State And Local Gloom

The downstream effect I've been worried about...

Mayor Daley said Wednesday he’s been warned by a parade of corporate CEOs that a blizzard of job cuts are about to bury the souring Chicago economy.

“Huge layoffs are coming in November and December. And next year, there’s going to be [even more] huge layoffs. All the corporation CEOs have come in to tell me. That’s just the beginning. It’s not their end result,” Daley told reporters after a City Council meeting.

Mayor Daley told reporters after Wednesday's City Council meeting that CEOs throughout the city have warned him of sweeping job cuts to last into next year.

“Each one of them tell me what they’re laying off and they’re going to double that next year. So, you’re talking about huge numbers of permanent layoffs…It’s going to have a huge effect upon all businesses relying off of one another. And for cities, counties and states, your revenue is going to keep coming down….Some of these local governments are going to be in jeopardy. They won’t have enough money to [meet] their payroll. It’s that serious.”