The Lost Decade
A detailed look at how Chicago, Cook County and Illinois have managed to completely screw themselves into near-financial ruin:
Cook County lost more than a quarter of its manufacturing jobs between 2000 and 2010, according to a new analysis.
Cook lost some 89,100 jobs, more than any other county in the United States except for Los Angeles County, which saw 113,000 jobs disappear. Detroit’s Wayne County lost 84,000 manufacturing jobs, according to a Scripps Howard News Service tally.
Every county in the Chicago area lost manufacturing jobs in that time span — more than 125,500.
Statewide, Illinois in 2010 had 742,089 manufacturing jobs, a 20 percent decline from 2000, according to U.S. Census figures.
Now tie that into this report:
- A hotly debated tax break package designed to prevent two major Chicago-area companies from moving operations out of Illinois took clearer shape Sunday, with legislators scaling back its scope to ease concerns about its potential costs.
The focus of deal is giving tax incentives to Sears Holdings Corp. and CME Group Inc., parent company of the Chicago Mercantile Exchange and Chicago Board of Trade. - The slimmed-down package, crafted by Rep. John Bradley, D-Marion, chairman of the House Revenue Committee, and Rep. David Harris, R-Arlington Heights, the committee's GOP spokesman, would cost the state an estimated $250 million a year, compared with the estimated cost of $800 million or more on the earlier package, which stalled.
The cost would be completely offset by a resurgence in state corporate income tax receipts that is expected with the expiration of a tax break that allows businesses to accelerate their deductions for capital investments through 2012, Bradley said.
So these tax breaks cost Illinois $250 million a year, but they expect to make it up with an expiring tax break? What's to stop corporations from merely abandoning Illinois for greener pastures and telling Quinn and company to take their expiring tax break and sticking it where the sun don't shine?
Labels: state politics
posted by SCC at 12:01 AM
54 Comments:
"Cook County lost more than a quarter of its manufacturing jobs between 2000 and 2010, according to a new analysis."
Hell, that ain't nothin'. Just lengthen the time frame a little bit from five minutes ago.
I often study my thick, heavy copy of the 1958 Illinois Manufacturers' Directory, and it looks to me more like we have lost 90% or more of our manufacturing between then and now.
"The Lost Half-Century."
It is a disaster of a scale you cannot imagine unles you remember the old companies and look at the figures.
Just to take ONE -- 025 -- Zenith Radio, 6001 N. Dickens. 3,000 jobs in the radio plant and 300 more in the hearing aid division.
All gone.
Repeat, repeat, repeat until you've got the hollowed-out shell you see today.
Wonder how much they have contributed to the coffers of quinn-madigan-preckwinkle-the 50 alderthieves-the state elected etc..? Look at any connecetd business like for example the dick mell owned christy weber landscaping firm with exclusive flower rights at both airports! How many millions are wasted here?
(video) Does the government work for us or do we work for the government?
There's a lot of what-ifs in that video. However how many of them are already realities?
Fuck paying bribes to these selfish corrupt corporations. If they want to move that badly then let them go. We have families living in vans and others starving. Spend the money on them.
I am so confused by the Government's logic ( or lack of logic).
We will reduce X's tax so that it stays in our taxing district. So lower taxes are good?
No, we will raise taxes on everyone else. So higher taxes are good. Whoops, are bunch of small tax paying entities are leaving. It is not worth their money to hire lobbyists to reduce their taxes.
Once again the connected pay less, the silent pay more, other leave to pay taxes to someone else.
Chicago and Illinois are going to experience the full effect of what has happened in Detroit and Michigan. It has already started and will continue until the few people who remain decide to vote the Democrats out. Population and businesses have been fleeing Illinois these last ten years at an amazing rate. Plan for your future.
...and it should be noted that as the political apparatus here will soon be touting about that so-called great money making making machine of the past, the CME group, The investors have lost confidence in that system as we fail to bring the corrupt oligarchs to justice.
Check it out...
==================
CNBC's Kaminsky Goes Off: MF Global Is Having A Devastating Impact On Psychology
CNBC's Gary Kaminsky had some insight on the fallout of MF Global's bankruptcy this morning.
