Out-Migration
You need a subscription to read this whole article, but the teaser paragraph is enough to set our teeth on edge:
- If Republicans succeed in limiting the state-and-local tax deduction, one hope is that this could finally inspire a come-to-Jesus moment in prodigal high-tax states. Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration.
Why is this so important? Because guess what's still in danger despite all sorts of "promises" from politicians?
- Chicago’s police pension bailout in the General Assembly's budget deal this summer could be derailed if the state continues to empty out as Illinoisans flee for better tax climates and opportunities elsewhere, a researcher for a fiscal advocacy group said.
"My impression is that the budget deal made it appear more likely that Chicago could make the numbers that were projected," Bill Bergman, director of research at Truth in Accounting and a blogger on financial issues, told Chicago City Wire. "Whether or not the deal actually made it more likely is another question, given trends in migration that appear to show acceleration, if anything, in taxable income out of the state, and the implications federal tax reform poses for future migration trends."
Bergman recently blogged about Illinois as one of five states, along with Connecticut, New York, New Jersey and Maryland, "rapidly running out of gas" when it comes to taxable income that fuels any government's financial engines. In that post, Bergman referred to recently released IRS data that revealed a significant increase in Illinois' adjusted gross income outmigration in 2016.
Both articles use the same term - out-migration - to describe the "death spiral" currently underway, and which shows no signs of abating any time soon. Read up on it.
Labels: pension
posted by SCC at 12:03 AM
85 Comments:
What about all the building downtown. LOL!
I'm gone. Good luck!!!
And on top of all that it looks like the retired police and other city workers who signed up for the FOP Aetna health care supplement and the city sponsored BCBS will be paying for OBama Care for the ghetto rats. What a slap in the face subscribers in both plans got letters explaining that someone has to pay for OBama Care and I guess it is the retired cops and other public service employees will be assessed an additional 37.50 a month that’s a month over 1,000.00 a year right out of the pension that Rham wants to take away.
Is Rham going to pay 37.50 a month starting in January?
Is Durban the turban going to pay 37.50 a month?
Is Prickwinkly going to pay 37.50 a month?
Are the 50 theven Alderman going to pay 37.50 a month?
Is OBama going to pay 37.50 a month?
It’s funny that none of these slim ball democrates that want OBama Care don’t want to pay for it. Let the retired cops pay for it!
Only a fool would up grade their house. Everyone is moving including me. I highly recommend not investing in Chicago. To many regulations, fees and taxes. The North Side is do all the heavy lifting. When the North Side falls is game over. I'm not sure how much more things can hold up. Just keep voting the same and expect changes. It isn't going to happen.
Not a cop. The pensions will be insolvent. There are no experts. If so the fund would be flush. Amazon, Google, Apple, bitcoin, several others would have righted the ship. Bill Gates is worth 90 billion, when did he last work? You are fed lies
Rahm, Rauner, Madigan, Taxwinkle, Foxxx, Pritzker, Dart, Gutierrez, Chuy, Proco Jo Morono, Davis, Chicowski, and Cullerton should all be tarred and feathered and then run out of town on a rail. But what will happen? The taxpayers will assess the crime, taxes, weather and schools and decide, you know what, to hell with this place. These politicians are breaking their asses to pander to the people that are the reason the taxpayers are leaving and anyone that's half awake by now, realizes that and is planning to get out.
At this point, you can stick a fork in this bitch, it's done.
Our rules and regulations are like the IVC, you can't drive a block without violating at least one. Now that all the interesting parts of your tour are saved in living color, you are truly "at will ".
If you Want to stay employed you will toe the party line.
"The problem with socialism is that eventually you run out of other people's money [to spend]."
-Margaret Thatcher
The problem is that these brain dead Liberal Progressive move to decent states and screw them up just like the Blue Shitholes they left.
After retiring, I was involved with two independent U-Haul locations. You can't believe the people moving out until you're involved in the moving business; worst of all, it's people with MONEY. U-Haul had one marketing company in the Chicagoland area in 2013. in the last two years, it increased to three or four marketing companies. U-Haul did this because they couldn't keep up with the demand for moving vehicles or trailers for people leaving Illinois.
