Is Chicago Doomed?
COMMENT: Chicago is at it again. The new mayor, Lorie Lightfoot, is proposing a sales tax for high end professional services such as accounting, legal and investment banking. Can you imagine how fast the business district will be vacant!
VL
REPLY: Chicago is rather doomed. The teachers wanted to put a tax on all trading in Chicago to pay for their pensions. These people have no concept of competition. Here is a postcard from 1909 showing that New York City was once the biggest port in America. There is NOTHING left because of the unions and corruption. Shipping simply left.
These people have no clue how the economy works. You cannot extort people. They will simply leave.
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