Tick—
If you have been following Detroit (home of the $1 house) at all and know Chicago in any way, I don’t think links are needed.
My initial comments on the flaws of the one-dimensional use of stats were directed at the author of the article, but you seem to have identified with the author, so here you go for links. (BTW my delay in response hasn’t been because there was any difficulty in finding information but because I had kids to put to bed.)
If you want links, have links.
Median household price in Detroit is under $10,000
http://www.freep.com/article/20120624/BUSINESS04/206240311/
Median household price in Chicago is near $250,000
http://www.trulia.com/real_estate/Chicago-Illinois/market-trends/
If your residential tax base is 23 or 24 times higher, you can support a great deal more debt a great deal longer. I’m not saying that Chicago isn’t destined for the great economic sewer, but a doom and gloom article needs to do more homework before presenting it as being just around the corner.
(I’d bet that the commercial tax base shows an even greater differential.)
>> Median household price in Detroit is under $10,000
http://www.freep.com/article/20120624/BUSINESS04/206240311/
Apples and oranges.
What was the median household price in Detroit BEFORE they went down the toilet?
You’ve done nothing to counteract the author’s facts pointing to the coming municipal finance catastrophe in Chicago that will certainly rival what happened in Detroit.
Debt and liabilities in Chicago are breathtaking. Unsustainably so.
As went Detroit, so shall go Chicago. Your fact-free protestations notwithstanding. It’s simply a matter of time.
>> a doom and gloom article needs to do more homework before presenting it as being just around the corner.
Can you please...
a) Define what exactly you mean by “just around the corner”? How many days/weeks/months is “just around the corner”?
b) Show where in the referenced article ANY timeline whatsoever is given, let alone one that mentions “just around the corner”, or aligns with your above definition of “just around the corner”?