The state of Arizona is among the top ten in the nation for having the most credit cards.
According to a new study by WalletHub, Arizonans rank ninth among all states concerning credit card ownership.
The average Arizonan has an average of five credit cards. The average American has around four open credit cards, per their data.
There was an average of between one and two credit cards opened by Arizonans in the third quarter of 2023, with the average number of credit cards owned ballooning to between five and six that quarter.
Compared to last year, that marked a six to seven percent decrease in the average number of new credit cards opened. However, there was an overall increase of nearly seven percent in the number of average credit cards owned by Arizonans in the same time frame.
Outranking Arizona, in order for most to least, were: Alaska, New Jersey, Nevada, Wyoming, Arkansas, Florida, Georgia, and California.
The combined high ranking and increase in credit card ownership in the state may be another symptom of the poor health of the economy.
Last November, Arizona was among the states facing the highest inflation rates in the nation. According to the latest Consumer Price Index data, prices have gone down by less than half a percent over the past month, but up by over three percent compared to one year ago.
Over the last quarter of 2023, Arizona’s cost of living ranked 36th in affordability. RentCafe data reflects Arizona’s cost of living to be around six percent higher than the national average: 20 percent higher in housing, two percent lower in utilities, two percent higher in food, four percent lower in health care, even in transportation, and one percent higher in goods and services.
Earlier this month, CBS News reported that Arizonans would have to spend over $13,000 more annually to maintain the same basic cost-of-living standards from last year. That’s over 16 percent higher than the national estimation: over $11,000.
In September, the National Low Income Housing Coalition reflected in its annual report that the average Arizonan would need to make nearly $30 an hour to afford a two-bedroom rental home. That translates to 86 hours at the $13.85 minimum wage, or 71 hours for a one-bedroom rental home.
Yet, Arizona was ranked among the top 20 in the nation for business.
Coupled with these facts, credit card debt ballooned to a record high of nearly $1.1 trillion in the third quarter of this year, part of a record high of over $17 trillion of overall household debt. Per a previous study by WalletHub over the summer, Arizona ranked 10th for credit card debt.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
Minimum wage in Arizona will rise to over $14 an hour in the new year, a 50-cent increase from the previous amount of over $13.
At $14.35, that will make Arizona the state with the ninth-highest minimum wage in the country. Only eight Democratic-led states — California, Washington, New York, Connecticut, New Jersey, Maryland, Massachusetts, and Colorado — outrank Arizona in their minimum wages offered.
Arizona was one of 22 states to receive a minimum wage increase.
The state’s minimum wage adjustment originated with Proposition 206 — referred to as the Fair Wages and Healthy Families Act — passed by voters in 2016 under former Gov. Doug Ducey. At the time of the act’s passage, the minimum wage was about $8 an hour. The act initiated an incremental increase in the minimum wage from $8 in 2016 to $12 an hour in 2020, with all subsequent annual changes based on cost of living increases.
The act exempts individuals employed by parents or siblings, babysitters, state or federal government employees, and small businesses that gross less than $500,000 annually and don’t have to pay a minimum wage per federal law.
Since 2006, municipalities have been allowed to set a local minimum wage higher than the state.
Flagstaff and Tucson both have their own minimum wage ordinances; Flagstaff requires its wage to be at least $2 higher than the state, while Tucson currently has an incremental increase to reach $15 by 2025.
2024 marks the first year Flagstaff will adjust its minimum wage based on cost of living. Tucson will adopt the same schedule after 2025.
According to those parameters, Flagstaff’s minimum wage will rise to $17.40 come January. Tucson was set to reach a $14.25 minimum wage this year according to its schedule, but according to the law will match the state raise to $14.35.
In recent years, Flagstaff has battled with the state in court over its minimum wage schedule. The Arizona Court of Appeals ruled in February that the city would have to pay the state over $1.1 million for its minimum wage ordinance, per a 2019 law requiring annual assessments of municipalities with a minimum wage exceeding that imposed by the state. These assessments review estimated state agencies’ costs attributable to the higher minimum wage.
The federal minimum wage remains at $7.25 an hour, unchanged since 2009. Democrats in the House and Senate are looking to change that with proposed legislation to increase the minimum wage to $17 by 2028.
According to an Economic Policy Institute analysis, the raise would result in an estimated $86 billion annually in wages for over 27.8 million workers, averaging out to about $3,000 more per worker annually. Those millions affected make up about 19 percent of the national workforce.
In Arizona, the proposed federal minimum wage raise would impact roughly 629,000 workers with an average annual increase of over $900.