Illinois is going to get SLAMMED with a housing bubble on homes over $500,000. heck, it's already here. People in Orland Park can't sell them; their taxes are insane. You want more insane? Try New Lenox; with a $300,000 home, you're eating $10,000 to $12,000 year in taxes. But, if you want real estate devastation, go to Hinsdale. At this moment, there's 120 homes for sell with price tags greater than $1,000,000. The real estate business calls that a FOUR YEAR inventory. In reality, it's a FOREVER inventory because nobody is willing to buy those homes, then get screwed over with taxes that keep increasing.
Do you really think an influx of well heeled buyers are going to magically appear a pay big bucks for your home? Not with Illinois bleeding jobs and FoxConn anouncing they're building a plant just over the Illinois border in Wisconsin. Not with Toyota/Mitsubishi saying, "No Thanks" to building a manufacturing plant with high paying jobs. But let Rahm tout his Amazon Dream and his joining JB Pritzker (D-Plumber) in keeping Trump out of Illinois. Gee, talk about two problem solvers.
News media, why aren't you asking JB and Rahm, "Why are you two wasting time talking about Trump when Illinois and Chicago have a shitload of their own problems?" And to JB, "JB, how does fighting Trump help Illinois, when your master, Mike Madigan, turned Illinois into a financial wreck?" "JB, can you run that integrity thing past us again about how you took out the toilets in that house?"
"Rahm, how about you buddy, can you explain Barbara Byrd Bennet? Can you explain Claypool? Can you explain that guy who fled to Pakistan? How about those emails, did you take a page out of Hillary's playbook? Rahm, you were on The Late Show and said you're going to keep Trump out of Chicago. Looking at the facts, wouldn't we be better keeping YOU out of Chicago?"
Where is the Sun-Times? Where is the Tribune? Both of those papers should have been slamming Madigan and his tax policies DECADES ago. The only reporter to take on Madigan was John Kass of the Tribune. If it wasn't for Kass, the Tribune would be next to the Sun Times on the edge of the cliff. Look at the Sun Times, Mark Brown is shilling for Tom Dart.
There isn't a chance in hell Illinois gets out of this mess. Congrats to the useless media; you did a crappy job keeping the politicians straight, but kissing the politicians asses for "accessibility" gets you an "A+"; Frannie Spellman, you get triple A plus.
But a word of caution to the journalists, your heads are so far up Rahm's and Madigan's asses, you better get your proctologist licenses registered with the Illinois Department of Financial and Professional Regulation otherwise you're in violation of the law.
By the way everyone, find John Kass's podcasts. They're excellent.
So kiss your pension goodbye as Rahm and the rest of the bandits bring in and shelter more illegal aliens and wellfare leeches who are draining our financial resources so the Democrats get their votes.
I actually mentioned this during the soda tax--- county taxes citizen, merchant loses taxable income--- state gets pissed because it loses money.
But this is the other way around, federal government loses income because of state and local taxes. In other words-- big brother will get his money either way. Now local government has to wise up because shit is rolling down hill and it in an avalanche. Going back to the election of 1984, the people cannot afford to pay their fair share in taxes. Just took 33 years to realize it
Is anyone getting their tax moneys worth in The peoples democratic republic of cook
I can't wait to leave Shitcago and Crook County!
While not defending Illinois fiscal practices, keep in mind that TIA and Citywire are creations of the Illinois Policy Institute that believes pensions should be abolished. They would call for elimination of pensions if this place was booming. The war on pensions continues.
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
We have Mike Madigan and the rest of his blood sucking Democrats to thank for that. Jim Edgar had a surplus, remember?
They're so damned good about creating a situation, then blaming the predictable results on someone else when it all goes to hell. When you rob Peter to pay Paul over and over again, Peter will get fed up and leave. Paul better figure out how to feed himself.
J.J.
Chicago will be Detroit in a few years time to move retired policeofficer
Two more tax paying law abiding citizens will be leaving shortly and this asshole mayor who ruined this city can have his illegals.
Not a fan of Rahm at all,but you have to admit Daley left him holding a huge bag of shit on his way out the door.
That said current law calls for a ramp up of police and fire pension payments starting in 2020. Will they meet those obligations?
