Chicago is up for another boom ? (Lincoln, Manhattan: brokers, home, buy)

[Maintainschaos]

Originally Posted by chet everett

The fact is that if the the changes made in Wisconsin were made by a governor that was a member of the Democratic Party or the Libertarian Party or the American Socialist Workers Party or even the Modern Whig Party Modern Whig Party - Wikipedia, the free encyclopedia that would STILL be the correct way to deal with unsustainable pensions that do more to hurt the state and its ability to remain financially viable than any alleged "harm" to retirees. In fact Wisconsin teachers' pensions are now funded at better than 97% -- Wisconsin Retired Educators’ Association

Chicago has over $40 BILLION in debt for the city and CPS! That will CRUSH not just the promised pensions (which directly impacts the financial future of even former teachers like me...) but also necessary city services without which the safety of livability of Chicago will be at major risk!

Do a little research. Think for yourself and DUMP the fools that have created this mess!

As a former resident of Wisconsin, we know that most of that money was borrowed to shore up the pension system, and full contributions to the pension system had been occurring before Scott Walker even took office.

[Aleking]

hyping up scott walkers actions in WI is a sure fire sign of a partisan hack

[chet everett]

Take a look at the bond ratings of Wisconsin or its most populous cities. This is not about anything other than COMPETANCE and the only delusional toadys that support a single party for foundless reasons would think otherwise.

[emathias]

If you read the jobs numbers closely, what is actually happening to the jobs situation in the Chicago area is more of a complete economic restructuring of the local economy from a very diverse one with a lot of manufacturing, to one much more based on high-end services. The reason the unemployment rate isn't moving down faster is that manufacturing and industry aren't growing or are even shrinking in employment, and services are growing faster than almost any other metro area. Most of the companies leaving the state are low-wage or low-cost businesses, which, while necessary and sad to lose, are ok to lose if we're picking up a lot of high-wage businesses in exchange. Time will tell, but looking below the surface of the numbers tells a pretty good long-term story for Chicago and Illinois.

[marothisu]

Originally Posted by emathias

If you read the jobs numbers closely, what is actually happening to the jobs situation in the Chicago area is more of a complete economic restructuring of the local economy from a very diverse one with a lot of manufacturing, to one much more based on high-end services. The reason the unemployment rate isn't moving down faster is that manufacturing and industry aren't growing or are even shrinking in employment, and services are growing faster than almost any other metro area. Most of the companies leaving the state are low-wage or low-cost businesses, which, while necessary and sad to lose, are ok to lose if we're picking up a lot of high-wage businesses in exchange. Time will tell, but looking below the surface of the numbers tells a pretty good long-term story for Chicago and Illinois.

Yep, I've noticed this too. Lower class is being replaced in part by some middle or even upper class. In a sense, kind of what happened in SF and partly NYC class-wise.

[Aleking]

Originally Posted by marothisu

Yep, I've noticed this too. Lower class is being replaced in part by some middle or even upper class. In a sense, kind of what happened in SF and partly NYC class-wise.

depressing

[marothisu]

Originally Posted by Aleking

depressing

I agree and don't, but in the end you need people to do lower jobs at least today. I will be angry if this happens too much to the point where it causes the COL to skyrocket like it did in SF. Hopefully it never comes to that, though for many people that won't be bad. In a sense if you are educated with a job in an area like SF and want to move somewhere with a lot lower COL, you potentially have it great depending on your spending habits.

[Chicago76]

Originally Posted by emathias

If you read the jobs numbers closely, what is actually happening to the jobs situation in the Chicago area is more of a complete economic restructuring of the local economy from a very diverse one with a lot of manufacturing, to one much more based on high-end services. The reason the unemployment rate isn't moving down faster is that manufacturing and industry aren't growing or are even shrinking in employment, and services are growing faster than almost any other metro area. Most of the companies leaving the state are low-wage or low-cost businesses, which, while necessary and sad to lose, are ok to lose if we're picking up a lot of high-wage businesses in exchange. Time will tell, but looking below the surface of the numbers tells a pretty good long-term story for Chicago and Illinois.

