-- 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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Blame Illinois democrats for creating a hostile biz climate
Stellantis surprisingly just reported blow-out earnings with big plans to expand EVs and EV batteries in coming years. With $2.5 Billion EV battery plant in Indiana!!!! Poor JB, oooch!!
from todays Trib—
“A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South Korea’s LG Energy Solution that aims to create about 2,500 jobs.”
https://www.chicagotribune.com/business/ct-biz-stellantis-earnings-ap-20230222-zg3li4dlrzbcxncsud6fc7snsa-story.html
LOL, the article says Stellantis shut the Belvidere plant because of chip shortages. No one believes that. Stellantis shut the plant because sales of the Cherokee have dropped by 80% in four years due to significant price increase! IL’s business climate certainly contributed to the decision to keep it closed instead of reusing it for other purposes.
in fairness, I see the Stellantis battery plant was announced a year ago…but its still got to hurt
Illinois’s business climate is certainly a factor in this decision but the French conglomerate Stellantis’ ownership of the CDJR (Chrysler Dodge Jeep Ram) brand has a been a complete disaster. These four brands are struggling in the marketplace and sales have nosedived. Stellantis raised prices significantly over the past few years and incentives/rebates are low. Technology is old and dated and buyers have moved on to other brands as inventory is sitting on lots. The best example of this is the monstrosity that is the Jeep Wagoneer, the $100,000 ‘luxury’ behemoth plagued with design flaws. No one is buying these… Read more »
Considering my lemon of a Neon rolled down its line, I’m not crying crocodile tears. That said, who knows if Dodge or Chrysler will be viable nameplates within the next five years? And who knows what products Jeep will offer? With all of them being part of Stellantis, a European based conglomerate, I could see vehicle production for Dodge and Chrysler ending, or being pulled overseas or to plants in Canada and Mexico. The same with Jeep.
Illinois has done its best to destroy the free enterprise system and it is working.
If you live in Belvidere, it is time to move to Texas or Florida (cops are). They are doing you a favor in the long run. Make sure you give them the 1 finger salute as you cross the state line.
Stellantis raised the price of the Cherokee from $27,235 in 2019 to $37,695 in 2023, with options usually pushing it into the $40k range. As a result, sales nosedived 239,437 units sold in 2019 to only 40,322 in 2022. This is the death of a brand.
Stellanits can’t give this overpriced piece of crap away. There’s no need for this plant to continue making cars that no one wants.
One of the managers at the local Home Depot bought a white one last year. I told him that it was the Elizabeth Warren model because it was white on the outside but calls itself a Cherokee
I recall going to Kenosha to eat at a German restaurant of some good reputation. It was right across the street from the American Motors plant. I was 12 years old and even then absolutely knew that factory was toast as one could see that the cars rolling off the line into the parking lot were little better than unreliable novelties. The Cherokee is receiving the same kind of press. It is not a good story – the workers at the Belvedere plant are not in a good place.