The Congressional Budget Office (CBO) issued a review of similar legislation which proposed a minimum wage increase of $15 an hour by 2027. CBO estimated that earnings would raise for some, but overall there would be a decrease in employment.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
Rep. Debbie Lesko’s office showed off this year’s Christmas decorations available to them due to “Bidenflation”: a single, plain sign poking fun at historic inflation rates.
“Due to Bidenflation all we could afford was this crummy sign,” read the sign, with a classic depiction of Charles Dickens’ Oliver Twist begging for more food with an empty bowl of porridge, next to a picture of a Christmas hat-wearing Biden pointing at Twist with the caption “I did that!”
Lesko explained in a post that “Bidenflation” had a detrimental impact on her office’s tradition of decorating for Christmas.
“It’s a long-standing tradition that the second floor of Longworth is decorated for Christmas,” said Lesko. “My staff and I wanted to participate, but with Bidenflation who can afford it?”
It’s a long-standing tradition that the second floor of Longworth is decorated for Christmas. My staff and I wanted to participate, but with Bidenflation who can afford it? pic.twitter.com/IG0z5YVIXJ
The Bureau of Labor Statistics (BLS) reported last month that the Consumer Price Index (CPI) of all items increased by 3.2 percent compared to last year, with food at about three percent higher, all other items at four percent higher, and energy down over five percent.
On Tuesday, the BLS confirmed a .1 percent increase in the CPI last month, noting that overall cost of living reflected in the shelter index offset the decline in the energy index.
The greatest increases occurred in the cost of meals eating out, medical care commodities (drugs, medical equipment, and supplies), and services less energy services including shelter and transportation.
Meals at home increased by 1.7 percent: cereals and bakery products increased by 3.4 percent; meats, poultry, fish, and eggs increased by .1 percent; dairy and related products decreased by 1.4 percent, fruits and vegetables increased by .4 percent, nonalcoholic beverages and beverage materials increased by 2.9 percent, and all other foods increased by 3.3 percent.
Eating out increased by 5.3 percent: full service meals and snacks increased by 4.3 percent, and limited services and meals increased by six percent.
Energy commodities decreased by 9.8 percent: gas decreased by 8.9 percent and fuel oil decreased by 24.8 percent. Energy services decreased by .1 percent: electricity increased by 3.4 percent, while utility gas decreased by 10.4 percent.
Commodities less food and energy commodities sustained their price levels: new vehicles increased by 1.3 percent, while used cars and trucks decreased by 3.8 percent; apparel increased by 1.1 percent; medical care commodities increased by five percent; alcoholic beverages increased by 2.9 percent; and tobacco and smoking products increased by 7.7 percent.
Services less energy services increased by 5.5 percent. Shelter increased by 6.5 percent, with rent of primary residence increased by 6.9 percent and owners’ equivalent rent of residences increased by 6.7 percent.
Transportation services increased by 10.1 percent: motor vehicle maintenance and repair increased by 8.5 percent, motor vehicle insurance increased by 19.2 percent, and airline fare decreased by 12.1 percent.
Medical care services decreased by .9 percent, with physicians’ services decreased by .7 percent and hospital services increased by 6.3 percent.
Under President Joe Biden, the CPI hit a four-decade high last June: a 9.1 percent increase.
Annual inflation rates under former President Donald Trump averaged out to 1.9 percent: 2.1 percent in 2017, 1.9 percent in 2018, 2.3 percent in 2019, and 1.4 percent in 2020. The average annual inflation rates under Biden — factoring in 2021, 2022, and the latest inflation rate from this year — sits at over 5.5 percent.
These increases translate to Arizonans having to spend tens of thousands of dollars more for everyday necessities on average.
A study released earlier this year found that the average Arizona household must spend over $13,300 more to maintain the same standard of living they had in January 2021 — the state with the third-highest averages, just after Utah and Colorado.
The Thanksgiving dinner table may have also looked different this year. This year’s annual American Farm Bureau reported an average cost of $61 for a basic 10-person Thanksgiving dinner, down three dollars from last year but still eight dollars higher than 2021.
The average gas price in Arizona is currently at about $3.30.
Biden administration officials indicated to reporters this week that they anticipate 2024 will bring a continued decline in inflation. The Federal Reserve didn’t modify interest rates on Wednesday; Chairman Jerome Powell indicated that they would cut them next year.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
On Wednesday, Republican lawmakers held a press conference to announce their plan to “ease the financial burden hitting hardworking Arizonans when they fill their gas tanks…by addressing fuel blend requirements in Arizona.”
The fuel blend issue at Arizona pumps has long been a point of contention between legislative Republicans and the Hobbs’ administration, leading to this proactive attempt at a solution on the lawmakers’ side. According to the press release issued by the State Senate Republican Caucus, “Arizona is required to provide drivers in Maricopa County a specific fuel blend for cooler season months and a different fuel blend specific for warmer season months.” The blend employed by the state during spring and summer is “Cleaner Burning Gas” (CBG) – a boutique blend dictated by statute and procured from outside the state, which can lead to shortages and higher prices for consumers filling up their tanks at critical times of the year.
