by Daniel Stefanski | Nov 18, 2023 | Economy, News
By Daniel Stefanski |
Americans are still paying a lot of money for their Thanksgiving meals this year.
This week, the American Farm Bureau released its report on the annual cost of Thanksgiving dinners. The numbers showed that the average cost in 2023 was $61.17, which was down slightly from 2022’s value of $64.05 – yet significantly higher than 2021 ($53.31) and also 25% more than 2019.
American Farm Bureau Federation President Zippy Duvall said, “While shoppers will see a slight improvement in the cost of a Thanksgiving dinner, high inflation continues to hammer families across the country, including the nation’s farmers. Growing the food families rely on is a constant challenge for farmers because of high fuel, seed, fertilizer and transportation costs, just to name a few.”
Duvall added, “While high food prices are a concern for every family, America still has one of the most affordable food supplies in the world. We’ve accomplished that, in part, due to strong farm bill programs. Although our focus is sharing time with family and friends this Thanksgiving, our thoughts also turn to encouraging Congress to double down on a commitment to passing a new farm bill with a modernized safety net to support those who raise the crops and livestock that supply Thanksgiving dinner and every dinner.”
The items comprising the makeup of this Thanksgiving dinner were turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a veggie tray, and a pumpkin pie with whipped cream.
According to the Bureau, the average prices of 16-pound turkeys fell 5.6% year-over-year to $27.35. A pack of one dozen dinner rolls was up 2.9% from 2022 to $3.84, and the cost of a 30-ounce can of pumpkin pie mix had increased 3.7% to $4.44.
The Bureau also expanded the menu for another cost estimate, adding boneless ham, Russet potatoes, and frozen green beans. This menu experienced a $23.58 price increase from the standard fare to top out at $84.75.
Where Americans live in the country also affects the prices they will pay for their Thanksgiving meal. Those in the western part of the nation experience above-average costs at $63.89 for the standard meal, while the expanded offering comes in at $87.75.
Prices for this survey were computed November 1-6, and were gathered from each state plus Puerto Rico.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Nov 2, 2023 | Economy, News
By Daniel Stefanski |
Arizona Legislators have an opportunity this week to meet and greet with a Canadian delegation.
On Monday, Arizona State Representative David Cook announced that the Delegate General of Québec in Los Angeles, Mr. David Brulotte, would be visiting Arizona on Wednesday. Cook, the Chairman of the Arizona House International Trade Committee, also revealed there would be other Canadian business leaders and organizations comprising the delegation to the state.
According to the lawmaker’s release, “the visit from the Canadian delegation is the result of the successful recent Trade and Foreign Direct Investment Mission to Canada, demonstrating a commitment to fostering strong economic ties between Arizona and Canada.”
“We are honored to welcome Delegate General David Brulotte to Arizona,” said Chairman Cook. “This visit marks a pivotal moment in our ongoing efforts to strengthen the economic relationship between our state and Canada. We look forward to productive discussions and collaborative initiatives that will benefit both regions. The Arizona House Committee on International Trade remains dedicated to fostering an environment that encourages trade, investment, and international collaboration, and looks forward to continued progress in strengthening these ties.”
The Vice Chairman of the Committee, Representative Justin Wilmeth also weighed in on the forthcoming visit, saying, “The Arizona House Committee on International Trade is committed to facilitating trade and financial investment opportunities. We believe that this meeting with Mr. Brulotte is an important step in achieving our shared goals of increased cooperation and economic growth. We are excited to work together to build a brighter future for both Arizona and Québec.”
Earlier this year, Cook led a delegation of Arizona House members on a trade mission to Canada, with the goal of “strengthening the longstanding ties between Arizona and Canada, further enhancing economic collaboration, and paving the way for increased foreign direct investment (FDI).” The legislative members who were announced to be attending this trip were International Trade Committee Chairman David Cook (R-7), Vice Chairman Justin Wilmeth (R-2), and committee members Tim Dunn (R-25), Melody Hernandez (D-8), and Mariana Sandoval (D-23). Representative Michael Carbone (R-25) was also expected to join the delegation.
The objectives for September’s Canadian trip included “engaging with the US Embassy in Ottawa for a comprehensive trade brief and fostering discussions with economic development organizations from the provinces of Ontario and Quebec, and with the Ontario Legislature and economic leaders to explore trade and investment prospects.”
In April 2023, the bipartisan House International Trade Committee unanimously adopted a plan “for conducting international trade” – a notable feat, considering the partisan nature of many efforts at the Legislature during the 2023 session. The Committee shared that its objectives were “to strengthen bilateral ties with existing international partners, attract more foreign direct investment to a booming Arizona and extend Arizona’s international reach for enhanced captured value to sustain a robust growing economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Nov 1, 2023 | Economy, News
By Daniel Stefanski |
A local team’s unexpected run to the pinnacle of the baseball world has given its city an economic boon.
