Op-ed: Gun Violence Threatens Chicago’s Economic Prosperity and Future
Gun violence is a pressing issue that poses a significant threat to Chicago’s local economy and its future development. Last year alone, 695 lives were tragically lost to gun violence in the city. Comparatively, London, with a population three times larger than Chicago, recorded just 109 homicides. This alarming statistic demonstrates that gun violence is a uniquely American problem that demands urgent attention and action.
The effects of gun violence on Chicago’s families and neighborhoods are far-reaching, and one area where its impact is particularly evident is the local economy. While shoplifting has dominated recent discussions, data clearly indicates that gun violence presents a much graver danger to the overall desirability of Chicago as a place to live, work, and operate businesses. The consequences are not only devastating in terms of lives lost but also in the loss of potential residents, institutions, and tax revenue that could contribute to addressing this crucial issue.
Chicago faces a distinct challenge in combating gun violence due to the changing economic landscape. The city originally thrived as an economic powerhouse because of its strategic location. Over 150 years ago, the city’s proximity to the Great Lakes and the Mississippi River propelled it to become the nation’s second-largest city. However, today’s economic dynamics rely heavily on trucking and the internet to transport goods and services. With the closure of factories and the mechanization of farming, most jobs now exist in the service sector and can be performed from anywhere. Consequently, individuals and businesses are no longer as tied to a specific geographic location as they were in the past.
Gun violence exacerbates this trend and hampers Chicago’s ability to attract and retain employees, thereby hindering economic growth. While much attention has been given to the relocation decisions of major corporations in downtown Chicago, the issue extends to businesses of all sizes across the city. For instance, a daylight shooting in Hyde Park prompted all staff members of a local ice cream shop, Kilwin’s, to request transfers to other locations.
Small-business owners are also considering moving away from the city due to the impact of gun violence. Following a robbery and carjacking incident near her store, one Pilsen business owner expressed her concerns, stating, We can’t live like this. The city has become — I would even say, Gotham City is a little bit better because you have Batman.
Gun violence not only pushes away potential employees but also drives customers away. Economists Steve Levitt and Julie Cullen estimate that every homicide reduces a city’s net population by 70 individuals. This trend helps explain why Chicago has lost nearly one million residents since 1950, dropping from a population of 3.6 million to its current levels. Furthermore, gun violence disproportionately affects South and West Side neighborhoods that are in dire need of economic development. The high rates of gun violence in areas like Austin and Englewood have led to a 32% and 44% decline in their respective Black communities between 2000 and 2020. As people’s safety concerns increase, attracting businesses becomes increasingly challenging.
Gun violence also undermines efforts to strengthen public education, a key factor that residents and businesses consider when choosing a location. Growing up in neighborhoods plagued by shootings significantly impedes children’s learning experiences, while also generating trauma and related challenges for both children and their parents. These obstacles, in turn, make daily life more challenging for affected families.
The consequences of population flight are far-reaching and have hindered Chicago’s ability to implement critical solutions. Vacant or abandoned properties have resulted in an annual loss of over $1 billion in property taxes for Cook County. Furthermore, the departure of workers, customers, and businesses creates a burden on the remaining population, as they bear the cost of operating the city while grappling with unfunded pension debt exceeding $35 billion. These financial strains negatively impact Chicago’s attractiveness as a place to live and work, as residents face higher taxes primarily geared towards settling past debts rather than improving current city services.
The long-term destiny of Chicago hinges on the city’s ability to tackle the serious threat posed by gun violence. The recent passing of esteemed civic leader and former University of Chicago trustee, Jim Crown, further highlights the urgency of finding consensus on solutions and making tangible progress.
In order to secure a prosperous future for the city, Chicagoans must unite to confront this pressing issue. Failure to do so is simply not an option. By honoring the article’s original ideas while presenting a balanced view of different perspectives and opinions, we can foster dialogue, ideas, and ultimately, effective solutions to combat gun violence. Chicago’s economic growth, safety, and overall well-being depend on our collective effort to address this issue head-on.
