Two main reasons why large corporations are leaving Chicago, Illinois
Big companies have been leaving the Democrat-run city of Chicago since the 2020 pandemic. Although business operations began normalizing last year, the worsening crime rate and ever-increasing tax rates are forcing some businesses to move out of the windy city.
The second-highest tax burden in 2021
Illinois’ state debt stood at about $64.74 billion. By 2027, it’s expected to balloon to $81.61 billion. Chicago alone faces a $127.9 million budget shortfall in 2023. [WTTW]
“Out of 150 cities, Chicago came in almost at the bottom when the quality of city services and the total budget per capita were ranked,” reported Luke Schafer.
Second highest property tax in the nation.
Rising crimes, looting, and miscreants
McDonald’s CEO Chris Kempczinski criticized the city for its growing lawlessness. Crime in Chicago is seeping into every corner of the town.
“We have violent crimes in our restaurants… we see homelessness issues in our restaurants every single day,” he said at the Economic Club of Chicago.
He also said recruiting people to work at the company’s headquarters is difficult. “One of the things that I hear from our employees [is] … ‘I’m not sure it’s safe to come downtown.”
A 2022 report finds at least 65,000 people are experiencing homelessness in Chicago. The city’s homeless population rose even before the pandemic. A subsequent wave is coming as generational poverty grows.
Increasing drug problem
Cook County recorded more homicides in 2021 than in decades, yet twice as many died from an opioid overdose. The toll from opioids has been increasing since 2015. [NBC Chicago]
The “woke” progressive policies of Chicago that are not helping
- Chicago police can no longer chase people on foot just for running away. [NBC News]
- Complaints of police misconduct can be filed anonymously without the need for accountability. [Chicago Tribune]
- In 2021, Illinois became the first state to eliminate cash bail. Alleged criminals awaiting trial are free to go. [NPR]