Faced with this issue of a very limited set of approved fuel blends, Arizona legislative Republicans announced that they had “identified eight comparable blends” in their free-market proposal to allow “as many fuel blends as possible.”
“We believe the EPA can and should approve those blends for use, as they provide nearly identical clean air benefits as CBG,” said Senate President Warren Petersen. “Providing multiple fuel options allows the market to compete during unexpected shortages and helps keep gas prices low for Arizona drivers.”
Senator Justine Wadsack, the bill’s sponsor, added, “The Legislature was not made aware of the shortage until after it had happened. As part of our plan, we’re proposing the Legislature be immediately notified if a waiver is requested by refineries, and that the Senate President and House Speaker are provided the authority to file a waiver request directly with the EPA. Hardworking Arizonans are struggling in this economy. Turning a blind eye to crippling gas prices is like throwing salt on their wounds. As lawmakers, we should do everything in our power to improve the lives of our citizens who elected us to represent them.”
The issues raised by Wadsack refer to previously induced information this year that the Governor’s Office was convinced by the EPA not to submit a waiver for an “alternative fuel type to provide an adequate supply for drivers and preventing a hike in gas prices,” despite oil companies warning state officials of significant refinery shutdowns and past Arizona Governors applying for and receiving that opportunity. According to Senate Republicans, “this catastrophe reduced the supply of the CBG (fuel blend).”
In an exclusive statement to AZ Free News, Representative Austin Smith said, “I applaud my fellow freedom caucus colleagues, Kolodin and Wadsack, for being the leaders on this issue. Every Arizonan, specifically in Maricopa County, has felt the pain at the pump under the Biden administration. Katie Hobbs could have led on this issue with requesting a waiver from the EPA, but failed to do so. As Vice Chairman of the House Energy committee, I look forward to seeing the proposals come forward this upcoming session. It’s the upmost importance to deliver real solutions to working Arizona families where we can.”
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 the aforementioned 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 CBG required by the Biden Administration in Maricopa County, as well as parts of Pinal and Yavapai Counties.”
At the time, 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.”
Senator Shawnna Bolick, who also attended the Wednesday press conference, told AZ Free News that “earlier this year, a proposed waiver that would have helped Arizonans save millions at the pump was rejected by an unelected government bureaucracy. During the critical supply shortage of CBG this spring it would have been invaluable to have this legislation to increase the availability of multiple gas blends instead of the current monopoly. It is time to remove unnecessary excessive red tape and open the market to competition to help Arizonans counter the Biden inflationary economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
Rep. Eli Crane (R-AZ-02) says that President Joe Biden’s energy policies are to blame for the burgeoning energy and national security crises.
Crane linked the crises to “idiotic” actions by the Biden administration, citing the cancellation of the Keystone XL pipeline, ban on drilling on federal lands, and the resulting depletion of the Strategic Petroleum Reserve (SPR).
“The Biden Admin has sabotaged American energy & compromised our national security,” said Crane. “Not to mention, these idiotic moves impose crippling costs on Americans.”
👉🏻 Canceled the Keystone XL pipeline. 👉🏻 Banned drilling on federal lands. 👉🏻 Depleted our Strategic Petroleum Reserve.
The Biden Admin has sabotaged American energy & compromised our national security.
Not to mention, these idiotic moves impose crippling costs on Americans.
Gas prices in Arizona average about $3.40, a decline from last year’s average of $3.90. The national average was lower as of the latest federal data, at about $3.20. Arizona’s average gas price reached a record high last March, surpassing the previous high set in June 2008.
Biden canceled the Keystone XL pipeline on his first day in office by revoking the permit necessary for the pipeline’s completion through executive order. About a week later, Biden issued another executive order paving the way for a ban on new oil and gas leases on public lands and waters. That ban has not come to fruition, though the administration has added other burdens to the oil industry.
In July, the Biden administration announced new rules that would increase the cost that oil companies must pay to drill on public lands by over 16 percent — ending a century-long rate of about 12 percent — and end the renewal of unused permits.
When the Russo-Ukrainian conflict escalated last year with Russia’s invasion into Ukraine, the Biden administration began tapping into the SPR to mitigate the resulting rise in oil prices.
The strategy resulted in a 40-year record depletion of the reserve, at 180 million barrels. Last week, the Department of Energy (DOE) reported that it bought back nearly nine million barrels.
Today, I'm authorizing the release of 1 million barrels of oil per day for the next six months—over 180 million barrels—from the Strategic Petroleum Reserve. This is a wartime bridge to increase oil supply until production ramps up later this year.
