Chicago Teachers Union

More Financial Pain For Many Chicago Homeowners In The Coming Days

When it comes to keeping on top of the latest financial developments coming out Chicago, I’ve been out of the loop lately (no pun intended).

As if that really mattered. Like I’ve been saying for some time now- the writing is on the wall for the “Windy City” concerning its finances.

I’ve also pointed out time and time again Chicagoans should expect higher/new fees, fines, and taxes (in conjunction with less government services) going forward.

Case in point- the next round of property tax bills. Hal Dardick reported on the Chicago Tribune website last week:

Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.

The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.

Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall’s painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413

(Editor’s note: Bold added for emphasis)

Compare this to an overall 9.3 percent citywide increase over the last three years, according to Dardick.

And just this morning one local TV news broadcast reported that the Chicago Teachers Union is demanding Mayor Emanuel raise taxes even more for school funding.

I think it’s pretty safe to say that more financial pain is heading Chicagoans’ way.

As for the rest of Cook County, the Tribune piece noted:

By comparison, homeowners in suburban Cook County typically can expect more modest increases, averaging 2 percent, although they already are paying substantially more than their city counterparts, according to Orr’s data…

Last I checked County finances weren’t too pretty either, so these suburban homeowners may very well be in the same boat as their city counterparts down the road.

For more information, check out Dardick’s entire article here on the Tribune website.

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

Share

Tags: , , , , , , , , , , , , , , , , , , ,

Chicago Mayor Rahm Emanuel ‘Has The Toughest Job In America’

If you haven’t noticed, I find myself blogging about a lot of depressing crap. That’s not my intention- it just goes with the territory of talking about the subject material I do in this day and age. People who know me know that I look forward to when I can blog about brighter days. They’re out there- but there’s an unavoidable storm to be had first. Especially in the city of my birth and former residence- Chicago. And when I talk of the woes the Midwestern metropolis faces, I’m not making this stuff up. As I blogged back on July 24:

There should be no doubt that I predict tough times ahead for the city. But it’s not just me who harbors such suspicion. Even the Chicago FOX affiliate, Channel 32 News, is running a series called “Chicago at a Tipping Point” these days.

When putting together that post, I told myself I’d have to explore this “Tipping Point” series. The FOX 32 website has more information about it, and this is what it says on the sidebar of its designated web page:

The Problems

Chicago Mayor Rahm Emanuel has the toughest job in America—rescuing one of the country’s most attractive and largest cities from disaster. Among its problems:

Money: Potentially catastrophic tax increases loom due to hundreds of billions of dollars in unfunded public employee pension liabilities. Public employee union leaders have launched increasingly desperate counter-attacks on once-friendly Democratic Party politicians. Those politicians are moving to reduce public employee retirement benefits and other costs because taxpayers cannot afford them.

Schools: One consequence: facing an estimated $1 billion budget shortfall, the Board of Education just voted to close 49 under-performing schools. The vast majority lie within the gang/drug zone that families and business are fleeing as fast as they can. The president of the Chicago Teachers Union routinely denounces the school closings by accusing Mayor Emanuel of being a “racist” and a “murderer.” It might be laughable were it not so disgusting and potentially destabilizing.

Crime: Police claim 80% of the Chicago’s murders are driven by drug-dealing street gangs with billions of dollars in annual revenue and an estimated 100,000 members or sympathizers. Until that contagion is cleansed, those neighborhoods will see little if any private sector investment or job growth and continued residential flight. The street gang population plays into the concerns over crime as well as the closing of schools in gang infested neighborhoods. To many, it appears Chicago Police do not have control over these neighborhoods.

Jobs: Metro Chicago’s dismal 9.5% unemployment rate ranks 315th in the US, just barely ahead of #327 metro Detroit. Factory jobs that remain are increasingly automated and intellect-intensive. Ford Motor Co’s South Side Assembly plant at 126th & Torrence prefers to hire workers with at least two years of college. High school dropouts can’t even find work in a factory any more. It is Chicago’s shame that so few in these dying neighborhoods have sufficient skills to enable them to move Downtown.

Dismal stuff. By the way, on that last point about jobs, the Chicago area unemployment rate has climbed up to 10.3 percent according to the Illinois Department of Employment Security.

Like I said, I don’t make this up.

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

Share

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

Happy New Year

PLEASE RATE this blog HERE,
and PLEASE VOTE for the blog below:



Thank you very, very much!
Advertising Disclosure here.
ANY CHARACTER HERE
Emergency Foods Local vendor (Forest Park, IL). Review coming soon.
ANY CHARACTER HERE
Legacy Food Storage Review coming soon
ANY CHARACTER HERE
MyPatriotSupply.com reviewed HERE
ANY CHARACTER HERE
Buy Gold And Silver Coins BGASC reviewed HERE
ANY CHARACTER HERE
BulletSafe reviewed HERE
ANY CHARACTER HERE
BullionVault BullionVault.com reviewed HERE
ANY CHARACTER HERE
This project dedicated to St. Jude
Patron Saint of Desperate Situations

Categories

 

Archives