J.B. Pritzker, a Democratic candidate for governor from Chicago, said in Springfield Monday that a progressive tax system is ultimately needed to pay for state services in Illinois.
You've got to ask yourself this question: How are we going to pay for the things that we really want? Pritzker told reporters at Pilgrim Rest Missionary Baptist Church. And if you ask me, we've got to start by saying, before we ever get to raising taxes on the middle class, we've got to ask millionaires and billionaires, people who can afford to pay it, and that includes corporations, to step up to the plate.
Here comes the tax increase.
Its our pandering to the BLM people and all of the other leftist. Come here, pay for people who don't work, then have to hear about how its your fault. Sorry, see you in Tennessee.
Death to Democrats
https://www.bloomberg.com/news/articles/2017-12-05/-death-to-democrats-how-the-gop-tax-bill-whacks-liberal-tenets
One of the remedies being discussed is taxing pensions of those that move out of the City or State. Don't know if it's legal but it's on the table.
There is always hope! There is a bill before the house to jail "sanctuary city" mayors and assorted demorat lawbreakers who refuse to obey federal law. Hopefully there will be a provision for no bail.
A lot of people are none believers. The South side looks like Detroit! Just keep voting DemocRAT.
Just more fallout from the failed policies of his emperorship, Michael Madigan.
Why the people of Illinois don't string him up from the nearest tree is beyond me.
My Calendar says 13 more days till Arizona!
So some of the people aren't that stupid after all.
Golf Tango Foxtrot Oscar
legalize marijuana and put two casinos in Chicago and all will be good.
Gas in Indiana is only $2.28 cigarettes are $52.00 a carton sale tax 3.4 time to move to Indiana
>>>> If Republicans succeed in limiting the state-and-local tax deduction .... Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration. ~~~P~~~ The Prairie State lost a record $4.75 Billion in adjusted gross income to other states in the 2016 tax year ... That's up from $3.4 Billion in the prior year. <<<<
First of all there is no ifs about it, 'SALT' deductions are history. The fact of the matter is that you can't rewrite the tax code for 300 plus million people, then favor a few democrat controlled high tax states like IL, CA, NY & NJ
That being said, Illinois Democrats don't give a shit. Back when Quinn was still Governor, Mike Madigan was questioned on taxes being raised and businesses and people fleeing as a result. Madigan's response was, something to the effect:'Let them go. Businesses and People should feel privileged to be in Illinois and pay high taxes, no matter how high we raise them.' I swear the guy's f--king insane.
And then we have Tiny Dancer. We were told that the Wall Street Banks and Bond Companies looooved Rahm and Chicago would get the sweetest deals in the history of Modern Finance. Right -- and every year since he was elected Chicago's Bond rating has steadily fallen to where it's now Junk Status and the city's Credit Rating is in the sewer. It's credit is so bad that Rahm couldn't get a City Loan from an Outfit Loan Shark.
Pretty picture ain't it.
But not to worry, all the 'experts' have said Chicago could never be another Detroit. Chicago has too many Cultural Treasures -- Museums, Libraries, Art Galleries -- or some such bullshit.
Those will be very comforting to the last Middle-Class Taxpayer left in the city as he loads his U-Haul for Indiana, Florida, or Texas.
ps: Chi may never be Detroit, but a Newark or Buffalo is definitely on the horizon.
pps: Buffalo NY is the left arm-pit of America.
We have had more fortune 500 companies move here in the last 5 to 7 years than anywhere else in the world. That attracts professional people with big salaries that pay taxes. Considering the amount of Tif money on hand our pensions will be fine at least for the foreseeable future.
It's not just Chicago. There are many other areas and communities that are well past the tipping point of parasites overwhelming the hosts.
You can rob Peter to pay Paul until there are a lot of Pauls and no peters.
All of my immediate family lives in Illinois, though not in Cook County. I would never live there again just based on the stupid gun laws. (Though they aren't as bad as some states they are still stupid.)
In the late 1980s a company I worked for justified a move out of Chicago - only to Dupage County - just based on the head tax, differences in sales tax, etc. Later I understand they moved out of the state, but I wasn't working there at the time.
