Chigago - Entrepreneurs, Elections and Economy Downturn Over?
Eve Pearce
Published: October 25, 2012
Chigago - Entrepreneurs, Elections and Economy
Downturn Over?
Remember those industry ‘professionals’ from the National Bureau of Economic Research who frivolously declared that the economic slump would be over by June 2009?
The financial reality was anything but the fairy tale ending anticipated by the experts. The downturn is only just tapering off and normal, middle class Chicagoans still brace themselves for the day where they see any tangible improvements.
Working conditions are still cold and hostile. Jobs are still sparse and the myth of upward mobility, a key principle of the so-called American dream, is still in a ‘temporary’ stranglehold.
Not even the upper middle class have enough dollar to dish out to local charities: Chicago’s very own Salvation Army has seen a massive decline of 13% in donations from last year. The hysteria that accompanies a faltering economy has left people who were previously active donors no longer able to provide for many Chicago based charities.
Budget implications
The recession is not solely accountable for Chicago’s budget deficits and financial problems. Fiscal decisions and policies made before 2008 contributed to a major structural imbalance even before the recession. The political agenda is now geared towards the recovery of these sectors, such as property values and taxes. This means there are no initiatives in place to help self-starters and local businesses. Of course, all this comes at a crucial time.
The public will soon have to vote for a specific course of action from here on in. The republicans are proposing a risk-averse strategy. Leading the way, Indianapolis Mayor Greg Ballard wants to safeguard next years dwindling $1.1 billion prospective budget against the Democrats, who are looking for cash to pump into police and fire-fighter recruitments.
What Does this Mean for Chicago?
What we are talking about is two vastly different standpoints taken from either end of the political spectrum. The republican budget proposal sponsored by Paul Ryan alongside Ballard will look to cut government spending whereas the democrats see the budget as a way to create jobs and curtail unemployment. Both stances have far-reaching implications on the communities that bind together to form Chicago. Chicago Mayer Rahm Emanuel predictably had issues with Ryan’s budget approach saying: “A lot of independent economists say his budget would lead to a recession,”
Both candidates have, no doubt, been infesting the TV airwaves with crude and misleading adverts. An obvious ploy but one that hinders rather than helps the public make informed decisions. It will instead function to fuel negative opinion for US politicians in general. Amusing enough though for any cynics as they continuously caricature themselves in the public eye; seen dribbling over ballot papers, fiendishly scouting out votes whilst they pretend to live a normal life.
The middle classes seem the most disenfranchised by the scattering dips of the recession. In an attempt to secure this section of the electorate, every speech has sympathised with those middle class stresses. Saving for their child’s future education, paying health care, maintaining their home, amongst other things. The worry for the middle classes is ensuring that the dream will still be alive for their kids just as it was in their day.
American Dream
What does this election mean for dynamo entrepreneurs who want a shot at this mystical ‘American Dream'?
Well, the Internet is there to be exploited and should be milked for all it’s worth. According to a recent study undertaken by the Boston Consulting Group, the internet contributes to 4.7% of US economy; more than the entire federal government. The figure for the UK is even higher at 8.7%.
Considering the magnitude of this figure and the extensive trading network existing between the US and Europe, it would be wise to make use of oversees trading opportunities. Become part of a thriving consumer distribution company, find the cheapest business shipment quotes and the world is once again your oyster. In these hard times, careful business plans and strategies must be mobilised before making this step. Courier services will help you exploit those niches specific to the UK and European markets. It could be part of an expansion programme at your current consumer business/high street store or part of a new business model. Thorough courier comparisons and analysis will always cut costs and make your financial model more viable.
Posted in Politics and Elections, Local Businesses