The Arizona Diamondbacks weren’t expected to go too far during the 2023 Major League Baseball postseason, but the team has proven its doubters and detractors very wrong over the past few weeks, reaching the World Series for the first time since 2001. This journey through October provides an infusion of tens of millions of dollars to the City of Phoenix and the State of Arizona, giving the local economy millions of extra reasons to cheer on their team.
Glenn Farley, the Arizona Director of Policy & Research for the Common Institute, published a piece about the expected economic impact for the region based on the hometown team’s surge through the playoffs. He wrote that “because the events are unplanned and non-competitive, the typical costs associated with attracting and hosting a major event are largely missing during a World Series, and successful hosting depends on a cities natural economic base and infrastructure rather than disposable infrastructure developed specifically for the event.”
Farley pointed out that the State of Arizona’s sports and tourism sector “employs 167,000 people,” and that “those tourism and hospitality workers were already on hand to support visitors and consumers for the unexpected World Series windfall.”
The economic benefits of the World Series in Arizona follow a busier-than-normal year for the Valley’s national sports scene. Researchers from Arizona State University found that the January Fiesta Bowl for college football garnered $170 million, the February Phoenix Open for golf another $277 million, and the February Super Bowl for the NFL topped out at $1.3 billion. The first full Cactus League Spring Training season since 2019 also brought hundreds of millions of dollars to Arizona towns and cities. In addition, Arizona hosted an early round of the World Baseball Classic back in March.
Researchers also have shared that the two cities that hosted the World Series in 2022 earned $68 million and $78 million, respectively, from economic spending attached with their team’s individual trips to the Fall Classic.
In his post, Farley added, “The state’s impending successful hosting of a World Series, following a Super Bowl and during an ongoing recovery for the state’s conventions and tourism, is another opportunity to celebrate its success in cultivating a robust and diverse local economy – including young and healthy infrastructure, a large and perennial tourism industry, and an innovative approach to taxes and regulations that supports business development.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Oct 30, 2023 | Economy, News
By Daniel Stefanski |
Americans are spending lots of their money on Halloween festivities in 2023.
A recent study by the National Retail Federation (NRF) showed that there is likely to be $12.2 billion spent on Halloween this year in the United States. This number is an increase from last year’s figure of $10.6 billion.
Halloween spending has recovered from its decline during the COVID-marred year of 2020, where $8 billion was expected to leave the wallets of consumers.
The rise in spending tracks the statistics for the total number of people celebrating on the holiday. Seventy-three percent of Americans are expected to take part in some sort of celebration for Halloween, up from sixty-nine percent in 2022.
“More Americans than ever will be reaching into their wallets and spending a record amount of money to celebrate Halloween this year,” NRF President and CEO Matthew Shay said. “Consumers will be shopping early for festive décor and other related items and retailers are prepared with the inventory to help customers and their families take part in this popular and fun tradition.”
Phil Rist, the Executive Vice President of Strategy for Prosper Insights & Analytics, also issued a statement in conjunction with the release of the survey that was conducted by his firm. Rist said, “Younger consumers are eager to begin their Halloween shopping, with more than half of those ages 25-44 planning to shop before or during September. Social media continues to grow as a source of costume inspiration for younger consumers, as more people under 25 are turning to TikTok, Pinterest and Instagram for ideas.”
The survey found that each consumer is likely to spend $108.24 this year through the October 31st holiday. Almost seventy percent (69%) of people are projected to buy costumes for Halloween, leading to $4.1 billion of spending. Americans are also likely to shell out $3.9 billion on decorations and $3.6 billion on candy in 2023.
According to the report, “consumers are looking to get an early start on their Halloween shopping” with just under fifty percent (45%) commencing their holiday shopping before the month begins, which is an increase of twelve percent from ten years ago.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Oct 20, 2023 | Economy, News
By Daniel Stefanski |
One Arizona leader is using her statewide office to support Israel at a time when that nation faces tremendous threats to its security.
Arizona State Treasurer Kimberly Yee recently announced that her office “plans to increase Israel bond holdings to support Israel during this time of crisis.” Yee’s press release shared that the State Treasurer’s Office “has been investing in Israel bonds since 2013 and currently has $15 million in holdings.”
Treasurer Yee issued a statement in conjunction with her announcement, saying, “In the wake of the distressing news of the horrific terrorist attacks in Israel, I promptly directed my investment team to contact our esteemed partners in Israel to increase our Israel bond holdings as we continue to stand firmly with Israel. The state of Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, and not just our words.”
Yee also took an opportunity to highlight the importance of her action and encourage her colleagues around the country to follow suit. She said, “Israel bonds are a secure and reliable investment option that not only contributes to the Arizona Treasury’s diversified investment portfolio, but also strengthens our support and partnership with the State of Israel. Investing in Israel bonds is something that I not only support, but also urge my fellow state financial officers to do as well, especially in this time of crisis. In this time of adversity, it is our duty to stand resolute and support Israel as a nation.”
The Treasurer’s Office noted that “Israel bonds serve as an investment option for individuals, institutions and nations worldwide to support the economic growth and stability of the State of Israel,” adding that “investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.”
