Ted joined Shaun Thompson to talk about the S&P downgrade of Chicago’s credit rating, the facts surrounding Detroit’s bankruptcy, how officials are trying everything – next up, legalizing prostitution – to stop the city from collapsing, the problem of using temporary covid money to fund ongoing spending, the counties in Illinois that want a separation from Illinois, and more.
Read more from Wirepoints:
- While S&P downgrades Chicago, Mayor Johnson and city officials deny failures
- A bit of Chicago truth-telling: Actuaries warn of insolvency, businesses fear crime
- Chicago property taxes rise 3.5 times faster than inflation in last decade
- Chicago’s black hole: Pension debts jump even though taxpayers pour billions into city funds
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
It is increasingly clear that the Federal government is not going to bail-out Illinois or Chicago or that sanctuary city status will warrant any deference from Washington. Virtue signaling is no longer convincing unless the signalers put their money on the table to back-up their picket signs and vocal emanations. Fat chance!? Many of us have speculated that Woke support for the the huddled masses lacks real commitment. Similarly, the solidarity of working public employees with their retired predecessors is bound to decrease as those who “work” begin to recognize that their lavish pension expectations are not likely to be… Read more »
It takes a special breed of pol to emulate Detroit. Expect the results to be the same though.
I wrote an article 30 years ago about the fact that Chicago was in danger of becoming Detroit, citing the financial problems with the pensions, spending, then real estate bubble, the tax policy and the anti-business political mind set. People said it would never happen because of Chicago’s business environment was not dependent on a single industry like Detroit. I said that Chicago’s diversification would result in a more gradual decline than Detroit but that it would happen.
Chicagoans have and continue to live in a state of denial.
Check out my article from December 18, 1994 in the Chicago Tribune. “Is Chicago the next Detroit?”.
Google AI states no. I searched article title and this popped up. Very amusing
AI Overview
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No, Chicago is not likely to become the next Detroit. Chicago has a diverse economy and political traditions that have helped it avoid the same economic decline as Detroit.
Looks like AI is in the same state of denial as Chicagoans.
Garbage in, garbage out!
Kamala still can’t spell AI. Remember though it’s been found to have a far left tilt, it’s not exactly objective. It’s only as objective as it’s inputs like The Atlantic, MSNBC and NPR.
I grew up in Detroit and finished all my schooling in Michigan, then spent 35 years in Chicago. Detroit did suffer as the auto industry suffered, it’s true. The city had terrible politicians, but the Detroit metro area was not uniformly governed by scoundrels. In Chicago, the political culture in the city and in the suburbs, even the whole state, is so failed (and obstinate in its failure) that I wonder whether any industry could thrive. What’s worse, a dominant industry that is failing, or a controlling political culture that will make literally every industry fail/ depart?