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PsiQuantum on Wednesday announced a far-reaching partnership with the State of Illinois, Cook County, and the City of Chicago to build the first US-based utility-scale, fault-tolerant quantum computer at the former US Steel South Works property in the City of Chicago.
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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They deserve the high water bills, not residents!
To paraphrase “Field of Dreams”: “If you throw enough taxpayer money at them, they will come.” Also, the workers will have to bob and weave on their daily commute to avoid muggings and carjackings, but that’s a minor point, I guess.
Wrong place for it.
I think best use for that real estate is residential, although that site is environmentally challenged so maybe not. I don’t think this will be a big jobs creator for the south side. Time for the activists to get fired up and get some “community benefits” thrown their way.
It will creat about 150 jobs. Doubt if many applicants on the south side will have the degrees required by DARPA.
… Or pass criminal background checks.
…or show up to work on time.
It’s about time that area of the the great industrial revolution of the 19th century was repurposed for the next great industrial revolution. Quantum computing has its challenges and making it work commercially is a risk. But America needs to start “making things” again and applaud anything like this, including that battery factory in Manteno. Doing “hard things” is what makes a country great, and this will be hard. The alternative is for us to all just continue to fry burgers and lend money to each other, which is where our economy is headed. Government funding seems to be the… Read more »
Exactly Rick. Every time the government gets involved in spending, things go great. Look at all the great universities that accept federal student loans…or the California high speed rail! Or all the electric car chargers that have been built with all that federal money. Oh wait, these have all been boondongles!
Rick, there’s a world of difference between this project and Gotion. America will own the results of this. DARPA, our defense tech unit, is behind it. With Gotion, however, all know-how and tech developed and deployed there will be owned by the Chinese. Moreover, the cost/benefit on this one look better at first glance, or let’s say less worse, than Gotion.
Initially $500 million, then $500 million over 30 years.
Who is going to pay for the expansion of the power grid to support this project? Illinois taxpayers who pay utility bills.
Where’s the initial money coming from? Illinois taxpayers.
Where’s the $500 million ‘over 30 years’ coming from? Illinois taxpayers.
Who is going to benefit from this investment in technology? My first guess is NOT Illinois taxpayers.
More spending by Jay Robert.
Hopefully this taxpayer funded boondoggle will be stopped.