Citizens for No New Debt: A Call for Fiscal Responsibility in Colorado
On April 8, Jason Bailey, the founder of Citizens for No New Debt, made his voice heard at the Republican Strategy Forum, presenting an impassioned plea for fiscal responsibility in Denver and Colorado Springs. Bailey’s journey into activism began after owning a restaurant for 14 years, a venture that came to an end in 2022 when the building was sold. Throughout his years in business, Bailey witnessed firsthand the city’s approach to fiscal management, a strategy that saw Denver borrowing an astounding $1 billion and repaying $2 billion repeatedly, all financed by the wages of his employees.
In a city where approximately 65% of residents are renters, there is a common misconception that property taxes do not affect them. Bailey argues that these taxes ultimately burden the entire community, especially the working class. For the past two years, he has been a vocal advocate at City Council meetings, striving to make elected officials aware of the accumulating debt. Despite his efforts, the council members often unanimously approved new debt measures without thorough discussion, exemplified by a quick five-minute debate before authorizing a $300 million bond package.
As he looked ahead to 2025, Bailey projected the city would seek a new bond package of around $950 million—just under the $1 billion threshold. His concerns were validated as the city subsequently announced a bond request of $950 million, which carries an estimated payback of $1.8 billion. Bailey has published roughly 50 articles advocating against these bond issues, emphasizing the potential consequences of these financial decisions on the community.
The consensus among voters remains uncertain, as recent elections have left citizens questioning the integrity of the electoral process. With a focus on all forms of government debt, Bailey posits that unlike business debt—which typically aims to enhance revenue or mortgages that create equitable living conditions—government debt comes with no inherent upside. Additionally, he raises concerns about homeowner associations (HOAs), suggesting that bankers are incentivizing them to accumulate debt, further burdening residents.
Bailey highlights the alarming debt-to-revenue ratio of 700% at the Denver airport, a city-owned facility that operates under an Enterprise fund model, similar to a limited liability company. The airport generates $235 million in annual parking revenue, yet all proceeds are directed toward servicing its substantial debts, diverting resources away from community improvement.
In Colorado, there are over 13,000 municipal bonds actively in play, with numerous others in the pipeline. One troubling financial maneuver involves lease purchase agreements, which, under the guise of certificates of participation, allow cities to bypass voter approval for debt. Notable examples include deals made by banks like Wells Fargo, which have secured transactions involving schools for less than $900 million but stand to gain over $4 billion in lease payments from these arrangements.
Bailey’s mission with Citizens for No New Debt marks a pivotal moment in the fight against rising government debt in cities across Colorado. He emphasizes that if the campaign for a “NO” vote on new $1 billion debt were to succeed, it could result in savings exceeding $1.8 billion in debt services. He points out that large banks such as Chase are profiting immensely from government borrowing, having reported $55 billion in profits in one year.
To combat government debt effectively, Bailey believes grassroots organization is crucial, drawing parallels with the strategies of gun rights advocacy groups. He critiques the ambiguous use of terms like “affordable,” suggesting that its association with government initiatives leans towards socialism rather than genuine support for citizens.
In response to recent Supreme Court decisions limiting the ability to classify fees as taxes, Bailey and his organization are motivated to pursue a ballot measure in Colorado that would redefine such fees under taxation laws, ensuring that citizens are more informed about their fiscal responsibilities.
For more information on Jason Bailey’s campaign and the mission of Citizens for No New Debt, visit CitizensForNoNewDebt.org. Their goal is clear: to stop the cycle of accumulating government debt and promote fiscal transparency and accountability in Colorado’s cities.