On Wednesday, Chicago Treasurer Melissa Conyears-Ervin announced that her office will no longer invest the city’s money in U.S. Treasury Bonds. In doing so, she is ignoring the fact that U.S. Treasuries are secure, liquid, and provide a better return than Chicago received on other investments.
In making the decision, ABC 7 reported that Conyears-Ervin said “The residents for the city of Chicago will not feel an effect from our divestment of U.S. Treasuries to send the message to Donald Trump that we will not bankroll his authoritarian regime.”
Oh yes, they will. Her fellow Democrat, Alderman Bill Conway, noted that US Treasuries returned 4.1%, while her investment strategy yielded only an overall return of 3.6%. It’s amazing when Democrats step into their own excrement because of their TDS and highlight their incompetence. Her inability to not even match the return of a secure, easy investment should be a bigger part of the story.
Her decision to eschew our debt, which is a symptom of her Trump Derangement Syndrome, something that universally has infected any Democrat yearning for higher office, has been universally mocked by the national media, including mainstream media. The Chicago Tribune called it a political stunt. The WSJ said she won the contest for dumb and dumber.
The Wall Street Journal noted that Conyears-Ervin “made the decision because ‘we will not allow them to pepper spray one-year-olds in the street. We will not allow them to put guns to the heads of everyday citizens.”
This is more of the cheap talking points Democrats are saying without any specific context. Since MCE is running for Congress, her statements are pro forma for running as a Democrat.
The WSJ also pointed out that “Whether Chicago invests in T-bills or T-bonds will have no effect on federal immigration policy. It also won’t matter to the Treasury, which can find plenty of other buyers.”
But logic doesn’t matter if you are a Democrat in Illinois, and neither does the thought of being a good steward of other taxpayers’ money.
Black, female, raised by a single mom – she checks all the boxes, and so her election to a position she is unqualified for was certain.
The WSJ also took the opportunity to point out that Chicago has neglected sound money and budget policy the entire time Conyears-Ervin has been in office, and even before that. They noted that Chicago has $53 billion in pension debt and is currently facing a $1.15 billion budget deficit, about which Mayor Brandon Johnson is floating a variety of taxes.
And to add an exclamation point to the calamity, WSJ also reminded readers that, “Standard & Poor’s downgraded Chicago’s debt in January, citing structural imbalance after the city’s last budget.” This happened on Conyears-Ervin’s watch – did she say anything about the downgrade during any meeting?
Let’s face it – Conyears-Ervin fits right in with the most inept leadership ever seen in Illinois and Chicago. Just when you think it can’t get worse, it does. And what does this say about Roosevelt University, which conferred a Master’s Degree in Finance – of all things – to Conyears-Ervin?
More importantly, what do such idiotic statements from a Democrat holding a position of fiduciary responsibility for six years say about Chicago leaders? It’s a question that should be asked of them on a regular basis regarding several public policy issues.
Where are the business leaders?
Do they like being taken advantage of by political hacks with no understanding of business? Do they think so little of themselves and their employees that they collectively stay silent in the face of such ineptitude? Same question to the numerous financial professionals and business professors at our esteemed public and private institutions – the ones where graduate school starts at $70,000 per year and salaries reach into the top 5% of all income earners.
Obviously, many businesses are tied tightly to the government, so they don’t rock the boat. Healthcare, education, and utilities all feed at the taxpayer trough. Their suppliers and laborers support every bill that raises revenue, provides favorable mandates and subsidies, and regulates the small guy so they can’t compete. They couldn’t care less if the elected person is incompetent, corrupt, or just a stupid Leftist. To make matters worse, they donate to politicians who will do their bidding, rather than those who have expertise and a commitment to good governance. For years, they supported the same politicians who are in prison now or served time.
Conyears-Ervin isn’t the only Democrat politician to have her Trump Derangement Syndrome impact her public work; she’s just the latest in a long list of them in Chicago, with Governor JB Pritzker and Mayor Brandon Johnson leading the way.
