^^^ Economics is hard. The stimulus was entirely necessary, and actually should have been perhaps 2x-2.5x larger. Keynesian Economics clearly is the correct lense through which to view the current situation over the past many years, as we've been in the midst of a liquidity trap, with persistantly low and insufficient aggregate demand, and a massive and sustained 'whack' to potential GDP (with persistently low inflation and bouts of substantial disinflation). The federal government's budget is not in any way like a household budget - I don't think - in fact I know - that most people simply don't understand this basic concept. The United States controls its own fiscal policy, has its own independent monetary policy in which it issues its own currency (has monetary sovereinty, and the only country that issues its currency), and its debt is denominated in its own currency.......oh, yeah, and not to mention has the world's only reserve currency - which isn't going away for a long time - any focus at present on deficits and the debt is actually nothing short of idiotic. Freshwater (UofC) economics is rapidly falling out of favor among the serious economics experts.........and yes, this stuff - for those who actually pay attention - is settled........Has anyone been paying attention to what is happening in Europe? Fiscal consolidation while trying to emerge from a lesser (or greater actually?) depression has proven to be as dumb as it gets....

^^ No doubt - it's actually a national embarrassment, this pathetic investment level in our infrastructure....

Why? Regardless of the overall size of the Federal budget, the percentage attributed for transportation is laughably low by international standards and is not enough to support continued strong growth in GDP. It's definitely not enough to support the recent renaissance of central cities in any kind of efficient, car-free or car-lite way.

Sam...your attempt at explaining our fiscal insanity with pronouncements of economic and moral certitude are the reason we are in a precipitous decline. I didn't read what I wrote somewhere in the left wing blogosphere or mainstream media for that matter.....I lived it.......I was born during the Eisenhower administration. Enough with economics.....you depress me beyond comprehension.

You won't convince me and I won't convince you....let's agree to disagree and talk about "General Development" once again.

FIN

If you're interested in the topic, you may try regularly reading a few economics blogs. Honestly, Paul Krugmans 's blog is a good place to start as he links to a number of sources all over the economic spectrum.

On a related note, the Chicago region has been seriously criticized for its regional transit structure and lack of capital spending in an OECD study.

http://www.chicagotribune.com/news/l...914-story.html

I'll never understand why this doesn't get more attention. If we had a single, unified group making sure people could get around, we may actually see improved service and transit expansion. Instead we can't eve get BRT on Ashland. This should be a political priority, especially in an era of downtown growth and rejuvenation and dropping car ownership, yet, I'd be surprised if it were even mentioned by the mayoral or gubernatorial candidates. This literally affects people every day and no one seems too care.
/end rant

With a much larger land mass and the amount of highways we already have built.... the US should be spending WAY more than Europe on infrastructure. Instead we spend everything on our military...which happens to protect Europe and allow them not to have to make the same expenditures. Military spending should really be cut by another 3rd and we should double our infrastructure spending. You get way more employment from infrastructure spending than military.

^^ Most definitely correct. However, to my point earlier, a massive expansion of infrastructure spending would be a net/net, end-of-day positive for the US' current economy, and its future potential - and because of these its future fiscal trajectory - absolutely regardless of any other budget adjustments (full or partial offsetting reductions).....mostly it's just math, and a basic understanding of macro....

I think this forum just isn't a good place to debate tax policy. We're mainly here for the pictures of tractors.

Two Chicago universities among four finalists for future Obama library
 

The story can be found here.

^^^ I swear to God if Obama throws us under the bus on this one I will flip my shit. I can't believe that Hawaii and NYC have even the remotest chance of getting this. The ONLY option is University of Chicago. It's possibly the most storied institution in the world in terms of producing exception graduates and faculty (think Nobel Prizes) and having a presidential library just further seals the deal.

Agreed... glad Chicago State's out of the running tho, what a joke.

I'd be happy if UIC won the library but UofC is such a better proposal, with more connection to Obama's past, a legacy of African-American history, more potential for spillover development, several promising sites, etc.

Every time another big institution gets announced for the Near West Side I just shake my head... that whole UIC-IMD-UC area is a huge urban planning failure on par with Cabrini Green, and they just keep compounding it with bad decisions like closing more streets and building a huge Costco airlifted in from Naperville.

Antunovich just literally slapped me around a bit (in a friendly way) for my stuff on Curbed about the British School south loop. "It's not finished! It's not finished!" The gray walls will be painted to match the precast.

I believe it belongs at U of C, but the mention of the UIC Harrison site really intrigues me. That location would be easily accessible to public tran, closer to the city and have incredible views. However, he has no ties that i know of to UIC ..so probably not.

If I'm not mistaken, I believe UIC's also considering some off-campus, North Lawndale sites near where Obama did some community outreach and canvassing.

Personally, I would be disappointed if some place other than Chicago got the library, but I would be friggin furious if those a**holes in NYC got it. Especially since that's likely where he'll move his family in 2016 when they leave the White House. They don't care at all about the Obamas there. :(

(By the way, I just moved back to Chicago after living in New York for the past few years because I couldn't stand how obnoxious people were there. I think I missed the boat on the New York I wanted to live in by 30 years. However, I'm more than thrilled to be back in Chicago, the best/my favorite city in this country!)

9/11

The Scott Residences, 211 W Scott & Wells

http://imagizer.imageshack.us/v2/xq90/538/HaUMq2.jpg

http://imagizer.imageshack.us/v2/xq90/540/9LK9DK.jpg

http://imagizer.imageshack.us/v2/xq90/661/pNQrvh.jpg

I dont have a problem with UofC getting it but on the other hand Hyde Park dosent really "need" it either. Theres already several world class libraries affiliated with the university and I think there are other areas of the city that could be better served by the investment.

I still love the Pullman re-use idea that Lee Bey first floated several years ago and it would tie in remarkably well if the neighborhood is able to get National Park status. Transit is the obvious hurdle but its things like this that can spur development

http://www.chicagoarchitecture.org/w...a-682x1024.jpg
http://www.chicagoarchitecture.org/w...a-682x1024.jpg

Absolutely stunning building!

I think U of C is proposing to use the site at the NW corner of 55th Street and MLK, directly next to the train stop, for the Obama Library.

"I dont have a problem with UofC getting it but on the other hand Hyde Park dosent really "need" it either. Theres already several world class libraries affiliated with the university and I think there are other areas of the city that could be better served by the investment."

As I said in the highrise thread, Golub X/O-site townhome story will be on Curbed shortly. A lot of preliminary work, with just massing renders shown, not final designs.

I have to say, though, the Prairie District neighborhood is one of the grouchiest communities I've seen in regard to this. It's easy to understand how X/O was so quagmired when the people can so thoroughly lose their shit over some simple townhomes on the same land. Holy cow. They need to start handing out thorazine at these meetings.

I'm puzzled by those who keep talking about the Obama library as spurring redevelopment and investment. Have any of you ever visited a presidential museum?

As a history buff, I've visited the majority of them. I've never noticed any spinoff private development.