Kaminsky said the MF Global story is much bigger than the clients' missing funds. (Kaminsky spoke right before news broke that the client fund shortfall might be doubled at $1.2 billion.)
The biggest impact of MF Global is the long-term effect on investor confidence, which no one should underestimate, Kaminsky said. "When you cannot get access to your money, when you're frozen from getting to your account—if you have t-bills or some form of cash equivalent—that is the most significant and dangerous thing for anybody that knows how it is working with clients, whether institutional or retail," he said.
In addition, the fact that no one has been arrested or charged is also a serious issue following the discovery of the missing funds and the wrong-doing MF Global had engaged in.
Here's the video of Kaminsky:
Read more: http://www.businessinsider.com/cnbc-mf-globals-impact-2011-11#ixzz1eysT3tHi
==================
That video gets cut short nevertheless if you Google around you are going to find out that people are running out of the market. So the past results of CME may not mean that they will be this great tax revenue generating machine in the future. There are stories surfacing already about investment funds returning money to clients because they have lost faith in the system.
By the time McNutty's term here is complete, we'll be almost ready to use that term "lost decade" to discuss the ever lengthening years
of almost non-existent leadership at the helm of the CPD too, in describing the years of rudderless
direction under the completely ovewhelmed Weis/Masters years, and
what is shaping up to be 'economy management' under McCarthy/Emanuel.
What a wonderful system of corruption we have here in Illinois. They raise the taxes as an incentive to encourage business owners to bribe them for tax breaks. The entire General Assembly and the Governor belong in prison !
This is so simple: remember who got elected last time and vote for ANYBODY (that means Republican or Democrat) that runs against them.
The less time in elected office, the less time they have to figure out how to steal from the taxpayer.
Does the loss of jobs really matter , most scumbags dont work anyway.
Careful reading of recent Crains' articles would suggest that CME may become redundant anyways, given that much trading is done on-line and the ongoing MF scandal (and missing 1.2 billion in MF client funds) discredits it. CBOE, as another exchange, is also a minor player. Both exchanges' members, however, give large political contributions to our noble representatives and this request for "tax relier" is just quid pro quo exchange.
We voters are just patsies. So long as there's LINK, welfare payments, government pensions, garbage pick-up, and other "bread and circus" subsidies, the larger looting continues.
As a small business owner in Illinois for over 25 years I was disappointed that the state legislature failed to pass a concealed carry bill. I find the business climate in Illinois getting increasingly hostile, problem is I don't know who I fear more, the criminal element on the street or the elected element in Springfield and Chicago. Both are thieves just different methods.
Before Zenith moved its operations south of the border, it had great quality. My mother had a TV that lasted 22years and a VCR that lasted almost that long. Then the quality went to shit and I don't think they have been in business for close to a decade now.
I didn't realize corporations paid taxes. Oh, that's right, they don't! The price you pay for everything already has the taxes that they will pay, included in the price you pay. If they can't charge enough to make a profit, they go out of business.
Why the hell do you think it costs $25,000 to buy a new car?
The government makes more money on a gallon of gas than the oil company. Just what the hell did the government do to make that gas?
Illinois, the new Detroit.
We need to boot these people out of office. They are the reason for our state's failure.
By the way, interesting stories being researched regarding the Midway expansion. Someone told me that Illinois has Land Trusts, which is a way to convert real estate to personal property
and hide the ownership. (?)
This is a video I made about factories being destroyed:
http://www.liveleak.com/view?i=00c_1238127553
And more cuts will have to made..Even Democrats know they have to do this, and the pensions are the biggest drain after Medicaid and welfare. And the easiest target are pensions and salaries..
Birmingham Alabama --bankruptcy
Harrisburg PA, the state capital- Bankruptcy
Rhode Island - the state almost bankrupt. Go to the following to see what their legislature just did to the pension system
http://www.bondbuyer.com/issues/120_224/rhode-island-pension-1033368-1.html
You haven't seen anything yet.
time for term limits now!!
Meanwhile as these two corps. get a nice tax break, all the other smaller businesses, such as you corner mom & pop, have to make up the difference with higher taxes of their own. Crony Capitalism at it's finest.
"Anonymous said...
I am so confused by the Government's logic ( or lack of logic)... Once again the connected pay less, the silent pay more, other leave to pay taxes to someone else.
