Chicagostan: Tunisia's Lendee

It's not very often that I have the opportunity or the ability to hold my lunch long enough to quote The Socialist Worker's webiste.

But then again when you are talking about Chicago, those sorts of comparisons are indeed relevant. For those who have never been to Chicago or for those who live in it but have never ventured west of California and south of U.S. Cellular Field, this bit of hard quantitative evidence is worth a read and a thought.

Yeah, exactly...

With the recent Tunisian revolution and the overthrow of 23 year old dictatorship, this banana republic in shambles still has a credit risk about 100 basis points wider than Illinois.

I am fully aware that Chicago is not Illinois, itself. Chicago is, however, the leading contributor to Illinois' fiscal woes and perhaps an even better model than Detroit of where the once prosperous American mid-west is headed within its urban centers.

I chose to point you guys in the direction of that first article for two none-too-auspicious reasons:

1) It's pretty hilarious if you read the article top to bottom, picking up on notions and theorems which have gotten a lot of airtime in capitalist America lately.
Notice the technical, refined, even poetic waxing and have a barf bag handy if you're anything like me.

2) It is the number one ranked link that comes up in a Google search for "Tunisian Revolution". Pretty interesting if you've done a little homework as to how Google's algorithms work.

I would love to hear how some of you guys think the issues of Illinois and other similar states can be resolved. We have talked about it quite a bit lately, but I still don't see a full fledged way out for many of the states in similar predicaments.

We debated a bit yesterday on what Ben Bernanke could have done...

Well, what can Illinois do? Is a (coincidentally) 66% tax increase the real way?

Or will we comrades soon get to cheer in unison:

Long live Chicagostan and the People's Republic of Illinois, it's what they've been for decades, after all.

Only now the bills are coming due...

 

I would suggest the public to take a more concerted interest in their municipal government and not vote with their pocketbooks; but vote with the best interest of their community as a whole and long term fiscal future… oh, wait a minute.

It does seem as if citizens have really become lazy when it comes to local government involvement (I can see it in my community). These people will vote the in same fools and their associate’s election after election for the most daft of ideas (usually some social policy) but fail to consider the number of other policies they implement which will hurt (are hurting) the state, county or city.

In 1976, James Hunt broke the sound barrier through Eau Rouge only to retire before the event finished... following the race he had sex with three Belgian nurses at the clubhouse near La Source.
 
Best Response
James Hunt:
I would suggest the public to take a more concerted interest in their municipal government and not vote with their pocketbooks; but vote with the best interest of their community as a whole and long term fiscal future… oh, wait a minute.

It does seem as if citizens have really become lazy when it comes to local government involvement (I can see it in my community). These people will vote the in same fools and their associate’s election after election for the most daft of ideas (usually some social policy) but fail to consider the number of other policies they implement which will hurt (are hurting) the state, county or city.

Voters tend to wrongly associate their well being with who is in the White House even though state and local governments usually have much greater impact on microeconomics (business environment, tax environment, public schools, zoning law, renter laws, etc.).

Array
 

Illinois jammed through a 66% tax increase with zero measurable cuts. Their budget is largely dependent on federal spending, something that I wouldnt count on with Republicans looking to make a point.

NYC can pull shit like this. It is the finance capital of the world. Chicago simply cannot. More and more people are voting with their suitcase. Pack up and leave people.

 

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