-- 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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Since a huge cache of loot was found, Lori will declare victory!
Stopped shopping in Chicago since S.S Kresge’s-Five and Dime-Ben Franklin-Woolworth’s-Weibolts’s-Goldblatt’s-Five and Dime and the iconic Olson Rug Waterfall disappeared. Those WERE the days. Never has been the same since.
Entrenched teachers and other politically correct thinkers have destroyed the schools, the Business District, many merchants, effective policing, the power of the justice system to protect citizens, the economy of Chicago and trust in government. There’s not much left for them to destroy. An army officer in Vietnam once famously said “we had to destroy the village in order to save it.” At the time, that seemed to be an ironic and absurd observation. These days, I’m tempted to think that unbridled looting and violence may be the only way to bring voters and politicians to their senses. I’m not… Read more »
In Australia they are putting people in concentration camps for not wearing a mask, outdoors. When they escape there is a manhunt for them, for the crime of going maskless, just regular folks like us. In Austria they are checking peoples’ “papers” at random on the street. This is all coming to America. Brick and mortar business is a thing of the past if this happens, obsolete just like office buildings are being made obsolete. Commercial real estate is going to die a slow death as endless lockdowns, mandates to inject experimental vaccines that are not vaccines and don’t work,… Read more »
It’s my impression that a lot of commercial real estate is owned by investment funds held by pension trusts, insurance companies, REITs etc. So much of the financial loss will be spread around the participants in those funds. The commercial real estate collapse will also mean that cities like Chicago will collect a lot less real estate taxes. The resulting mess and losses won’t be confined to a few fat-cat landlords but will rather be reflected in reduced city services and a move to replace the lost tax revenues by taxing individual real estate. Another reason to bail from Chicago… Read more »
Did Detroit ever come to its senses?
Bouroughs in New Yorki were burned out for 30 years before anyone did anything about it.
It will take a full generation before we know how bad this all will have been.
Not much downtown retail since the Hudson’s store was closed then imploded. Many downtown businesses still working from home, with office occupancy impact difficult to assess. It’s still the county seat for courts, jails etc. and also the site of the Federal Court so lawyers have to go there now-&-then although much court business is now done online. Lots of empty houses that they can’t tear down fast enough, plus stretches of vacant land. A new pension crisis looms because a multi-year contribution holiday ends soon. 5/14/2021 assessment follows: “It’s a train wreck waiting to happen — that’s what Detroit… Read more »
Chicago businesses are real hard-dupa’d when it comes to mask enforcement, for this reason alone I have no desire/need for them or the downtown “experience”. Also the government continually tells us to cower in fear at home, so be it, they will get exactly what they want. A ghost town.
Kim, Preckwinkle and Lori continue to pander to the permanent victim class in exchange for votes. The looters, carjackers and thugs like the soft on crime enabling of their behavior. These criminals must be prosecuted heavily. Lori won’t do no it because she wants their votes. This is her political base.
I frequently ate out in Lincoln Park and Lakeview, haven’t been back in years and have no intention or desire to return, I value my life! My Life Matters! If Lori thinks this is temporary, she’s delusional.
Let’s be honest, many folks complaining about Chicago’s rampant crime were never going to shop and eat downtown anyways. But now it’s the city-savvy folks who normally weren’t swayed by Chicago’s crime in the past, or at least didn’t let it effect their shopping/dining patterns, who are saying no thanks. Suburban spenders will instead go shop and eat in Oak Brook and forego the city experience altogether. Basic cost/benefit analysis: unless it’s a truly special event, why go out of your way? It’s simply not worth it.
When you lose the city-savvy folks, you’ve lost the city.
I live in the city and have for years and you are 100% correct here (and it sucks, a lot, because I do the same exact thing).
Lived here for 40 years. Will never go downtown again (I now live in Evanston). Our work Holiday party is down in the Loop this year, our first party in two years. But I’m not going, too dangerous. But now the crap is coming to Evanston, several evenings ago there was a shooting near me. Crime is usually in south Evanston, but this incident was “too close for comfort”. Chicago has been totally trashed, now I guess it’s Evanston’s turn: https://abc7chicago.com/evanston-shooting-il-in-news/11279627/ Evanston shooting leaves 1 dead, 4 teens wounded near gas station on Green Bay Road EVANSTON, Ill. (WLS) —… Read more »
Save a life, your life; stay far away from Chicago. No one is safe there. I stopped going to the Mug mile when the spontaneous looting, carjackings, assaults, and down town murders started last year. Now that they are organized so well, an honest person doesn’t stand a chance anywhere in the formerly great city. What is Brownie going to do about it? He will probably pontificate about some reorganization or new task force, but there will be no positive results. His idea of effective policing is changing the organizational chart, not actually putting bad persons behind bars. Oh, and… Read more »
Hey Lori,
My family used to love to go down to Michigan ave during the holidays. We have not been there in over two years and we do not miss it! Chicago is broken!
It’s the Mug Mile now and forevermore. Who in their right mind would go there. At some point the old “shoot to kill” order won’t seem like such a bad idea.
Lori brushes off these concerns as the ramblings of racist suburbanites. They’ll come back, she says privately, they’ll come back because they have no where else to shop, Lori says, never having traveled to the suburbs, and not knowing the difference between Manhattan, Mattoon and Mt Prospect. ..
Has Lori ever heard of Amazon?
Amazon? Never! Why Give the richest man in the world more money? SO many other businesses that want to help you! It’s as easy as typing in a different website into your browser or downloading another free app!
Stupid comments. Better to pay Amazon than be shot by bangers.
I like Amazon, Bezos not so much. Amazon delivers, Chicago delivers you to the morgue.
You would prefer paying to support the Chicago gang?
LOL the liberal white housewives up north demanded police defunding. They got what they wanted. Nothing further is warrented
That was obviously sarcastic
Uh, Bezos is a complete piece of garbage lefty. Most manufacturers sell their products from their websites, no need to buy it from amazon.
The pandemic has shown how reliant Chicago is on “racist” suburbanites. The Loop is dead because suburbanites are increasingly WFH, whereas city dwellers were more likely to return to the office because it’s an easier commute. Lori wants suburbanites – she is more than happy to take their coffee/lunch/nightlife money – but she doesn’t want to do what is necessary to get them back.
I’ve said it before, and I’ve said it again, no one in Cook County has the political will to do what it takes to restore downtown, because it would require arresting, prosecuting and incarcerating member of their political base, and their voters enjoying living in a ‘soft on crime’ atmosphere.
Could scare shoppers away? It has already happened downtown, on the Mag mile and in other parts of Cook County. Many won’t go near those locations because of the robberies and carjackings (not to mention the ridiculous sales taxes.) It does not seem city, county or state politicians are concerned or will change course to address the issue. They must think achieving equity requires many years of persistent crime to level the playing field.
I’m so scared that I haven’t gone there in 20 years. Hurray for me!