11/28/2011 12:49:00 AM"
Remember the Rules of Illinois Politics (now a national franchise.)
1) Your Money is my money and my money is my money
2) We don't want somebody that nobody sent
3) When we are out we are in and when we are in we are in
4) We can't be broke, we still have checks
Why aren't you doing the Snoopy Dance? You wanted it because that is how you vote, that is how the FOP and other unions donate, whether you want them to or not.
Remember stay safe,back each other up and the 1st and the 16th is all that matters,all this other bull we pass
Hey guess what else?
The Federal reserve, it has just been discovered, gave $13 billion dollars in secrete loans to the banks WITHOUT the approval of congress!!
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
================
Did we take an oath to the constitution or an oath to protect some political hacks and to not upset the "professional courtesy" apparatus?
"Chicago Based Boeing", BULLSHIT!
Did we get one manufacturing out of that deal, HELL NO! That arrogant ass Daley tore up Meiggs Field so his pals could build in the flight pattern.
The unanswered question raised by this is: Where did those jobs go? With respect to L.A., many of the jobs went to Las Vegas, and there current status is dubious. Remember, there is not state income tax in Nevada.
Now I'm no card carrying democrat by any means but you guys confuse me blaming the dems for all the financial woes in this country. I'll tell you this, you had better be afraid of the the republicans when it comes to your public safety. They defend DoD spending but we'll see how much they defend coppers.
Anonymous, Zenith was at 1800 north Austin, Dickens runs east and west.
The new motto on Illinois license plates will be "Oh, GOD take it out! PLEASE!" The anal rape of the population has to stop!
Whats Important is "After School Matters" Teach the CPS students how to hand paint. How to dance the dances of their ancestors. How to wait in line, for long periods of time. How to appear before media cameras after a neighborhood tragedy. How to board a bus and carry a picket sign. How to properly swipe a link card. How to pull the Democratic Lever On Election Day. These are the things that make America Great........?
Many states have lost out on the bigger picture. The United States has a insatiable hunger for two things, electronics and drugs. Both are manufactured overseas for larger profits. Would we get more jobs if electronics were created here, sure but at a much higher price. Also we pay for 24/7 customer service. So the CEO's of those companies are making money, the sales staff as well. But for the customer service, the labor, zero jobs. So either we find a way for the suits to share the wealth or we continue as our cities are decimated. Now many critics would stay the majority of us are lazy and do not work hard because we do not own these companies or we are not working smarter (not lying salesmen) but I disagree. There are thousands of people who are fine working in a factory all day for 10-12 bucks a hour making some overtime. Our parents and grandparents did it. But for whatever reason, no one wants to share now, they call it welfare and socialism.
Ah, Democratic rule.
Cook County also lost more whites than any county in the U.S. from 1990-2000 and 2000-2010. Think there is any correlation?
11/28/2011 12:36:00 AM
***************
Hey, Occupy Fill in the Blank dope...
Corporations aren't "greedy", they are out to make a profit for their shareholders...you know, people like you and I, dumbass. Even if you don't personally hold stocks, if you are a copper your pension fund does.
If the companies leave, so do their jobs and so does the tax base. So how do we help the families in vans then, Braniac? Are you gonna start with your kids college fund?
Moron.
Maybe if our potato head joke of a Governor, and our corrupt criminal syndicate of a government would stop vote buying with WIC and LINK and every other entitlement program so they tax the life out of everyone and everything to support the parasitic growth of illegals and non-workers....maybe then we'd get above water long enough to gasp one last breath.
It's all about job protection for politicians. They want you to think nothing good can ever happen without them pulling levers to make it happen. And without them spending more and more of your money on it. No businesses, no jobs, no culture, nothing good in life can ever happen without an expensive government program run by people who know they are better than you.
If anybody points this out, they'll tell you a bigger lie: Anyone who questions their version of reality must be an anarchist in favor of no government services whatsoever, no roads or defense or law enforcement. So pay no attention to the tea-partying kook crazyperson (racistracistracist) and open your pockets wider!
--Law Abiding Citizen
Since manufacturing has been shipped overseas, and we now have a "service and retail economy" -- something which has never existed anywhere before -- the "Black Friday" sales figures for silly clothes and electronic junk are touted as all-important.
