Inflation persists due to record levels of spending over the past three years, according to Rep. David Schweikert, R-Ariz., in a speech on the House floor Thursday night.
Schweikert said the total deficit spending for FY24 will be dramatically higher than both the Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) initially projected if the national debt continues to increase at the current pace of over $99,000 per second.
Last May, Congressional fights over the next speaker overshadowed the greater concern, the national debt, Schweikert said.
“And think of this — in that time, we were fighting over like $16 billion,” he said. “We’re borrowing about $9 billion a day. So we’ve gone how many months, and we’ve never gotten around to actually working on the real problems because of the theatrics around here.”
As a result, the Scottsdale-Phoenix area resident said the Congressional Budget Office missed its FY24 deficit spending projection by $1 trillion.
Interest spending alone is projected to top $1 trillion this fiscal year, he said.
“When I came here a couple of months ago and said we could be heading for $1 trillion [in interest spending], I got mocked. I even saw my colleagues go, ‘Schweikert, you’ve got to stop making things up!’ Well, turns out I’m right,” he said.
“We will spend all day fighting over a few million here, which is important, and I am willing to cut these things, but we’re picking up pennies off the ground as the avalanche is crushing us,” he continued. “Because that same day we fought over those millions, we borrowed $9 billion a day when we are fighting over millions. Understand, $1 trillion has 12 zeros. Start to work your zeros and understand the scale.”
Addressing inflation, Schweikert said America is paying the price for spending money in ways that did not actually spike productivity. He said subsidizing things does not yield the most efficient and cheap way to produce them.
Schweikert advocated for a level of competition so the best, fastest product is rewarded.
“The last two months, [inflation] hasn’t been going down the way it’s supposed to,” he said. “So expect these interest rates I just showed you to continue. And if you live in my neighborhood, if you live in the Scottsdale-Phoenix area — wonderful area, absolutely incredibly beautiful this time of year. From January 2021 to two months ago, if you’re not making 23.6% more, you are poorer today than you were in January 2021.”
Making Americans less sick with new healthcare technology is one of the most powerful things we could do to lower the national debt, he said. Six weeks ago, the FDA approved the first cure to sickle cell anemia.
“Artificial intelligence is about to have a revolution in bringing cures to market dramatically faster,” Schweikert stated. “We’ve actually now had the first couple of AI drugs designed to make it through the FDA.”
Schweikert said policies can make it possible to bring new drugs to the market without costing $100 million.
“Do we think about things we could do in farm policy and nutrition policy in helping our brothers and sisters live better, healthier, more prosperous, [improve their] ability to join the labor force, maybe family formation, crushing income inequality,” he asked his fellow congress members.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
Arizona ranked fifth out of states adding the most mortgage debt between quarters three and four of 2023 according to a WalletHub survey.
WalletHub released a report Friday showing in what state homeowners are struggling the most in response to the upward trend of mortgage debt over the past few years.
The personal finance website compared the 50 states based on its proprietary data on mortgage debt from Q3 to Q4 2023.
Mortgage debt is by far the biggest category of debt for Americans, with the average household owing around $100,000. WalletHub found the total balance to be more than $12 trillion.
“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” WalletHub Editor John Kiernan said in a news release. “Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”
The average mortgage balance in Arizona increased by 0.068% from Q3 to Q4 2023, and the average mortgage balance was more than a quarter of a million in Q4 2023.
The Grand Canyon state’s average monthly payment for mortgages in Q4 2023 was $1,751.
The states ahead of Arizona for adding the most mortgage debt included Maryland, Nevada, Hawaii, and Texas. The states with the smallest increases to mortgage debts were Wyoming, Delaware, and Vermont.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
WalletHub compared the 50 states across three metrics: return on taxes paid to the federal government, federal funding as a share of state revenue, and share of federal jobs.
While Arizona’s overall rank was tenth, the Grand Canyon state ranked 15th for return on taxes paid to the federal government, fifth for federal funding as a share of state revenue, and 23rd for share of federal jobs.
President of the Arizona Free Enterprise Club Scot Mussi took issue with WalletHub’s methodology.
“WalletHub doesn’t do a great job outlining their methodology, but from what I can gather they are basing ‘dependency’ on federal payouts, regardless of the purpose of the funds,” Mussi said. “For example, states with more military bases are likely punished as being more ‘dependent’ on federal funds. So to rectify the dependency problem should we equally spread out military bases among all 50 states so that every state receives equal funding? That makes no sense.”
Mussi said he wonders if Arizona has a higher dependency score due to the number of retirees from states like Illinois and California.
“Because people choose to come to Arizona, does that mean we are a “dependency” state?” Mussi asked. “Again, not a great metric to measure dependency.”
Blue states were found to be less financially dependent than red states.
“Regardless of whether the distribution of federal funds is fair or not, living in one of the most federally dependent states can be beneficial for residents,” WalletHub Analyst Cassandra Happe said in a news release. “For every dollar residents of the top states pay in taxes, they get several dollars back in federal funding, which often leads to higher-quality infrastructure, education, public health and more.”
Alaska was found to be the most federally financially dependent state, followed by New Mexico, Kentucky, West Virginia, and Mississippi. New Jersey ranked as the least dependent.
“Alaska is the most federally dependent state, with over 57% of the state’s revenue coming from federal funding,” Happe said. “For every $1 that residents pay in taxes, the state receives $2.47 in federal funding. Plus, nearly 5% of Alaska’s workforce is employed by the federal government, one of the highest rates in the country.”
Vanderbilt professor Carolyn J. Heinrich said federal resources often support programs that increase societal benefits and reduce societal costs.
