The Week in Review
Week in Review: Consumer Spending, Budget Battles and the Impact of Tariffs
We hope you had a great holiday, and if you braved the Black Friday sales, came out unscathed. But if you’re feeling anxious about the economy and decided to skip the stores this year, you aren’t alone.
Vice President JD Vance says an economic boom is coming, but a new Deloitte survey shows a majority of Americans don’t agree — with 57% saying they think the economy will get weaker over the next six months, and 77% bracing for higher prices on holiday items.
Local business owners and Illinois farmers say whiplash trade wars are driving up costs and making it harder to plan for the future. This, as the U.S. Supreme Court mulls a challenge to President Donald Trump’s claims of sweeping tariff powers brought by a Chicago-area business owner.
Other local businesses say aggressive immigration enforcement — and the threat of National Guard troops on the streets — create uncertainty and drive down sales.
Mayor Brandon Johnson pushes a budget proposal that aims to make large corporations pay a head tax. Meantime, credit rating agency S&P drops Chicago’s outlook to negative.
But it’s not all doom and gloom, with Moody’s upgrading Illinois’ credit rating — good news for Gov. JB Pritzker.
Officials break ground on a major new quantum computing hub –— on the disused former U.S. Steel South Works site.
And the Chicago Fire plans to break ground early next year for a new stadium on vacant South Loop land known as The 78.
Guests:
Shruti Singh, Bloomberg News
Brian Rogal, Chicago Tribune
Amy Yee, Chicago Sun-Times
