The Common Sense Institute (CSI) Arizona, in partnership with the Arizona Chamber Foundation, has recently published its latest “Job Killers” report, shedding light on the potential economic repercussions of proposed legislation in Arizona. This analysis is crucial as it identifies 72 bills from the 2024 legislative session that could pose significant risks to Arizona’s business environment and economic growth. Of these bills, 20 have quantifiable impacts based on similar legislation in other states, while the effects of the remaining 52 are harder to estimate.
The report reveals some key findings that highlight the potential economic damage that could result from the enactment of these “job killer” bills. It estimates that if all the proposed bills were to be implemented, Arizona could face a staggering economic loss of over $37.2 billion. Additionally, it is projected that around 540,000 jobs could be lost due to the new costs and regulatory burdens imposed by these bills. Drawing on the experience of Colorado, which has already passed similar legislation, the report suggests that Arizona could have lost $9.5 billion in economic growth over five years if it followed in Colorado’s footsteps.
The implications of these bills are significant, as they could lead to substantial tax increases, legal and administrative burdens, labor cost hikes, and stringent environmental regulations. All of these factors could potentially hinder Arizona’s economic progress and growth trajectory. It is essential to prioritize policies that foster economic prosperity and support a business-friendly environment to ensure sustained growth and development in the state.
Glenn Farley, the director of policy and research at CSI, emphasizes the importance of the report’s findings as a warning sign for Arizona. He stresses that even a few of these proposed bills could have a drastic impact on the state’s growth trajectory. Similarly, Danny Seiden, the president & CEO of the Arizona Chamber of Commerce & Industry, underscores the dangers of misguided legislation and the necessity of maintaining a business-friendly environment that encourages innovation, investment, and job creation.
In conclusion, as other states continue to implement similar policies, it is crucial for Arizona to safeguard its status as a high-growth state by rejecting legislation that could undermine its economic competitiveness. The “Job Killers” report serves as a reminder of the importance of resisting harmful regulations and supporting policies that promote economic prosperity and growth in the state. By prioritizing the well-being of businesses and the economy, Arizona can continue to thrive and remain a desirable destination for investment and job creation.