“For example, Title I funds in education are distributed according to the level of family economic disadvantage, recognizing that it is important to ensure that all children are healthy and well-educated,” she said. “State resources may be prioritized for uses that yield benefits primarily within the state, such as economic development incentives.”
Mussi said he does think there are examples of states benefiting from their congressmen bringing home federal money for special interest and pork projects.
“Senators from West Virginia have been notorious for this activity, and it should be opposed,” he said. “But metrics like state dependency don’t ever seem to accurately reflect this type of activity, so we usually never rely on them.”
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
Arizona State University’s journalism school teaches students “cultural sensitivities, civil discourse, bias awareness and diversity initiatives.”
The Walter Cronkite School of Journalism and Mass Communication requires students in at least three of the undergraduate degree programs to take a course called “Diversity and Civility at Cronkite,” the Goldwater Institute uncovered.
ASU’s online course catalog says the class “emphasizes the importance of diversity, inclusion, equity and civility to ensure all Cronkite students feel represented, valued and supported.”
The course “Offers training and awareness on cultural sensitivities, civil discourse, bias awareness and diversity initiatives at the Cronkite School and ASU” and “Empowers students to approach reporting and communication projects with a multicultural perspective and inspire mutual respect among students from various backgrounds and beliefs within different Cronkite professional paths,” the catalog says.
The “Learning Outcomes” on the course syllabus lay out identity categories: “By the end of this course, students will be able to … understand the value of their own and other people’s identities in terms of the work and study at Cronkite.”
The course’s seven units affirm the theme of identity. Units include “Race & Ethnicity,” “Geography and Income,” “Language & Citizenship,” “Sexuality and Gender Identity,” “(Dis)ability,” and “Differences and Conflict.”
The “Race & Ethnicity” unit includes the learning objective “Learn what microaggressions are and why they matter.” The instructor asks students to review a list of “typical microaggressions” published on a University of Minnesota webpage.
Examples of microaggressions include “America is a melting pot,” a statement that demands that people “assimilate/acculturate to the dominant culture;” “There is only one race, the human race,” a statement “denying the individual as a racial/cultural being;” “I believe the most qualified person should get the job,” a statement communicating that “people of color are given extra unfair benefits because of their race;” and “Everyone can succeed in this society, if they work hard enough,” a statement communicating that “people of color are lazy and/or incompetent and need to work harder.”
A week of the course is dedicated to discussing “sexuality and gender identity” to make students:
Understand the difference between sexuality and gender identity and why it matters.
Recognize privileges related to sexuality and gender identity.
Know how to ask for and why to use a person’s pronouns and the benefits of gender-neutral language.
The unit includes an assignment to read an article which defines nonbinary as “a term that can be used by people who do not describe themselves or their genders as fitting into the categories of man or woman,” and Agender as “an adjective that can describe a person who does not identify as any gender.”
Students are asked to demonstrate what they learned about gender ideology by responding to the following prompt:
“Imagine you’re working at a PR firm and you have a client whose first album is about to drop. Your client’s gender identity is nonbinary and they use they/them pronouns. They have a massive press tour planned.
How do you prepare journalists to talk with your client?”
Diversity initiatives at ASU are not limited to the journalism school. Goldwater identified more than 100 classes offered in ASU’s Spring 2024 course catalog that include terms like “diversity,” “equity,” and “inclusion,” or that fulfill the university’s general education requirement in “diversity.”
“To return Arizona’s public universities to their educational missions, it is imperative that the institutions themselves—or the bodies who oversee them—adopt a change in policy to eliminate politicized ‘diversity’ based course requirements such as DCC,” said Timothy K. Minella, senior fellow at the Goldwater Institute’s Van Sittert Center for Constitutional Advocacy.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
Reports show that the Biden administration plans to finalize its final tailpipe emissions rule for cars and trucks on Wednesday, a measure 61% of Arizonans oppose.
The possible rule could mean that nearly 70% of cars sold in 2032 would need to be electric vehicles, though this is not achievable with our current infrastructure and would make us more reliant on China, according to government relations firm AxAdvocacy.
Chet Thompson, American Fuel & Petrochemical Manufacturers (AFPM) president and CEO, said the EPA policy will feel like a ban for consumers.
“It will vastly restrict both their access to and ability to afford new gas cars, trucks, SUVs and traditional hybrids,” Thompson said. “And there are no offramps in the policy in the event our infrastructure isn’t ready or consumers simply don’t buy EVs at the rate EPA would like. This is exactly why 75% of registered voters solidly oppose any government efforts designed to ban gas, diesel and traditional hybrid cars.”
President Joe Biden has been clear since 2020 he intends to use his federal agencies and the state of California to eliminate sales of new gas cars.
“While multiple administration policies push us toward this end, the Environmental Protection Agency’s (EPA’s) passenger vehicle standards will do most of the damage on their own—requiring approximately 70% of new car sales to be electric in less than eight years,” he said. “This policy is bad for consumers, the economy and national security.”
“It will sacrifice our hard-won U.S. energy strength for even greater dependence on China and the EV battery and mineral supply chain China controls,” Thompson continued.
Only 16% of Arizonans support the rule, which would deprive Americans of the right to select the car best for them, their families, and their budgets.
In Wisconsin, 64% of residents oppose the measure, while 57% of Pennyslanvanians oppose, 61% of Nevadans oppose, and 66% of Ohioans oppose. Only 9% of Montana residents support the potential rule.
Elizabeth Troutman is a reporter for AZ Free News. You can send her news tips using this link.