The City and the State have both done a wonderful job over the years of making gold-plated promises to a lot of folks, and not putting aside any gold with which to pay for those things. Everybody knew it, and everybody looked the other way. People were put in charge of retirement plans because of their connection to city hall, and not because of their ability to manage finances.
The ONLY solution to the pension problem is new hires do not receive a pension. Everyone already in the system continues on as usual. Eventually, after about thirty to 40 years its all over. This current system cannot be sustained.
BLackjack dealer said: CASINO
When the little tough guy was running for election,
I saw him on WTTW. He explained his pension plan.
He was going to build a big LV type casino.
While the big casino was being built a temporary casino
would be setup by McCormick place.
ALL THE PROFITS WOULD GO TO CPD & CFD PENSIONS!
We have nothing to worry about.
Illinois is in a different universe from every other state in the country. From the WSJ article:
"Property taxes in Cook County and Chicago's "collar" counties are the highest in the country outside of California and the Northeast. The average homeowner who moves from Lake County, Illinois, across the border to Kenosha County, Wisconsin would receive an annual $3,200 annual property tax cut...
Fitch Ratings reported this week that Illinois's unfunded pension liabilities equalled 22.8% of residents' personal income last year, compared to a median of 3.1% across all states and 1% in Florida."
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
12/18/2017 05:57:00 AM
You'll be begging alrighty, unless you are:
A) one of the ponzi schemers hustling the shit out of the debt creating money machines...
B) expecting to cash in on the front end by selling your now desired tear down property....
C) are confident you will die before the ponzi schemers pull this town down into becoming one, huge ghetto, from lake to western boonies and from elitist north shore knuckleheads to far south town "I thought I got far enough away, so I chose not to venture into Will County....".........
If you expect to continue breathing for more than a few years, this area is past ripe for honest earning, just right for crooked, conniving con work and headed straight for eminent decline.....
“ beg to differ. A lot of wealthy people and millennials are moving to Chicago.”.
Very observant of you. Are you observant of history and aware in the stock market crash of 1929, the spike in stock prices rapidly rose in the last eighteen months prior to the crash? Insiders, like Joe Kennedy, knew the crash was coming. The suckers didn’t.
The price of “Beanie Babies” rose rapidly in 1990s, too. At one time, they were ten percent of Ebay’s business.
The Dot.com stocks had buyers even AFTER the stocks dumped because they were told by MSNBC and other business media to buy them because they were “great value”
Suckers still bought real estate at inflated prices after the 2008 housing crisis.
Despite being warned icebergs were in the area, the Titatanic continued at full speed. They worked out real well, right?
.
PT Barnum is right, there is a sucker born every minute.
https://www.realclearpolitics.com/articles/2017/12/15/hey_rahm_--_lay_off_trump_and_start_fixing_chicago_135807.html
I'd add another layer to this: it is only a matter of time before municipalities start slapping taxes or fees on pensions paid to people who live outside of the region. Its been happening for years, people in high tax states like NY and IL get their pension and then move to low tax or no tax states. If I can see that, the greedy pigs leading those gov't can too. Once the bleeding gets to be too profuse, I'd expect them to go after the money that is leaving their region.
Guess, we should be screaming at the sky, "TG, Chicongo is a Trump Free Zone" !!! Can you imagine how much worse, so way way way worse, it would be if Chicongo wasn't Trump Free as well as Gun Free & Drug Free ??? OMG, all praise the Great Leader & the Dear Leaders of the mighty Free people residing in the paradise on the Lake
12/18/2017 05:33:00 AM
Anonymous Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
*****
I beg to differ. Ever hear of anecdotal evidence?
I feel bad for those that just left. They think "their" pension is "locked". Nothing is locked in Shitago. Fvck They can't even keep the dumbass lottery going.
the message to anyone in Chicago.....GTFO...you figure it out
"" Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
12/18/2017 05:57:00 AM""
Is that you, Tiny Dancer?
Looking at all that downtown Chicago construction, CTA, flyovers, condos and like it or not a Elon MuskRat tunnel, oh and some asshole is getting its name on a liberry and golf course.
Hardly any sign of troubling times. But those project funds are paid up front unlike our pension obligations, leaving the city/state with hefty loan payments.
