a 3.0 GPA, is a varsity member of the track team, volunteers in the community, and works a part-time job after school.  It’s not unusual to see Morgan leave for the bus stop before the sun comes up, and not return until late in the evening. 

Morgan was recently accepted into Clark Atlanta University in Atlanta, Georgia.  Morgan happily looks forward to going away to school in Atlanta, where many of her extended family members live. 

While Volunteers of America has had the pleasure to see many children flourish in the past three years, Morgan is certainly an exceptional member of our Brunetti Lofts community.  We look forward to seeing Morgan continue to grow and be successful, and look forward to seeing her come home from college to visit her mom in a home of their own someday.