Chicago lost the Bears this week. A team that's been in the city since 1921.
They didn't lose them to a bigger market or a better deal. The Bears decided they'd rather be a tenant in Indiana than deal with Illinois for one more year.
Think about how badly you have to run a place for that to be the smart move.
They lost them for two reasons.
The people running Illinois would rather villainize a builder than keep one. And they're bad at their jobs.
In 2021 the Bears spent $197M on the old Arlington Park racetrack.
Before they could break ground, Cook County valued the empty lot at $192M (Bears said $60M). They were salivating at the chance to extort a building that didn't even exist yet.
That fight dragged on for years.
The Bears were ready to put $2B into the stadium. All they wanted was a promise the county wouldn't reassess them into oblivion, plus $855M for infrastructure everyone uses. Roads, transit, utilities. A $3B project, two thirds of it private money pouring into Illinois.
Springfield had since 2021 to get this done. They dragged it to the final night of session, passed it through the Senate at 3:39AM, and the House went home without voting.
So now it's all gone.
The funniest part? This started because Cook County tried to grab the tax early. They knew a built stadium would pay $53M a year. Now they get under $4M on a vacant lot. No jobs, no buildout, no new anything.
Congrats on fighting for scraps and losing the whole prize.
Pritzker: they're "an $8.5B valued business" that doesn't need propping up.
But be smart for a second. Almost every NFL city throws in public money for a stadium. Not charity. The return is real. Tourism, hotels, restaurants, jobs, game days, property tax on a huge development. The math works.
Indiana did the math. While Illinois sat on it for years, Indiana passed a bill in months, put up $1B, and took the team.
And the Bears took a worse deal to get there. In Illinois they were going to own their stadium. In Indiana they rent it from the state. A team that wanted to build its own home gave up ownership just to escape Chicago.
Nobody won but Indiana. The Bears lost their stadium. Illinois lost the team, the $2B, and $53M a year in taxes.
Pritzker after they left: "I wasn't willing to give up billions of dollars of taxpayer money to give it to a billionaire-owned family or team."
There it is. "Billionaire-owned."
That's how Democrats talk about any business right before they run it out of town. Call them a billionaire, act like you're saving working families, take a victory lap while the tax base drives across the state line.
Meanwhile they're running the whole state into the ground. And you already know how this ends. You're living in it.
Pensions are $143B in the hole, worst in the country and not close. You pay $6,285 a year in property taxes, double the $2,969 national average, for a city that's $1.15B in the red. The mayor called its finances "the point of no return."
When you run things this badly, you sell what's left.
They leased the parking meters for 75 years to Morgan Stanley and a sovereign wealth fund in Abu Dhabi. Took $1.15B and burned through it in two years. The investors already made it all back, with 58 years left to collect.
Sold the Skyway. Sold the downtown garages. Every asset that made money, gone for one check.
But a fixed property tax rate for a team that's been here 106 years? That's "propping up billionaires."
Companies are leaving. Boeing for Virginia. Caterpillar for Texas. Citadel for Miami. In 2023 alone Illinois lost 56,000 people and $6B in income to other states. The ones who left earned a third more than the ones who moved in.
Indiana didn't outbid anyone. AAA credit, 16 years straight. A $676M surplus. Fourth-lowest debt per person in the country. They just weren't a disaster.
Illinois could have collected $53M a year. It chose zero. Ignore all the bad management but make sure to stick it to those evil, pesky billionaires.
Kevin OโLeary says almost nobody can beat the S&P 500 by picking individual stocks
โIf you think youโre so good that you can pick stocks and beat the index, give it a try and learn the hard way. Virtually nobody beats the indexโ
โWhat you should do is make it easy for yourself. Maybe put $1,000 into one account where you pick stocks, and another $1,000 into SPY, the ETF that tracks the entire S&P 500โ
โAnd then youโll find out the hard way that youโre not that good. 90% of the time, you canโt beat it, so you might as well join it and stop trying to pick stocksโ
... the American Academy of Orthopaedic Surgeons and the British Association for Surgery of the Knee have continued to endorse the surgery,โ he added. โThis effectively illustrates how difficult it is to give up inefficient therapies.โ
https://t.co/hvwlivhpG5
๐จ๐บ๐ธ RESURFACED VP DEBATE CLIP SHOWS WALZ BRAGGING ABOUT MAKING IT EASIER TO START DAYCARES IN MINNESOTA
This aged like milk.
A clip from the 2024 Vice Presidential debate is circulating again, and the timing couldn't be worse for Tim Walz.
Walz on childcare policy:
"We have to make it easier for folks to be able to get into that business and then to make sure that folks are able to pay for that.
We were able to do it in Minnesota... we were listed as the best state."
He was bragging about lowering barriers to entry for childcare businesses.
Fast forward to today:
Minnesota is ground zero for the largest pandemic fraud scandal in U.S. history, with estimates reaching $9 billion.
Hundreds of daycares are under investigation.
A viral video showed a "Quality Learing Center" (misspelled) that received $4 million with no children inside.
Reports claim the state didn't require basic site visits.
One investigator said they "couldn't afford" to verify if businesses existed.
They made it easy to start a daycare, alright.
So easy that fraudsters set up shell operations, collected millions, and allegedly funneled money to terror groups overseas.
Walz wanted to make it easier to get into the childcare business.
Mission accomplished.
No vetting. No oversight. No verification.
Just taxpayer money flowing out the door.
Source: Reuters / @boriquagato