This:
“...Chicago’s police pension bailout in the General Assembly's budget...”
Who’s fault for not paying many, many years ago in the first place?
This assessment by Mr. Bergman is likely his own partisan nonsense and a Democrat scare tactic.
First clue... IT WASN'T A BAILOUT.
Second was the term “government financial engine”, ShortShanks-Rahm Inc. and the never-ending $10 billion + Ohare Airport expansion comes to mind.
I think his research is utter bs.
Why use the POLICE pension as the prime single example drain of finances...due to migration of taxable income?
Shouldn’t the migration be about taxation and NO JOBS?
So tell me, why is Chicago continuing to build multi unit apartments?
Where are the people to fill these units?
Hmmmm?
How is it that the bulk of State Entitlements (which are on the rise) are not seeing a threat to extinction or falling into spiraling death?
Make no mistake about it...
Bergman full of shit and so is his fake Democrat accounting and research.
article text - https://www.wsj.com/articles/illinois-drives-people-away-1513125224
If Republicans succeed in limiting the state-and-local tax deduction, one hope is that this could finally inspire a come-to-Jesus moment in prodigal high-tax states. Democrats in Illinois ought to be especially chastened by new IRS data showing an acceleration of out-migration.
The Prairie State lost a record $4.75 billion in adjusted gross income to other states in the 2015 tax year, according to recently IRS data released. That’s up from $3.4 billion in the prior year. Many of the migrants were retirees who often flock to balmier climes. But millennials accounted for more than a third of the net outflow in tax returns.
While Florida with zero income tax was the top destination for Illinois expatriates, the Illinois Policy Institute notes that Illinois lost income and people on net to all of its neighbors—Wisconsin (6,000 people based on claimed exemptions), Indiana (8,200), Iowa (1,900), Missouri (2,000) and Kentucky (1,100). What’s the matter with Illinois?
Too much for us to distill in one editorial, but suffice to say that exorbitant property and business taxes have retarded economic growth. Illinois’s corporate tax rate is 9.5%, and pass-through business owners pay 6.45%. Though Illinois’s flat 4.95% income tax rate is relatively low compared to its neighbors, Democrats have found other ways to clobber their citizens.
Property taxes in Cook County and Chicago’s “collar” counties are the highest in the country outside of California and the Northeast. The average homeowner who moves from Lake County, Illinois, across the border to Kenosha County, Wisconsin would receive an annual $3,200 annual property tax cut. Taxes may increase as Democrats scrounge for cash to pay for pensions. Fitch Ratings reported this week that Illinois’s unfunded pension liabilities equalled 22.8% of residents’ personal income last year, compared to a median of 3.1% across all states and 1% in Florida.
This helps explain why Illinois’s economy has been stagnant, growing a meager 0.9% on an inflation-adjusted annual basis since 2012—the slowest in the Great Lakes and half as fast as the U.S. overall. This year nearly 100,000 individuals have left the Illinois labor force. The University of Illinois Flash Economic Index, which measures corporate earnings and investment as well as personal income, hit a five-year low in October. (See nearby for the recent labor force trend in Illinois and Wisconsin.)
Illinois taxpayers have seen the warnings on the wall, which became even more stark after the Democratic legislature this summer overrode GOP Gov. Bruce Rauner’s tax hike veto. Democrats in Springfield and Chicago think they can defeat Mr. Rauner next year and raise taxes again, but they may succeed mainly in driving more people out of state.
we are losing the middle class blacks, their homes will be purchased by middle class white millennials, they have to bring in the illegal aliens who will vote for them. some of theses section 8 vouchers are for thousands. when are the middle class blacks gonna see they are being used by the democrats?
Millennials moving TO Shitcago? I don't think so. According to the latest IRS data they are in fact leading the Illinois exodus. No, the sky is not falling, it already has. Anyone with a lick of common sense has already left or are planning to shortly.
" Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
12/18/2017 05:57:00 AM":
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
-----------
Just wait. When Berrios' "errors" are corrected, when the county will finally cut a check for $48,000,000 for that trial it lost last week, when the pension payouts finally exceed the money left in the piggy bank, real estate taxes in Crook will shoot through the roof. Only the rich will pay them; only the poor will be exempt.
