Solution to SB 1070
Monday, June 28th, 2010
Solution to SB 1070 and the Economic Disaster in Arizona
SB 1070 is a shock that will force reform. We can counterbalance anger by offering financial incentives to move to Arizona. Make our state attractive financially! Businesses will migrate here to increase profitability. Newcomers will create jobs and improve our standard of living.
There have been dramatic movements of bank headquarters to states that offer incentives. States like Delaware, Nevada and South Dakota have taken billions of dollars of bank assets and thousands of jobs from Arizona.
On December 31, 2004 Arizona had $58.6 billion in bank assets with 7,228 bank jobs; Nevada had $54.4 billion with 6,662 jobs. By March 2010, Arizona lost $44 billion and 3,389 jobs while Nevada grew bank assets by $1.2 trillion and 164,335 bank jobs.
See the following information about bank assets and bank employees from the Federal Deposit Insurance Corporation quarterly report of March 31, 2010.
Assets-billions $* Bank Employees* Population – millions
|
Arizona |
|
$14.6 |
|
3,839 |
|
6.5 |
|
|
Nevada |
|
$1,255.3 |
|
170,997 |
|
2.6 |
|
|
South Dakota |
$1,245.4 |
|
220,600 |
|
0.8 |
|
|
|
Delaware |
$971.5 |
|
126,499 |
|
0.9 |
|
|
Arizona would be sharing in more of the world’s wealth if some of our legislators were not attached at the hip to lobbyists. Correct the problem and Arizona could soon increase total per capita personal income annually by $19 billion to $38 billion, approximately $3,000 to $6,000 per capita.
Economic relief for Arizona would begin before ink dries from the Governor’s signature on legislation correcting this shameful problem.
(Portions of this article by Ernest Garfield were published in “Valley Leaders Give Advice on How to Bolster Arizona’s Image” in The Phoenix Business Journal, June 25, 2010.)
Go to www.arizonaoutreach.info for a more detailed study on how devastating our economic circumstances are and how you can personally help overcome them.