Chicago and Illinois continue to suffer from a decadeslong pension crisis, which is among the worst in the country. Pension funds have long been mismanaged, digging the state into deeper and deeper debt. According to credit rating agency Moody’s Investors Service, that number could be as high as $317 billion — and counting.
Illinois’ pension crisis is stifling our state’s economic growth, placing rising pressure on taxpayers and funneling money away from programs that help support many Illinoisans. While the introduction of a casino to Chicago could help put a dent in our pension crisis, and the legalization of marijuana has the potential to create jobs and opportunities for people of color to build equity, these ventures are not panaceas.
Illinois needs a sustainable economic engine that creates a stable base of jobs and generates long-term economic prosperity. Chicago’s South Side is among the regions most desperately in need of jobs, investment and growth. Alone, cannabis and a casino do not address the Southland’s unmet needs. The creation of the South Suburban Airport, however, could be that economic engine for the region.
Mayor Lori Lightfoot’s selection of the $1.7 billion Bally’s plan has given Chicago’s pursuit of a casino a clearer direction and shape. Carrying the highest casino tax rate in the state at roughly 40% of adjusted gross revenue, Bally’s, like the state’s legalization of cannabis, is a quick and attractive solution because it doesn’t place an added burden on taxpayers to close the city’s pension funding holes.
I see the value in a casino, but the hope with casinos in particular is that tourists will visit, spend liberally and contribute money from outside the city into the city’s coffers. But relying on casinos and their patrons to breathe life back into our pension funds would mean that many average citizens would bear the brunt of the fix.
To revitalize the South Side and the entirety of the Southland, we have to pursue economic development solutions that won’t potentially put burdens on the lowest income groups in Illinois. We need to create high-quality, well-paying jobs that are mutually beneficial to all residents and, in particular, to those most in need.
There’s no such thing as a singular solution to our economic woes, but the creation of a South Suburban Airport is a great place to start. Illinois has been exploring the potential of a third airport for years — and has both money and nearly 6,000 acres of land in Will County set aside for one — but needs a champion to fight for it like others have done for cannabis and casinos. I have spent my entire adult life identifying solutions to the problems facing many of our communities, and I intend to be that champion.
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The need for a South Suburban Airport is resounding. Illinois’ world ranking for cargo capacity has steadily dropped lower over the years, but the recent boom in e-commerce has led to a wider than ever gap between the demand for cargo and the state’s capacity to manage it. The area’s two airports — O’Hare and Midway — are landlocked, which severely restricts their ability to grow with and accommodate the trend. If Illinois wants to maintain its reputation as the country’s transportation hub, remain competitive with neighboring states and secure business in a region of Illinois that desperately needs it, it will have to turn elsewhere and look to the Southland.
And this third airport will represent growth in more than one way. Along with business capacity, it will bring jobs in the tens of thousands in a long-overlooked region of the state. Plans to date project the creation of up to 11,000 jobs in the construction phase and 15,000 on opening day. We know that Chicago’s South Side has been systematically disadvantaged, and calls for significant investments in the area are frequent. The South Suburban Airport would be an extremely effective way to deliver on those promises to the South Side and bridge the gap between the entire Southland and the rest of Illinois.
The South Suburban Airport is the economic engine that Illinois, and the entire Southland, require to enrich our revenue, reputation and residents. Coupling the legalization of marijuana and a new casino with a third airport will generate a steady flow of well-paying jobs for a region in need.
Moving forward, the South Suburban Airport must be a fixture in all conversations surrounding the creation of lasting opportunities for jobs and growth. Our financial future depends on it.
Jonathan Swain is a community leader, small business owner and candidate for Illinois’ 1st Congressional District.
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