The middle class will flee even faster.
And btw, anyone who can afford a $900k residence is a 1%-er to the leftists who control this state. Be sure you keep your checkbook out after you close on your new home.
http://www.breitbart.com/london/2017/12/17/sweden-raise-retirement-age-pay-mass-migration-population-growth/
The increasing costs of population growth in Sweden, driven almost entirely mass migration, have forced the government to seriously consider raising the national retirement age to pay for the additional costs.
Swedish Socialist party Finance Minister Magdalena Andersson announced that the retirement age would likely be raised in the near future in order to offset increased welfare costs, Swedish newspaper Expressen reports.
The elimination of the state and local tax deduction is nothing more than pure genius by Trump and his team. What state and local governments run the biggest financial deficits? Why the democrat run ones of course. He's rewarding the responsibly run governments and penalizing the horribly run, corrupt, too big ones like Illinois, California, NJ... etc. Time to cut spending, cut taxes, and make government smaller.
There are plenty of nonsense programs in Illinois that could be eliminated in favor of funding real important things (like our first responders). I have to pay taxes that get used to help illegal aliens buy food and get medical attention..but my local CPD branch (West Town) closed down a few years ago... priorities in this city and state are completely f-ed up. I say good on Trump.
I'm not suggesting that things are perfect, but the sky isn't falling in Chicago.
If nothing else, read the second paragraph.
http://www.chicagobusiness.com/article/20171020/BLOGS02/171029997/more-proof-that-chicago-brainpower-is-trending-up
Here's another story about how the city is only losing residents on the south side. People who pay their fair share are still moving into the city. Again, nothing is perfect, but we're not Detroit, and nowhere near it.
http://www.chicagobusiness.com/article/20170526/BLOGS02/170529911/the-surprise-in-chicagos-latest-census-tally
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
Lol.............
It is amazing that rahm took away police retirees health care then gave millions to fund the illegals here! How can rahm and the rest of the criminal crew actually get away with breaking federal immigration laws and aiding and abetting the criminals and not be indicted? Then we have eddie burke who brags he was CPD and carries a CPD badge at all times attached to his belt but yet as director of finance controlling all the cash never comes out in favor of properly funding the CPD pension plan! Did eddie ands the other v49 loafrers say anything when rahm viciously took away retirees health care plans? Of course not they are scared sheep, look at brendan reilly (otis) who bragged about removing President Trumps small sign by his hundreds of million dollar investment into that beautiful hotel! He said he was going to return the over $5,000 President Trump gave him as campaign contributions but the refused to return the same! Typical lying cheating democrats they are everything wrong with this extremely corrupt city-state-county!
God bless the thin blue line!!
Here's the fix.
http://www.breitbart.com/london/2017/12/17/sweden-raise-retirement-age-pay-mass-migration-population-growth/
Anonymous said...
12/18/2017 05:33:00 AM
Anonymous Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
*****
I beg to differ. Ever hear of anecdotal evidence?
12/18/2017 11:29:00 AM
THANK YOU!
The Same silly-assed real estate zombie/troll alleged
copper/Rahm al-Ghoul ass kisser is constantly banging
off his bazoo about "all the construction cranes downtown"
while middle and working class neighborhoods are being
deliberately ruined and rendered unfit/unsafe for decent
law abiding people to live and raise families in relative
peace, quiet and safety.
Another and more devastating bubble is about to pop
and all these speculators are trying to make every
fucking buck they can.
There won't be any real stabilization in the Chicago
real estate market until all the right m/fers are
dangling from lamp posts with a permanent kink in
their necks.
All the hand wringing is from trying to figure out
a way to trap enough producers into staying and
propping the house of cards up long enough for
the political class to reap their windfall and
light the fuse to blow the bottom out of the whole
damned thing before they flee with their loot.
As they say, "circling the drain".
Anonymous said...
And on top of all that it looks like the retired police and other city workers who signed up for the FOP Aetna health care supplement and the city sponsored BCBS will be paying for OBama Care for the ghetto rats. What a slap in the face subscribers in both plans got letters explaining that someone has to pay for OBama Care and I guess it is the retired cops and other public service employees will be assessed an additional 37.50 a month that’s a month over 1,000.00 a year right out of the pension that Rham wants to take away.
