Thursday, August 01, 2013

Will Chicago Be The Next Detroit?

Interesting article here, showing some of the trends Chicago is undergoing in its own decline.

I am rapidly becoming convinced that pensions were one of the stupidest ideas employers ever had. Sure, they're great for you and me, free money to not come to work. But the money has to come from somewhere, and that somewhere is managed by politicians and cronies who are on record at being poor at managing money.

This part stood out to me:
In addition to the pension, law enforcement, and emergency response concerns that remind us of a certain bankrupt city across the lake, the report notes that three of Chicago’s four largest private employers (JP Morgan, Accenture LLP, and Northern Trust) are in finance. It seems like blue cities have a codependent relationship with the one percenters progressives claim to hate.
Blue areas dependent on the 1%?

But then again, who else can pay off the politicians to let them operate without excessive taxes and regulation? Who else can buy influence?

I'm not counting on having a retirement when I reach that point in 25-30 years. And people in places like Chicago better start accepting they never should have trusted politician promises in the first place.

I think I picked the wrong summer to read Atlas Shrugged.
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