Her timing couldn’t be worse, though, as the Chicago budget discussions heat up. To fill the billion-dollar gap, Mayor Brandon Johnson’s top proposal is a corporate head tax, but Governor Pritzker is opposed to such and got into an argument with Alderman Byron Sigcho-Lopez on Veterans Day.
The two Democrat Socialists agree on wanting to tax people more; they just didn’t agree on the method. Pritzker argued for a graduated income tax. If he’s elected to a third term, there’s little doubt he won’t try it; after all, taxes have gone up under Pritzker every year he has been in office.
In the ABC 7 report, linked HERE, the Chicago Teachers Union is also arguing for a head tax, stating corporations don’t pay their fair share. Chicago Chamber of Commerce leader, Jack Lavin, says they do.
We’ll see who wins this contest shortly.
But any property tax increase should be DOA after the bills went out this week to Cook County residents. How bad is it? Homeowners on the West Side (the same area that Conyears-Ervin lives and wants to represent in Congress) held a bonfire Saturday night to burn their tax bills. ABC 7 reported on the neighborhood get-together.
Community leaders partnered with the Lawndale Christian Development Corporation to host a bonfire, allowing neighbors to discuss their options.
Lawndale resident Thomas Worthy received a bill this week that was $977 more than what he paid last year.
“Tax increase is tied to a TIF that I have no idea why,” Worthy said. “It’s collecting money from our neighbors and streets, but we’re not being notified why it’s in the bill.”
Homeowners are also frustrated because they feel like they’re not seeing the tax hikes lead to notable investment in their neighborhoods.
“There’s been a divestment in this community for the most part but it seems now that have people found an interest in reclaiming the neighborhood,” lifelong Lawndale resident Milton Clayton said. “Now we’re being taxed for prosperity.”
These bills, which should have been sent out in August but just arrived this week, are due December 15th – just before Christmas.
Back to Jack Lavin and other business leaders – they held a press conference a few days ago, decrying ICE actions in Chicago.
Lavin himself led the charge, the Sun Times reported Lavin saying, “Workers and customers alike are afraid for their safety and [are] staying at home rather than risking arrest. Tourists are being deterred from visiting our city. The needless unpredictability discourages consumer activity, especially hurting small, neighborhood businesses that depend on steady foot traffic.”
Lavin added, “Businesses in Chicago are already dealing with so much pressure and economic uncertainty, between inflation, tariffs, fiscal issues, government shutdown and other rising costs. The last thing they need is another element of uncertainty to add to their challenges.”
Also present was Rebecca Shi, CEO of the American Business Immigration Coalition, who said ICE actions are targeting “law-abiding and tax-paying immigrant workers” and driving up costs.”
She offered up a solution of amnesty and noted that “according to ICE’s own data, 70% of people arrested have no criminal convictions.”
Like Judge Jeffrey Cummings, who ordered over 600 detainees released from ICE custody this week, they don’t believe crossing the border illegally constitutes a crime. They also view illegals coming in as cheap labor without considering the overall cost to taxpayers in money and security.
Meanwhile, this week, Governor Pritzker wrote himself a check to his campaign account for $25 million. Who’s the King? His political spend in Illinois will likely reach a half billion dollars since he first ran in 2018.
IN OTHER NEWS
The Student Mental Health Screening Outrage Is Headed to Court
Governor Pritzker recently signed a law that will go into effect during the 2027-28 school year, which will require schools to conduct yearly ‘screenings’ of students to help ‘officials’ (whatever any of that means) identify signs of depression, anxiety, or trauma.
If that doesn’t qualify as a totally vague overreach, ripe for abuse and corruption, then what does?
Conservative legal advocacy group, America First Legal, has filed a complaint with the U.S. Department of Education asking for an investigation into the law that does not require parental consent for underage students in grades 3-12.