-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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32% Vacancy means those buildings are big losers. The banks may be getting some property back.
I worked as a Real Estate Appraiser for 30 years. Now, from Mexico I will tell you, you’re all doomed! All those fat suburban governments(police, fire, school boards…ect..) spend lots of guaranteed money. Your tax obligations will explode. Get out of Dodge ASAP!!
Like the Mafia, Progressives are authoritarian bullies who drive away firms and their employees.
With all the taxes in Illinois who would want to open an office here? With the outstanding pension debts the state owes it would be a violation of fiduciary duties to open an office in Illinois if the same thing can be accomplished in another, lower tax state.
What trends in IL are good for business? I honestly can’t think of any. Democrats seem to think every business is owned by a millionaire who is just ripe for more taxation.
On a side note. Here is some possible good news for Belvidere. On the news at WIFR -Rockford a few minutes ago an email was sent out to all Stellantis employees nationwide stating that the plant will open as early as 2027 or before making a midsize pickup that is not electric. The station is contacting union reps to see if this is legit but nothing on their website so far. So what will happen to all the incentives promised by Pritzker to build batteries and EV’s only? This will not sit well with the gov if true. Will try… Read more »
Good info Freddy keep us updated means a lot.
From Crains. https://www.chicagobusiness.com/manufacturing-logistics/stellantis-restart-belvidere-hiring-1500-workers
Why is this news? It has been this way since 2008 and getting worse. It’s hard to believe how asleep Illinoisans are, but by all means I don’t want to upset your delicate sensibilities.
Part of being ‘Woke’ is keeping your head in the sand to ignore the real world. Kinda like Pritzker believing men can menstruate and have babies.
Where will the suburban demand come from? Will companies relocate to suburban Chicago? LOL, no they will not. Will new businesses organically birth (as the BLS call it) to employ hundreds of thousands of new suburban employees? LOL, no, there’s no job creation in Illinois. Will existing companies expand and require new space? LOL, no, the article says companies are still downsizing; and at best, the industry is rearranging the deck chairs on the Titanic as lessees move from one building to another. Let’s just say for a moment ignore all of Illinois’s other issues – and lets say things… Read more »
Yup, Illinois the “Doom Loop” state!! That says it all. What’s the symbol for “Doom Loop” to put on are state flag?…..lets start the contest
The biggest tell was when the beautiful Allstate campus was replaced by a logistics warehouse! Could anyone imagine that happening 30 years ago? In fact, back then the local officials would not have allowed it, but the current officials are probably just happy that it’s a warehouse and not an empty field. Living in Western NC, people in Illinois have no idea how high tech this area is and how much money is invested here by the largest American and foreign corporations. If you drove around my seemingly rural area and saw all the forests and trailer parks and guys… Read more »
Ataraxis wrote:
“The best Evanston can do is a new restaurant that will probably close in a year or two…”
LOL… that’s the truth! And since “green” Evanston is in the process of going “all electric”, even *restos* will not be opening here, as they will not be able to use gas stoves…
I find Evanston in general to be grimy and shabby. The downtown used to sparkle decades ago when it was a desirable destination. Highland Park may have a downtown that’s become a bit lifeless, but at least it’s clean and safe.
Evanston taxpayers are not getting their money’s worth, but the knuckleheads voted for it Evanston is like a hotel that charges 5 star prices for 2 star rooms.
Debtsor – Why are 50 percent or more of college age students leaving the State? Back in my day many stayed, and I graduated from a very good Lake County North Shore high school. Is it the quality of the schools, which from a public university perspective decline after UIUC? Or are the students intuiting that there are no longer decent prospects post graduation? You mention Western, a school given my high school quality 2 or 3 people attended (if that). Bluntly put, can a student gain decent employment today from Western in a private business that pays decently? Are… Read more »
Decades ago, Illinois colleges had better reputations. These days, our non-U of I schools are atrocious. These days, they are terrible, and have moribund enrollment. Most, and probably all, of them no longer require submission of SAT or ACT scores, and, if your household income at or near lower-middle class, the school gives away the education for free. The average test scores for those students that even submit scores is at the national, average, or below. These schools push DIE at every turn and graduate low-IQ wokesters. Several Illinois schools are running huge deficits because they can’t fill the seats.… Read more »
The 3D graphic of doom loop commercial property is scary.