In the middle of a depression, they are claiming that the sales "went up a record 12.5%"
Now -- tell me this.
How much of that holiday spending was cash on the barrelhead and how much of it was on trick credit cards with exploding interest rates, etc.?
Ah. Ha ha.
"Anonymous, Zenith was at 1800 north Austin, Dickens runs east and west."
--11/28/2011 11:43:00 AM
Yeah, the north wall of the plant runs along the south side of Dickens for a couple blocks, still an impressive sight with the "Zenith" logo up on the water tower. There are entrances with numbers on Dickens too.
South wall runs along Milwaukee Road tracks, east wall along Austin, west edge with parking lots along Narragansett. Huge place, hard to take it all in.
Directory listing says --
"Zenith Radio Corp., 6001 W. Dickens Ave. (39) Products- Radio and Television Sets. Employs at above Plant No. 1 - 3,000."
Now think of the 3,000 houses that those checks paid for, the 3,000 cars, the 3,000 families who made weekly shopping trips and the 3,000 Thanksgiving turkeys and Christmas trees that came out of just that one plant. Backbone of the whole area.
"Other Chicago plants-
"Plant No. 2- 1500 N. Kostner Ave. Product- Electronics (government) Employs - 2,100
"Plant No. 3- 5801 W. Dickens. Product- Hearing Aids. Employs - 300
"Plant No. 4- 3501 W. Potomac Ave. Product- TV tubes. Employs- 60
"Subsidiary- Rauland Corp. 4245 Knox Ave. Product- TV picture tubes. Employs- 600.
"Total Zenith employees -- 5,500 to 7,000"
Motorola had plants with 13,000 employees. Admiral had over 3,000 in Chicago.
Western Electric (manufacturing arm of the Bell Telephone System) over in Cicero had 28,000 employees. It was like a city-within-a-city.
I could go on all day -- like how every one of those crappy vacant lots along the Lake Street "L" used to be a going manufacturing concern, everything you could think of.
I remember one guy writing about how he was scared to walk on Western Avenue on a summer afternoon, between the roaring truck traffic and the shattering racket of punch presses making up lost time coming out the open factory windows, with that unforgettable smell of cutting oil.
My directory is 1600 pages -- the annals of a lost civilization.
This city was solid, man. Anywhere you pushed, there it was.
I have some fifty-year-old tools made here, and you will not get better anywhere. Every day I use heavy stainless pots and pans from the old Ekco plant, 1949 N. Cicero. 3,500 people made kitchen stuff there.
One huge clenched fist of manufacturing might; now it staggers along on parking tickets and here-today-gone-tomorrow funhouse banks on every corner, and on every penny it can property-tax out of the old people who once worked in all these plants.
Disaster. Disaster. Disaster.
When you know a little of the history -- not even that far back, just to when I was growing up and saw so much of this and later worked in it -- and then walk the empty lots, the torn-up railroad tracks that used to be busy night and day, and see the fading signs on the crumbling walls, it's enough to make a man cry.
Any city, any town can repeat this story today.
"Before Zenith moved its operations south of the border, it had great quality. My mother had a TV that lasted 22years and a VCR that lasted almost that long. Then the quality went to shit and I don't think they have been in business for close to a decade now."
--11/28/2011 08:08:00 AM
"The Quality Goes In Before The Name Goes On."
;-)
pensions will be gone!
if your honest about it, include the unions. also the voters who put the dems in charge. the taxpayers are fed up with ever increasing taxes, for the city county, and the fed. if you think cpd dont treat you right find another job worthy of your talent. theres college grads out there looking for work.
Uh, do Dems defend coppers? What is the I'm no card carrying Democrat talking about? The Dem voting base is the Link Card gang.
From the NYT's:
http://campaignstops.blogs.nytimes.com/2011/11/27/the-future-of-the-obama-coalition/#
What are you talking about paleface?
The people running this city county and state are the dumbest politicians in the world! They have no business sense at all. They make it so doing business in cook county and Illinois is so undesireable that all the productive people leave. So now they lose all that revenue and then they try to replace the lost revenue by taxing and regulating more, doing the same thing that caused the problem in the first place.
