The Common Sense Institute (CSI) Arizona, in partnership with the Arizona Chamber Foundation, has recently published its latest “Job Killers” report. This report delves into the potential economic repercussions of proposed legislation in Arizona, shedding light on the risks that these bills pose to the state’s business environment and overall economic growth.
The significance of this report cannot be overstated. With 72 bills from the 2024 legislative session identified as potential “job killers,” it is crucial to understand the potential impact of these proposed laws. Of these bills, 20 have quantifiable effects based on similar legislation in other states, while the remaining 52 are relatively new, making it challenging to estimate their potential consequences accurately.
The key findings of the report are alarming. The analysis suggests that if all “job killers” were enacted, Arizona could face a staggering economic loss of over $37.2 billion. Additionally, an estimated 540,000 jobs could be at risk due to the new costs and regulatory burdens imposed by these bills. Drawing parallels with Colorado, where similar legislation has been enacted, the report highlights that Arizona could potentially lose $9.5 billion in economic growth over five years if it follows a similar path.
Looking at the bigger picture, these bills could have far-reaching implications for Arizona’s economy. The potential tax increases, legal complexities, labor cost hikes, and stringent environmental regulations could significantly impede the state’s economic progress and hinder its ability to attract and retain businesses.
In response to the report, Glenn Farley, the director of policy and research at CSI, emphasized the importance of prioritizing policies that foster economic prosperity. He warned that even a few of these proposed bills could drastically alter Arizona’s growth trajectory. Similarly, Danny Seiden, the president & CEO of the Arizona Chamber of Commerce & Industry, stressed the need to resist harmful regulations and maintain a business-friendly environment that supports 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 stark reminder of the dangers posed by misguided legislation and underscores the importance of promoting policies that support economic growth and prosperity in the state.