Is Rham going to pay 37.50 a month starting in January?
Is Durban the turban going to pay 37.50 a month?
Is Prickwinkly going to pay 37.50 a month?
Are the 50 theven Alderman going to pay 37.50 a month?
Is OBama going to pay 37.50 a month?
It’s funny that none of these slim ball democrates that want OBama Care don’t want to pay for it. Let the retired cops pay for it!
Not sure what you are talking about. I have Aetna and the letter showed the rates went up very little. Where does that $37.50 come from.
us said...
We have had more fortune 500 companies move here in the last 5 to 7 years than anywhere else in the world. That attracts professional people with big salaries that pay taxes. Considering the amount of Tif money on hand our pensions will be fine at least for the foreseeable future.
Think you got it right. Read an article that stated in 2015 , 3000 millionaires left Chicago. Typical of the papers that wanted to slant it their way. Later in the article they mentioned that there was still 134,000 millionaires in Chicago. That’s a lot of millionaires in one city and they buy expensive homes and condos, keep the high end restaurants going. Plus they pay taxes
20 BILLION in mega structures and project developments in chicago
http://www.chicagotribune.com/business/columnists/ct-mega-developments-ryan-ori-0625-biz-20170621-column,amp.html
"I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K."
Calling bullshit on that. Anyone who's been in real estate for more than an hour knows that list prices don't mean shit. Come back and let me know what it actually sells for, and we can have a conversation.
"57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying."
Calling bullshit on that too. So they got a loan to build them? Big deal. Come back and let me know when they actually have tenants that are paying the rent.
Out migration? You haven't seen anything yet. Just wait till the Democratic morons start taxing retirement income because they have no other options. You fools for the city are going to learn a lesson of social migration, the drivers and instigators of economic dynamics and the affect of same on human behavior, Remember, in the 1960's 3.2mil called Chicago home, CPS had 800,000 students. Today the city is 2.8mil and CPS is <400,000. I think the migration marches forward, millennials in the city notwithstanding.
Oh, and IL had 16mil in those days. What is the population now?
To keep the ponzi scam going you always need a fresh new supply of ponzi's hence the open door for illegal immigrants. That's how desperate they are and even that is failing now
Who's moving into all these high rise buildings and 500k+ homes? Blue collar people, trades people, state, county, or city workers? Most "middle class" people I know don't even want to deal with the collar counties and the even higher property tax. Everyone I know who moved in the last 8 years left the state.
Our Calendar says 12 more days till we move to Arizona
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This works on the Chicago Tribune site and most other news sites that make you subscribe!!
Anonymous Anonymous said...
The ONLY solution to the pension problem is new hires do not receive a pension. Everyone already in the system continues on as usual. Eventually, after about thirty to 40 years its all over. This current system cannot be sustained.
12/18/2017 10:00:00 AM
I think the new hires pension contributions are paying for the retirees pensions. Kind of like social security. Get it?
Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
Lol.............
12/18/2017 02:23:00 PM
That house at Elston and Pulaski may as well be listed
for $9 Million...
...Another section 8 rental unit because some real estate
lick hitter over-extended.
Out-migration and Escape Madiganistan are synonymous...
Anonymous Anonymous said...
Out migration? You haven't seen anything yet. Just wait till the Democratic morons start taxing retirement income because they have no other options. You fools for the city are going to learn a lesson of social migration, the drivers and instigators of economic dynamics and the affect of same on human behavior, Remember, in the 1960's 3.2mil called Chicago home, CPS had 800,000 students. Today the city is 2.8mil and CPS is <400,000. I think the migration marches forward, millennials in the city notwithstanding.
Oh, and IL had 16mil in those days. What is the population now?
There will just suddenly be tons chicago machine retirees living in Indiana with Wisconsin license plates instead of Illinois license plates.
"However, income from a government pension (for example the Wisconsin Retirement System) is not taxable." https://smartasset.com/retirement/wisconsin-retirement-taxes#wisconsin
20 BILLION in mega structures and project developments in chicago
http://www.chicagotribune.com/business/columnists/ct-mega-developments-ryan-ori-0625-biz-20170621-column,amp.html
12/18/2017 09:11:00 PM
Debt money spends just as well as earned money.
