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Beneath Chicago’s Gloss: How it is possible for a city this booming to be this broke?
City Journal ^ | 09/28/2015 | AARON M. RENN

Posted on 09/28/2015 6:58:10 AM PDT by SeekAndFind

Chicago’s Loop hums with life and commerce today. A parade of companies, including Kraft and Motorola, has moved from the suburbs into the central business district. The greater downtown apartment market is booming, with thousands of new units being constructed. Chicago hotels will add 2,200 new hotel rooms this year to accommodate throngs of tourists. The city has rolled out new amenities and attractions, including an enhanced Riverwalk along the once-polluted Chicago River, and Maggie Daley Park, a fantasy-like playground that replaced the forlorn Daley Bicentennial Plaza section of Grant Park. Also opening this year: a long-anticipated elevated rail trail and a new nature preserve on Northerly Island.

With so much civic and commercial activity, Chicago seems to be going from strength to strength. Sipping wine on the Riverwalk while watching the architectural tour boats cruise by, one struggles to reconcile Chicago’s seeming vitality with headlines such as, FIVE REASONS CHICAGO IS IN WORSE SHAPE THAN DETROIT.

That seems preposterous, considering Detroit’s recent bankruptcy, not to mention its largely empty, windswept streets, abandoned buildings, and mile upon mile of so-called “urban prairie.” Most cities would kill for Chicago’s level of urban growth. But despite its many advantages—including America’s second-largest central business district, several elite universities, and a major regional airport—the Windy City is a fiscal basket case.

(Excerpt) Read more at city-journal.org ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Illinois
KEYWORDS: bankruptcy; chicago

1 posted on 09/28/2015 6:58:10 AM PDT by SeekAndFind
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To: SeekAndFind

Theft by the Dems, the Mob, and the Unions.

3 terms for the same group.


2 posted on 09/28/2015 6:59:36 AM PDT by G Larry (Vote Hillary! Pro-Abortion Socialist)
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To: SeekAndFind

Socialism,Union deals that are unworkable and an moron for a mayor.


3 posted on 09/28/2015 6:59:46 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Don Corleone
Captrerereure
4 posted on 09/28/2015 7:01:45 AM PDT by smartyaz
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To: Don Corleone
6a00d8341c60bf53ef0120a61f37e4970c-600wi
5 posted on 09/28/2015 7:03:12 AM PDT by smartyaz
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To: SeekAndFind

Socialism Is Legal Plunder - Bastiat

It can look good until you run out of other people’s money.

http://www.usdebtclock.org

Or, it can continue plundering the productive while exterminating the unproductive useless eaters unfit for their utopia.


6 posted on 09/28/2015 7:06:20 AM PDT by PGalt
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To: PGalt
Captmjh7yyyure
7 posted on 09/28/2015 7:08:32 AM PDT by smartyaz
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To: SeekAndFind

By using the power of the federal, state and local governments to extort earned wealth from the declining number of producers.

Eliminate that and what is left of America’s great cities would be depopulated in less than one year.

Until the middle class is completely destroyed and there isn’t any more wealth to steal most cities are doomed to become not much more than government run holding pens for liberal victim groups kept alive on government handouts.


8 posted on 09/28/2015 7:08:38 AM PDT by Iron Munro (Proverbs 21:20 - The wise have stores of food and oil but a foolish man devours all he has))
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To: SeekAndFind

A LOT of federal (our) money has found its way to Chicago during the Obama reign of error.


9 posted on 09/28/2015 7:11:10 AM PDT by cripplecreek (Pride goes before destruction, and a haughty spirit before a fall.)
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To: SeekAndFind

Northerly Island, formerly Meigs Field until it was bulldozed by Mayor Richard M. Daley in the middle of the night to avoid the required 30 day notice.


10 posted on 09/28/2015 7:11:21 AM PDT by bigbob
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To: SeekAndFind

They ran out of ‘Other Peoples’ Money’ to give to people who didn’t contribute..............................


11 posted on 09/28/2015 7:13:24 AM PDT by Red Badger (READ MY LIPS: NO MORE BUSHES!...............)
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To: SeekAndFind

BFL


12 posted on 09/28/2015 7:21:12 AM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: SeekAndFind

By being profligate. You can have a marvelous job and still live beyond your means and end up in piper-paying mode.


13 posted on 09/28/2015 7:22:02 AM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: G Larry

The fact that the people of Chicago keep electing gangsters for Mayor, might have something to do with it.


14 posted on 09/28/2015 7:33:07 AM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: G Larry

And GOP.

Liberal Rauner is part of the infamous Combine.

IL is the Haiti of America - every one steals and looks the other way.

Until there was nothing nailed down left to loot.


15 posted on 09/28/2015 7:34:55 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: SeekAndFind
Seriesly, Aaron? You work for an outfit with the word "Journal" in its name. I would assume you consider yourself a journalist. Journalists do research. Why don't you do a little research and get back to us on this.

It would benefit you far greater than for us to just tell you.

Here's a few words for you to familiarize yourself with to get started; Unions, Pensions, DemocRATS.

16 posted on 09/28/2015 7:51:16 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: SeekAndFind
How it is possible for a city this booming to be this broke?

Democrats.

17 posted on 09/28/2015 8:10:04 AM PDT by pepsi_junkie (The only fiscally sound thing dems ever did: create a state run media they don't have to pay for)
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To: G Larry

Yes, the city was robbed blind under the Daley administration. Right up until the moment he left too. One of his last acts was to sell decades of future revenues from parking meters to a private company for a quick cash infusion.


18 posted on 09/28/2015 8:39:06 AM PDT by Boogieman
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To: G Larry

Sections/factions of the same group, yes.


19 posted on 09/28/2015 12:00:01 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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