Chicago’s Financial, Job Woes Highlighted In Huffington Post Piece

Chicago-area readers are probably getting sick of my negative posts about Chicago, Cook County, and Illinois. I don’t like blogging about all the bad news either. However, I feel compelled to point out the massive challenges facing the city, county, and state I was born in and continue to love in an attempt to help turn them around (unlikely at this point), or at least assist residents survive these entities slamming into that proverbial brick wall (much more probable).

That being said, this past weekend I came across an interesting article about a number of Chicago’s woes by local journalist Hilary Gowins. While there’s plenty of dreadful material being written about the “Windy City” these days, what made Gowins’ piece particularly “interesting” is where it can be found- on The Huffington Post website. From the often left-leaning (in my opinion) online news aggregator and blog:

Behind a veneer of affluence, gilded by the prosperity and staying power of neighborhoods such as the Gold Coast, River North and Lincoln Park, the city’s foundation is crumbling beneath the weight of perilous debt. Chicago and its sister governments are officially on the hook for more than $32 billion in unfunded pension debt. With just over a million households in the city, that staggering figure means each Chicago household is on the hook for $32,000 to cover these liabilities. Chicago’s pension debt exceeds the state’s total proposed operating budget for the upcoming fiscal year.

At the same time the city’s obligations are skyrocketing, its population is growing at a snail’s pace, gaining just 6,000 residents in 2013 after a decade of population decline. With 2.7 million residents as of 2013, Chicago’s population is the same as it was in 1920

(Editor’s note: Bold added for emphasis)

Gowins added this as well:

But today, despite activity on the tech front, job opportunities are scarce. The Chicago area has 46,000 fewer people working compared to before the Great Recession, according to the Bureau of Labor Statistics…

(Editor’s note: Bold added for emphasis)

There’s plenty of people around these parts who would be quick to blow smoke up your behind and tell you the economy in Chicagoland area and beyond is in full-blown recovery, and quit worrying about the larger financial picture.

Sorry, but the numbers (such as the above) show otherwise.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Gowins, Hilary. “Chicago’s Problems Run Much Deeper Than a 76-foot Hole.” The Huffington Post. 1 May 2015. (http://www.huffingtonpost.com/hilary-gowins/chicagos-problems-run-muc_b_7131348.html?ncid=txtlnkusaolp00000592). 5 May 2015.

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