The one common factor in all of this mess is, DEMOCRAT CONTROL. The whole damm state has been controlled by democrats forever.
"Just to take ONE -- 025 -- Zenith Radio, 6001 N. Dickens. 3,000 jobs in the radio plant and 300 more in the hearing aid division."
If they had only figured out how to market hearing aids made with vacuum tubes...another missed opportunity.
the politicians are not the dumbest mother-fu=kers in the world,stop saying that, stop and think about the mayor that just retired and his wealth,.....they are grabing everything that they can...the people are clueless....dumbing down America we are here !
"Just to take ONE -- 025 -- Zenith Radio, 6001 N. Dickens. 3,000 jobs in the radio plant and 300 more in the hearing aid division."
"If they had only figured out how to market hearing aids made with vacuum tubes...another missed opportunity."
--11/28/2011 09:25:00 PM
I think ya mean more modern ones made with transistors/integrated circuits. I don't know who came out on top in the market once those came out.
Of course everyone started with the tube jobs. I have one here, a Sonotone - really very small and light, with a shirt-pocket clip. Nice metal housing, very high quality. I assume Zeniths were as good. They were quite expensive, all handcrafted.
They had special tiny "pencil" vacuum tubes to use in these. Maybe 1/4" in diameter and 1 1 1/2" long including socket pins. Worked OK but the battery life was not long.
Eh? What? >grin<
You can figure the tubes went out in the mid-1950s as the transistors came into production more and more.
Does the loss of jobs really matter , most scumbags dont work anyway.
11/28/2011 06:13:00 AM
------------------------------
YES ASSHAT it DOES matter!
Who do you think pays your bloated city salary and benefits? (As well as the scumbags' entitlement programs)
NO JOBS in the private sector equals no pay increases, cut benefits and a reduced pension for YOU.
When the private sector gets cut (as it has) no one wants to hear you moan about your 2% raise.
Take a 50%-70% cut in salary and benefits and then you'll understand what is going on. Then you would have something to whine about.
Giving money to CME and Sears? Before the legislature approves of any money, they should do a survey of how many jobs are actually being saved that are held by Illinois and US citizens.
There are many workers who are NOT US citizens and not Illinois residents. They are visa-carrying workers from other countries.
SO, whose jobs are we really saving? My neighbor down the street will still be unemployed. Too much cheap foreign labor working here in Chicago and the companies (AND politicians) could care less.
Hire residents/ US citizens! Otherwise, don't ask for any handouts.
The East side of Chicago has been a ghost town since the 1980's when the steel industry went to China and Pakistan.
truth is we need Tariffs in the U.S.
They work.
WGN TV quoting Bloomberg news today -- housing prices in Chicago just dropped another 1% and they are projecting "another 5 to 10 percent" drop -- why not just say that the floor has come out from under the whole thing?
"Lost" is right.
I didn't realize corporations paid taxes. Oh, that's right, they don't! The price you pay for everything already has the taxes that they will pay, included in the price you pay. If they can't charge enough to make a profit, they go out of business.
Why the hell do you think it costs $25,000 to buy a new car?
The government makes more money on a gallon of gas than the oil company. Just what the hell did the government do to make that gas?
11/28/2011 08:16:0
Really?! Let's see South Korean steel is used; drive-train manufactured and assembled in Mexico; tires from rubber plantation in Vietnam.Who knows where the other components come from. Correct me if I'm wrong,but Benz and BMW may be the only car companies that build the entire car in the U.S. that is sold here.
Yes, and who has run Crrok county-Chicago, all this time? DEM-o-commies..
Anonymous said...
Fuck paying bribes to these selfish corrupt corporations. If they want to move that badly then let them go. We have families living in vans and others starving. Spend the money on them.
11/28/2011 12:36:00 AM
They only want to leave because they are taxed at the highest rate in the Nation here, and there are too many idiot Democrats they are forced to hire, not enough skilled talent in this miserable State
Anonymous said...
This is so simple: remember who got elected last time and vote for ANYBODY (that means Republican or Democrat) that runs against them.
The less time in elected office, the less time they have to figure out how to steal from the taxpayer.
11/28/2011 05:17:00 AM
I'd rather die than vote for ANY Democrat.
Post a Comment
<< Home