-- 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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If Chicago is such an attractive proposition, why isn’t Harry enjoying the city instead of hiding out in Wilmette?
A good salesman uses the product he’s hawking.
Everything looks just great on Harry’s commute from Wilmette to Evanston. It’s even better than his former commute to Deerfield. Harry knows a “value proposition” when he sees one.
Ain’t life grand!
I know, right? And this academic seems only to care about the DIE of large corporations, just completely skips over the small to medium sized businesses that flee the state. They don’t give large donations to politicians, and their owners are usually conservative, so the state wants them gone.. On my drive two days ago, through four suburbs, on a road averaging between 20k-30k cars a day, I saw at least a dozen long vacant light industrial buildings, a dozen empty retail store fronts, abandoned car mechanic shops, vacant small office buildings. And these are middle class suburbs too. The… Read more »
Harry should commute to Chicago State and revel in the diversity along the way. I can’t imagine the losses that investors in smaller commercial real estate have taken, and will take going forward. And like you said, in good neighborhoods, no less. There’s really no way out for small businesses these days. Like I can’t imagine anyone opening a restaurant these days, except something that serves the most basic carry-out items like hamburgers, hot dogs, or pizza, and depends on extended family for workers. I’ve said it before, we are only in the first couple innings of the downward spiral,… Read more »
A lot of these smaller to mid sized light industrial and commercial buildings are owned by families or family trusts that bought them decades ago when Cook County was booming. It seems today if the owner loses a long term tenant there’s no new tenant coming along. There’s a formerly booming fast food restaurant near me that’s been vacant for two years now – it went under during corona and now it’s just blight. Across the street is an abandoned gas station and across from that is a half vacant strip mall. This is in a top 25 suburb too… Read more »
I remember the properties you posted, those numbers were stunning. I grew up in South Holland and my family was all steelworkers from the South Chicago, so I know the south side very well. I saw the area when it was booming, and then when it fell apart. Unfortunately I only see the south side getting poorer, there’s no recovery in sight. I wonder what happens to the suburban downtowns centered around Metra stations if commuters don’t go back to a 5 day a week commute? I always bring up the vibrancy, the buzz that an area has, as that’s… Read more »
I can’t speak for all of the suburbs but the downtowns surrounding metra stations seem to be doing surprisingly well (except Evanston which has had long term problems). Gas is expensive, and Chicago has gone to heck, so people want to stay close to home. Staying local seems to be a thing. Many commuters I know haven’t abandoned downtown completely – they only go several times a month instead of every day. And all that saved time seems to translate into dinner out or an evening stroll around the local downtown.
Well that’s good news, hopefully the suburban dollars that used to be spent downtown stay local going forward. I lived for a few years in downtown Downers Grove, which I loved. That downtown is one of the only things I miss about Illinois, although the town next to my small town here in NC has a similar vibe.
Lol… if Harry commuted from Wilmette to Evanston on the CTA Purple Line (a very short distance), he’d find the L ride on even this “high class” route littered with piss bums, panhandlers, and skeevy vagrants… Metra of course is a bit better in this regard 😉
Abortion has always been a 3rd rail topic socially, what makes politicians think businesses want to have that conversation?
The communist wants to talk about murdering infants in the womb, so you’re going to talk about murdering infants in the womb…
“location decisions seldom are made on contentious issues such as crime or tax levels”
“Diversity, equity and inclusion are essential”
“[Caterpillar should have taken Texas’] tighter restrictions on voting rights and abortion [into account]”
” rolling blackouts are [not] a threat [in Illinois]”
“Chicago badly needs fixing, but it should be just fine”
This out of touch egghead couldn’t manage a lemonade stand.
Future alderman?
Harry Kraemer Jr is a Wilmette liberal, which tells you why he is clueless about how the business world works today.
https://en.wikipedia.org/wiki/Harry_Kraemer
CORRECTION: ‘alderperson.’
When that term is used in a report, I rarely read further.
I prefer alderman since it nearly rhymes Chuck Schumer.