According to Yee’s office, “the Israeli government will be issuing new bonds and Arizona has been placed at the forefront of the list of institutional buyers.”
The second-term Republican Treasurer has been a staunch supporter of Israel throughout her time in public service, using her platform and her office to stand with the American ally to the full extent of her authority. During her first term, Yee led the efforts to become “the first state in the country to enforce Anti-BDS laws (Boycotts of Israel) by divesting $143 million from Unilever, the parent company of Ben & Jerry’s, in response to the company ending distribution of its products in parts of Israel.”
In 2022, Treasurer Yee also notified Morningstar Inc. that they were at risk of being placed on the Arizona Treasury’s prohibited investment list for violating Arizona law by actively boycotting the State of Israel. Yee said, “It is my duty to defend Arizona’s anti-BDS law and I will ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Oct 20, 2023 | Economy, News
By Daniel Stefanski |
As Arizonans continue to pay high prices at the gas pumps, a recent revelation exposes a possible contributing factor from the state’s chief executive.
On Monday, the Joint Legislative Ad Hoc Study Committee on Air Quality and Energy issued a press release after a hearing with Michelle Wilson, the Regulatory Compliance Administrator for the Arizona Department of Weights and Measures, publicizing that Wilson “admitted the Hobbs Administration was passive when oil companies in March warned of refinery shutdowns.” The Committee added that “according to Wilson, for the first time in five years, the Governor’s office received a request from refineries to ask the EPA for a waiver, allowing for an alternative fuel type to provide an adequate supply for drivers and preventing a hike in gas prices” – yet after the Governor’s Office “had conversations with the EPA about submitting a request for a waiver,…the EPA convinced Hobbs to not submit one.”
According to Senate Republicans, “this catastrophe reduced the supply of the type of gasoline drivers in Maricopa County are required to fill their tanks with, known as ‘Cleaner Burn Gas’ (CBG), in order for Arizona to comply with the U.S. Environmental Protection Agency’s Clean Air Act requirements.”
“Rather than making a case on behalf of Arizonans struggling to fill their tanks with prices hitting $5 per gallon, Governor Hobbs chose to not push back against the EPA and was complicit with the Biden Administration’s pro-inflation, radical environmentalist agenda,” said Senator Sine Kerr, the Committee’s co-chair. “As a result of Hobbs’ inaction, Maricopa County drivers were forced to shell out an extra several hundred million dollars just to get to their destinations during this supply disruption.”
“It’s clear Governor Hobbs is taking her marching orders from the federal government, instead of serving the best interests of our citizens,” said Senator Frank Carroll, a member of the committee. “While Republicans were securing a tax rebate to give $260 million dollars back to Arizona families hurting from historic price hikes, the Governor sat on her hands and cost families at least half that amount at the pump. We plan to analyze potential changes to policy to protect Arizonans from these irresponsible actions by the Executive Branch and reckless big government overreach.”
In the leadup to the hearing, legislative Republicans signaled they sought to investigate “the driving force behind (Arizonans’) pain at the pump and how to provide relief to motorists.” They promised to “analyze one of the contributing factors pushing Arizona’s gas prices to level higher than the national average, which is the unique blend of gasoline required by state law since 1997 called ‘Cleaner Burning Gasoline.’”
This isn’t the first time Hobbs has taken political heat for her actions (or lack thereof) on this issue. Earlier this year, Senator Jake Hoffman unleashed a blistering rebuke of Hobbs’ reported failure “to do the right thing by requesting this waiver to allow prices at the pump to drop.” Hoffman’s statement followed accounts of a letter that had been sent to Hobbs in March by independent petroleum refiner HF Sinclair, warning the state’s chief executive “of a critical supply shortage in Arizona due to an unexpected equipment failure stopping the production of ‘Cleaner Burning Gasoline’ (CBG) required by the Biden Administration in Maricopa County, as well as parts of Pinal and Yavapai Counties.”
Per Senator Hoffman’s release, HF Sinclair had argued that Hobbs would be within her right to seek the waiver from the EPA, writing, “Pursuant to 42 U.S.C. § 7545(c)(4)(C)(ii), EPA may temporarily waive a control or prohibition respecting the use of a fuel when extreme and unusual fuel supply circumstances prevent the distribution of an adequate supply to consumers. EPA may grant such a waiver where such circumstances are the result of a natural disaster, Act of God, refinery equipment failure, or another event that could not reasonably have been foreseen or prevented, and where doing so would be in the public interest (e.g., when a waiver is necessary to meet projected temporary shortfalls in fuel supply in a state or region). Such circumstances presently exist in Arizona.”
In his June release, Hoffman said, “Katie Hobbs’ incompetence as Arizona’s Governor continues to take center stage, and hardworking Arizonans are paying the price for it. The average price for a gallon of gas right now in Maricopa County is a full $1 higher than the national average. This is extra money that could help with groceries, medications and other necessities many of our taxpayers are having a difficult time affording because of the Biden Administration’s reckless policies leading to historic inflation.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
