Given where Chicago is right now this new stadium proposal is a bad idea and a bad deal – Wirepoints on The Chicago Way with John Kass
April 26, 2024
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Ted was on The Chicago Way with John Kass and Jeff Carlin to discuss the proposed $5 billion lakefront stadium project proposed by the Chicago Bears & Mayor Brandon Johnson, why Chicago is struggling compared to other metro areas across the country, why the city might or might not go the way of Detroit, and more.
Some Illinois lawmakers continue to deny that covid aid and other federal stimulus bailed the state out of its fiscal mess. But a look at past and projected revenues from COGFA shows just how much the bailouts blew out the state’s revenues. And now that they’re over, how much harder it will be for Illinois revenues to grow.
Election integrity – both real and perceived – is essential to government’s legitimacy and stability. Illinois, like the rest of the nation, better fix its problems now.
Ted joined Dan and Amy to talk about Chicago’s latest bond offering, why Chicago’s dismal home value growth is due to poor policies, the next $70 million to be spent on migrants, the 9% salary hikes demanded by the CTU, and why Illinois lawmakers voting to stop Chicago’s selective enrollment schools from being closed is hypocritical.
Weekly crime statistics from the Chicago Police Department: Report through 4/21/2024.
2006 Hourly Rates: Operating Engineer, Highway 1:
Base Wage = 39.75
Health = 6.85
Pension = 5.60
Vacation = 1.90
Training = 0.70
Total = $54.80
2019 Hourly Rates: Operating Engineer, Highway 1:
Base Wage = 49.30
Health = 20.50
Pension = 16.85
Vacation = 2.00
Training = 1.65
Total = $90.30
Increases 2006 vs 2019:
Base Wage = 25%
Health = 300%
Pension = 300%
Vacation = 5%
Training = 235%
Total = 65%
No one is talking about the insane pension costs for trade labor.
$90.30 an hour for 2000 hours a year is $180,000. That’s a 5%er type of salary.
Does the Pension amount include the employer FICA contribution? I don’t think it does. So add another $3.75 to the employers’ hourly pension contribution, bringing the amount spent on “retirement” contributions to over $20/hr. In other words, over one-third of the base wage amount goes towards retirement. That seems like a crazy number. That would be like Salesforce paying a programmer $100,000 and contributing $33,000 to his 401(k). Maybe not the best comparison given the “seasonal” nature of the trade labor…
How is this not getting more publicity?
This is why we get one mile of road for every five miles Indiana can do. There is a road near me that has been under construction for three years running, 159th near Orlando park. You never see anyone working, it’s been ripped up for years.