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I lived in Illinois from 1987 to 1992 and again from 1993 to 2016. Chicago was a great city; the views of Lake Michigan were wonderful and I enjoyed taking classes at the University of Chicago’s downtown location, but it now faces double trouble. It has the spectacularly unqualified Chicago mayor Lori Lightfoot and Governor J.B. Pritzker. Fredo in The Godfather was a genius compared to this Hyatt billionaire. The government pensions are out of control and are ridiculously underfunded. Pritzker has rejected any constraints on pensions, such as replacing them for new employees by 401Ks which are by definition fully funded, because that will not solve the problem. Any solution for this massive problem by definition will necessitate multiple partial solution. His response is to do nothing to constrain costs. He doubtless calculates that he will need the support of public employee unions when he runs for re-election.
Here’s the lastest dire data point for Chicago: a friend just sent us a real estate listing. A condo that last sold in June of 2005 for $410K is now listing for $285K. That’s more than a 30% haircut in the unlikely scenario that they get what they listed it for. Real estate in Illinois is already pricing in the catastrophic financial situation of the state.Published in