According to the U.S. Energy Information Administration (EIA) monthly data, domestic crude oil production increased at a greater rate under Trump than the past two years under Biden.
Under Trump (thousand barrels):
2017 produced 3.4 million; by September produced 2.5 million
2018 produced 3.9 million; by September produced 2.9 million
2019 produced 4.4 million; by September produced 3.3 million
2020 produced 4.1 million; by September produced 3.1 million
From 2017 to 2018, there were over 581,000 more barrels produced. From 2018 to 2019, there were over 496,000 more barrels produced. 2020 marked a decline, with about 351,000 less barrels produced. The first three months of 2020, prior to the pandemic’s likely impact, reflected record productions of crude oil that were higher than the first three months of this year’s production levels.
Under Biden (thousand barrels):
2021 produced 4.1 million; by September produced 3 million
2022 produced 4.3 million; by September produced 3.2 million
Amount in 2023 produced so far (as of September): nearly 3.5 million
From 2021 to 2022, there were 234,000 more barrels produced. So far this year, there have been about 281,000 more barrels produced.
The Biden administration has made clear its commitment to swapping oil for total electrification. Their goal aligns with a globalist commitment to achieve net zero emissions by 2050.
Over the weekend, the Biden administration announced a new rule to reduce methane emissions from oil producers.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
On Thursday, it was announced that Amkor Technology would be bringing a multi-billion-dollar campus to Peoria in the next few years. The company will be partnering with Apple to package and test silicon.
The new Amkor campus is expected be a $2 billion investment and create 2,000 jobs. The Peoria City Council will have to approve the development agreement in 2024.
The Chief Operating Officer for Apple, Jeff Williams, also noted the announcement in a press release for his company. Williams said, “Apple is deeply committed to the future of American manufacturing, and we’ll continue to expand our investment here in the United States. Apple silicon has unlocked new levels of performance for our users, enabling them to do things they could never do before, and we are thrilled that Apple silicon will soon be produced and packaged in Arizona.”
Governor Katie Hobbs weighed in on the news for her state, stating that this project would “be one of the most significant semiconductor investments in the U.S.” and that it would “solidify our state’s leadership in the semiconductor industry – reshoring an essential part of our supply chain to the United States.”
HUGE NEWS ➡️ Amkor announced they’ll build a historic advanced packaging & testing facility in Peoria, which will be one of the most significant semiconductor investments in the US.
This $2 billion investment will create over 2,000 jobs for Arizonans and solidify our state’s…
“Expansion of a US semiconductor supply chain is underway, and as the largest US-headquartered advanced packaging company, we are excited to lead the charge in bolstering America’s advanced packaging capabilities,” said Giel Rutten, Amkor’s president and chief executive officer. “Semiconductor companies, foundries, and other supply chain partners understand the need to strategically broaden their geographic footprint. The announcement of our new advanced packaging and test facility in Arizona is a clear signal of our intent to help our customers ensure resilient supply chains and be a part of a strong American semiconductor ecosystem.”
According to Amkor’s press release, the company has “secured approximately 55 acres of land with intent to build a state-of-the-art manufacturing campus with more than 500,000 square feet of clean room space.”
The announcement from Amkor follows a years-in-the-making project for the Taiwan Semiconductor Manufacturing Company’s (TSMC) construction of a facility in north Phoenix, just outside of Peoria. TSMC’s investment is $40 billion and is expected to create thousands of additional jobs for the area. The facility is expected to start production of the semiconductor chips, that will be then tested and packaged by Amkor, in 2025, providing the company fills its quota of workers.
Peoria Mayor Jason Beck welcomed the announcement from Amkor and Apple, saying, “It is no secret that our nation is reshoring its advanced manufacturing industries. We are proud of Peoria’s global leadership in this movement, and the significant capital investment and quality jobs that it brings to our community. This tremendous announcement is a credit to the City Council’s commitment to economic development, and staff’s hard work and dedication on this project.”
We are proud of Peoria’s global leadership in this movement that will produce semiconductors that are vital to our national security, the significant capital investment in our area, and quality jobs that it brings to our community. This tremendous announcement is a credit to the… https://t.co/WhhuPrbMmR
— Office of Peoria Mayor Jason Beck (@MayorPeoriaAZ) November 30, 2023
This facility won’t likely be the last significant business and investment coming to Beck’s city. The Mayor’s TYR Tactical is one of Peoria’s largest employers, and he used that experience to shape his economic development vision for Peoria’s future. He campaigned on the construction of a city owned airport “that will create thousands of jobs and billions in economic impact” for Peoria, as well as the “creation of culture that is not only Pro Business but moves at the speed and efficiency of business.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
