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Monday, November 08, 2010

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Dick, I know you've said in the past that Chicago is "bleeding dry" other parts of the Midwest. Do you think that these election results, and the Democrats' retention of power in Illinois, will only further that trend?

Joel........This issue has two parts -- the attractiveness of Chicago to business, finance and especially to young people seeking challenging jobs, and the relative weakness of too much of the rest of the Midwest -- it's non-attractiveness, if you will. The first depends more on the Chicago mayoral election coming up than on the midterm election last week. The Illinois state government and its finances, as everybody knows, are a mess, and are a drag on Chicago itself: it's going to take more than a Democratic victory to fix this. But the election results in many other Midwestern states, as I said, are likely to weaken those states. By cutting education and the other factors that make these states an attractive place for both investment and job-seekers, both money and young people will continue to flow out -- to Chicago, if Chicago plays it right, or to the coasts, if it doesn't.

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