-- 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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Beetlejuice screwed the pooch on this one,,, she gonna have to deal with the blowback now!
The Mayor and Pritzker cheered on the ‘peaceful protest’, hardly lifting a finger and now they don’t want suckers, errr businesses to leave! Wow!
Don’t I remember Chicago erecting barriers to WalMart opening stores in Chicago?
Pleading = desperation
If I were Walmart, I’d abandon the city until I got 24 hour security on my stores and massive tax breaks. Screw Lightfoot, she lost control and in many cases empowered the looters.
In the history of commerce, pleading usually is not the most effective tactic of persuasion. Here’s a novel thought: offer them a tax break, pledge to protect their business inventory, make it easier to do business in Chicago. How does she not understand that? This is what happens when we elect social justice trial lawyers to government offices.
a novel thought: offer them a tax break… Read it and weep. Explains why Illinois debt burden is hefted onto the backs of taxpayers via property and sales taxes and astronomically high. And why political graft, financial malfeasance and corporate welfare are the foundation of Illinois debt. Corporate Welfare giveaways and freebies comes in many forms such as TIFS https://www.goodjobsfirst.org/striking-chicago-teachers-highlight-tif Next on the list: Taxbreak Tracker: https://www.goodjobsfirst.org/taxbreaktracker Onto Tracking Subsidies, Promoting Accountability in Economic Development Tracking Subsidies, Promoting Accountability in Economic Development https://www.goodjobsfirst.org/states/illinois Subsidy Tracker: State Summary of State and Local Awards State Name: Illinois Subsidy Total: $6,209,231,231 Number of… Read more »
If you think tax breaks are the cause of Illinois’ debt burden, then I have a bridge in New York to sell you. Try again. It is not a revenue problem, it is SPENDING PROBLEM.
The foundation of Illinois’ debt is the outrageous, immoral salaries and pensions paid to the incompetent, lazy, underworked, overpaid, greed-crazed teachers and other unionized public employees
The tax breaks and making it easier to do business in Chicago should be for all businesses not just the large ones. All businesses should be treated the same, big or small.
The Mayor should also be pleading with taxpayers because a lot of the rioting and vandalism occurred in TIF districts.
shhhhhhhhh…
I’m sure those stores that are profitable will remain but the cost and hassle of doing business in Chicago just grows and grows. Recent events now show the police may not protect a business from looting. On top of that, throw in a declining population (customer base) projection. The corporate office will probably close the break even stores or those even a little above break even or worse.
I’m sure shrinkage is a huge issue at some of these stores.
My wife is a Walmart manager, my lord you do not want to know what the shrinkage is at the Chatham Walmart, omg you’d crap your pants
I would,tell us? I’m guessing 35% of inventory is stolen. Am I getting warm!
Yet again, Lori: buy the ticket, take the ride.
I’m old enough to remember when the progressives protested (yet again) the “allowance” of Walmart to build stores in Chicago. They went on and on about their usual litany of issues, but it was remarkable to me that Target, on the other hand, was cool. Target, which pretty much is the same store, but one step more expensive, was a-ok with the white, hair-bunned liberal. Who knows why. Luck of the draw, I suppose. But the black community desperately wanted Walmart, because it’s a store that they like (so do white communities!). They were tired of driving… Read more »
That would make a good story if we can get to it. We should go back and look at all the reasons they were fighting to keep Walmart out.
I remember these days. Wal-Mart has stores surrounding chicago including lincolnwood, two in niles, berwyn, bridgeview, chicago ridge, oak law, but not chicago.
Wal-mart did have some smaller ‘concept’ stores in chicago northside neighborhood but they were shunned because ‘wal-mart’ is evil. Only target it OK.
But now even hipster coolies are saying that the circle bullseyes with their large stores are eyesores in the neighborhoods. These people are never happy.
Don’t forget the one on 95th street in Evergreen Park. I believe it’s the former site of Drury Lane.
They were fighting with good reason. Walmart with its cheap imports from China resulted in a dual hollowing out of the middle class. They underpriced small retailers while helping drive manufacturing jobs out of the US.
China virus and the riots have accelerated two factors that will further impoverish these poor neighborhoods. 1) Fewer businesses will open due to safety concerns and 2) fewer retail spaces are needed to due online ordering.
The richer will get richer and the poor even poorer.
Chatham and Austin don’t have much of a manufacturing and/or smaller retail issue. Jobs and not traveling to Evergreen Park and Forest Park are the Chicago issues. ?