The question is, who is this money being borrowed from, and who are those doing the borrowing?
I have to pay taxes that get used to help illegal aliens buy food and get medical attention..but my local CPD branch (West Town) closed down a few years ago... priorities in this city and state are completely f-ed up. I say good on Trump.
12/18/2017 01:15:00 PM
Money spends, wherever it comes from.
Debt is still money that is spent.
Thus, those who sell find the sources of said spent money to be not their concern. If anything, they neither care nor want to know.
By hook or by crook, whatever keeps the cash flowing.
Birds do it, bees do it, even dirty low down rascals with their fleas do it, let's all do it, let's spend away.......
Anonymous Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
Lol.............
12/18/2017 02:23:00 PM
Hey LOL, the stats are coming from the IRS. Regular people are leaving, and some wealthier are moving in, but companies and other businesses are fleeing. It's just a matter of time for Rome to fall.
I am already looking... 8 months and I am gone. Looking to warmer and more right thinking climate.
"Out migration", is this the politically correct phrase for "white flight"?
J.J.
Anonymous said...
Anonymous said...
I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K. 57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying. Thr sky is not falling.
Lol.............
12/18/2017 02:23:00 PM
That house at Elston and Pulaski may as well be listed
for $9 Million...
...Another section 8 rental unit because some real estate
lick hitter over-extended.
12/18/2017 11:53:00 PM
City employees are not millionaires. The middle class cannot afford those prices. So the middle class is fleeing the city. What is left, my friend? The have and have nots. The have nots are dependent on the democratic party for handouts and subsidies. When a neighborhood is gentrified and prices are high, where do the poor move? Northwest side and southwest side, living with the middle class. Crime follows. It seems the only safe neighborhood is Beverly area. Jefferson park are going downhill and they are moving to Edison park. No place to move for city employees, AKA the middle class.
wisconsin here i come anybody out there in cpd land know of good town in wisconsin to retire in ?
Anonymous Anonymous said...
"I beg to differ. A lot of wealthy people and millennials are moving to Chicago. You would have to be blind not to see it. A house near elston and pulaski listed for 900K."
Calling bullshit on that. Anyone who's been in real estate for more than an hour knows that list prices don't mean shit. Come back and let me know what it actually sells for, and we can have a conversation.
"57 high end luxury apartment buildings are under construction. Neighborhood after neighborhood is gentrifying."
Calling bullshit on that too. So they got a loan to build them? Big deal. Come back and let me know when they actually have tenants that are paying the rent.
You call bullshit on anything you don’t agree with
You comment. So they get a loan. News flash. Banks and lending institutions don’t just give out loans hoping the building will sell or rent
Everyone knows you are right about listing prices. Say you are right and it only sells for $750,000. The poster made his point of existing homes and new developments prices going up.
Banks and lending institutions don’t just give out loans hoping the building will sell or rent
12/19/2017 03:07:00 PM
Loans are not given......they are not a gift.
Banks approve the loan transaction knowing that the terms of said loan will result in any one of the following:
1. The borrower repays the loan, taking it's entire term to do so.
2. The borrower repays the loan prior to it's agreed term ending.
3. The borrower fails to repay the loan and the lender claims the security, the property, as contractually agreed.
In no case is the lender concerned with the how, the means by which one of the above possibilities occurs.
The lender either makes a ton of gain via option #1, a majority of that ton of gain via option #2, or acquires the security/property in lieu of actual money. This is true even if the lender operates according to the traditional understanding of the loan business.
There are also practices which do not resemble the traditional understanding. They once were considered to be malfeasance, criminal in nature. Not so much these days.
So, having confidence in the behaviors of bankers to be an indicator of the future economic success of any area is.......unwise.
An old saying:
If I owe the bank $1,000, I got a burden.....
If I owe the bank $1,000,000, the bank has a burden....
.....goes along with the.....can't get blood from a turnip.....
The city will hold on untgil the next state constitutional convention and then you will see a graduated income tax and a drastic change in pension laws. That is in 10 years.
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