It's only okay to lose those jobs if the people who were working in those jobs can adjust to the economic reality of the region today. This means they either need to move to where those manufacturing jobs are shifting domestically or they need to figure out a way to "train up" to get a portion of the new jobs.

If this doesn't happen, class divides and the associated difference in quality of life, crime, etc intensify in the region.

[chet everett]

Look at a calendar. This is 2014, not 1974. There "rust belt transformed by 'service economy' arugument" has been proven to be malarkey!

You can have all the "hope" that things will work out but the reality is that "service sector" includes MOSTLY crappy jobs working as things like a retail clerk or fast food burger flipping flesh robot -- Myths of Service Economy Taking Over U.S. | Economy In Crisis


The fact is that Chicago is not alone in suffering under the ravages of loss of jobs that people and corporations once recognized as valuable -- Low-wage jobs explosion - Aug. 31, 2012

There is no "transformation" in progress, it is a flat out MIGRATION of good paying jobs moving to areas where there is SANITY in dealing with the failed promises of "defined benefit" type pensions that are out of touch with everything from declining birth rates, increased worker mobility and reduced need for 'warm body' type employment but MOSTLY the awful corruption of having organized labor back the folks they are supposedly "negoiating" with while in reality the crooks are fleecing the tax paying 'regular' citizens.

Fact is there are FAR MORE "booming area" in states with the kinds of tax policies that are actually attractive to employers -- of the top 12 cities on this Bloomberg ranking 10 fall into this category. The exception is Washington DC where the insane levels of "intelligence gathering" is consuming taxes and freedom at an alarming rate and the Silicon Valley where the culture of "billions for potential" is in full bubble mode. America's 20 Fastest Growing Cities


The worst condemnation of the foolish policies of Chicago and the state come from researchers that honestly look at what successful rust belt transformation really looks like -- Rising from the Ashes: Economic Transformation in Rust Belt Cities | Chicago Policy Review Cities that have effectively leveraged things like a good education system (especially community colleges and vocational programs) with smart tax policies and well planned land use policies are much better off than the kinds of cities that have squandered their advantages. Where do you think Chicago ranks? We give "tax incentives" for CEOs to move offices from suburbs to Loop high rises, allow billionaire traders to widen the gulf between haves and have-nots, have crumbly schools and infrastructure... Yes, frat boys and their Trixies girlfriends have kept Lincoln Park from becoming a bombed out nightmare of Detroit but meanwhile folks that don't have Greek letters on the butt of their sweat pants have to pick up and move to someplace like Tennessee if they want to keep their job before it goes to Mexico...

Honestly, a little less blind adherenence to the fairy tales that Rahm spins and a bit more fact checking would go a long way to helping turn things around...

[Chicago76]

Originally Posted by chet everett

Look at a calendar. This is 2014, not 1974. There "rust belt transformed by 'service economy' arugument" has been proven to be malarkey!

You can have all the "hope" that things will work out but the reality is that "service sector" includes MOSTLY crappy jobs working as things like a retail clerk or fast food burger flipping flesh robot -- Myths of Service Economy Taking Over U.S. | Economy In Crisis..

Yes and no. This isn't a Chicago-specific issue but a national issue and manufacturing employment has been more or less stable for the entire country over the last 25 years. It's not keeping up with population growth, so the national share is down. When you factor in manufacturing employment growth in booming areas of the country (SE and Western US), this means that manufacturing jobs in the NE and MW have taken, and likely will continue to take, a big hit.

The service sector can really be broken into three categories: high paying knowledge based, technical/vocational (medium wage like manufacturing), and everything else (customer service lines to flipping burgers at Mickey D's). Some of it is fantastic, but a greater proportion of workers are falling into the latter, dead-end category.

Pittsburgh is a rust belt economy that has been transformed by the service economy. Eds and meds, banking, etc. Their metro has slightly fewer people today than it did in 1960, but in general, for those who are still there, the economic environment is undeniably better than it was been since the late 60s/early 70s. Even in those lower tier service positions, wages in Pittsburgh are up considerably from where they were because a big chunk of the the labor supply who could fill those positions has migrated out while those at the top have the economic clout to spend more for services.

Chicagoland may well boom economically, but the reality is that a lot of people living there today won't be in the metro because they'll fall victim to the employment shift.