Tag: Illinois 5th Congressional District

  1. What is the most important issue in this race, and who is most qualified to deal with it? I believe it’s the economy, and that I’m uniquely qualified to deal with economic issues. I teach public policy at the University of Chicago and wrote a book called Naked Economics: Undressing the Dismal Science that has been published in 10 languages. I’ve spent my entire adult life working on issues like education, health care, tax policy, and transportation.

  2. Why do we end up with so many corrupt politicians? Because we keep electing the same kind of people. Whenever we have a political opening – like this Congressional seat – we always go looking for a replacement in the same places, as if there is some kind of political farm league. But that means we usually end up with career politicians who have a powerful incentive to protect their careers.

     If you want a different outcome, elect a different kind of candidate. As I always say on the stump, “Chicago produced both Rod Blagojevich and Barack Obama-but only one of them taught at the University of Chicago. So stick with that model!”

  3. Can one representative really make a difference? Yes. In fact, the U.S. has a long history of academics who have become highly effective politicians (on both sides of the aisle): Paul Douglas; Daniel Patrick Moynihan; Paul Wellstone; Newt Gingrich; Hubert Humphrey; Phil Gramm; Woodrow Wilson. They were all professors before they went to Washington. And they all “punched above their weight” because they brought an intellectual heft to the job that they could put to work right away on important issues.

This is a great time for substance over politics, and that is exactly what I would like to bring to the job.

So tomorrow before you vote, ask yourself these questions. I think you’ll feel very comfortable that the answers begin with voting for me.

Sincerely,

Charlie

Check out my new video!

President Obama’s Homeowner Relief Plan is an important step towards resolving the current financial crisis. In particular, I support the key premises of the plan: 1) Preventing foreclosures will keep houses from being dumped onto the market, which drags down the value of neighboring properties and perpetuates the downward spiral in real estate prices; and 2) It is crucial to keep families in their homes in order to minimize the human toll of this serious economic downturn.

However, the President’s plan can be improved in a way that would accomplish both of those objectives while minimizing the cost to taxpayers and holding borrowers accountable for imprudent borrowing decisions. The government should place a lien on any property that is eligible for mortgage relief equal to the difference between the old and new mortgages. If the property is eventually sold at a profit, as is likely to happen with many of these properties when the real estate market eventually recovers, then taxpayers ought to recover some or all of the government funds that were used to keep homeowners in their homes during these difficult times.

As an example, the program might work like this in the 5th District:

A homeowner currently has a $200,000 mortgage on a home in Franklin Park that is now worth $180,000 and the payments are no longer affordable. The President’s plan would avert foreclosure by offering a new, more affordable $150,000 mortgage. However, this plan should also include a lien on that home for $50,000, which is the amount of taxpayer-funded relief offered to this homeowner.

If the property is eventually sold for $280,000, the government would receive $50,000 at the time of the sale. The property owner would still benefit from the appreciation in the value of the property; however, it is fair that the taxpayers be reimbursed for having averted foreclosure during this sharp downturn in the real estate market.

If a home does not appreciate in value before being sold, then the lien would not be exercised. Similarly, if a property appreciates only modestly, then only some percentage of the lien would be collected. The point of the program is simply to recover the cost of taxpayer assistance from the profits that would otherwise go to homeowners who have benefited from this government program.

President Obama’s plan is a crucial step towards stabilizing the housing market. This modification would reduce its total cost for taxpayers and impose a reasonable responsibility on the homeowners who take advantage of the mortgage relief.

The economic stimulus bill generated a lot of talk about taxes. As we work our way out of this economic mess, we need innovative, effective solutions to taxes – not just short term band-aids. We need to move in a new direction. Here’s a big idea: let’s phase in a carbon tax, to protect our planet and reward productive investments.

How does this work? Raise the cost of carbon-based fuels through some form of federal tax on carbon emissions; these new revenues should be fully or partially offset by cuts in the income, payroll, or corporate income taxes.

In other words, let’s tax the things we don’t want and use the revenues to reduce taxes and costs on inventors, investors and innovative new businesses in the development of alternative energy sources. By permanently cutting taxes on workers and investors, we can help the economy recover through growth and higher employment- and have a cleaner, greener environment.

It’s extraordinary that groups ranging from the Sierra Club to the American Enterprise Institute recognize that a carbon tax makes sense for America. If you are up for a good read, check out: http://www.brookings.edu/~/med…

And, to shamelessly plug my own writing on the topic, http://finance.yahoo.com/exper…

In addition, let’s ensure that the stimulus bill starts this process, by shifting the transportation funding formulas to increase the amount that is dedicated to mass transit. Historically, only 20% of federal funding goes to transit with the remaining 80% focused on automobile infrastructure. This is out of whack with the future.  By investing more in transit, and removing various administrative hurdles, we can create more sustainable communities throughout the nation.

I know that the transition to a carbon tax will not be easy, but our current path is reckless and short-sighted. It must change.

I’m running for Congress in the 5th District in Illinois, because more than at any other point in my lifetime, good policy truly matters. I’m an economics expert who can bring big ideas – and practical solutions – at a time this is needed most.

Our national and local economy is the single most important issue in this election. We’re all scared. We’ve lost jobs. We’ve watched our retirement and college savings shrink, or disappear. We put our trust in our financial system, and it robbed us. Congress must act to stop the downward spiral and- more importantly- take steps to make sure this can never happen again. The carbon tax is one tool in our toolbox that can fix our energy and environmental issues for the long term.

Hi! I’m Charlie Wheelan and I am running to fill Rahm Emanuel’s vacant congressional seat in the Illinois’ 5th Congressional District. I am an expert in economics and a public policy lecturer at the University of Chicago. I’m also the author of Naked Economics, a lay-persons guide to economics!

Last month, my “Underwater” TV ad caught the nation’s eye.  Today, I’m launching my second TV ad, “Upside Down.”

Check out the new ad at

This time, instead of being underwater, I’m dangling from my feet, literally UPSIDE DOWN!  Why?  Because I wanted to show that I understand how many people’s efforts to pay their mortgage, afford health care and college tuition costs have gone “bottom-up”.

This is an equal opportunity recession.  I’ve met people with buildings named after them who’ve lost half their net worth.  I’ve met middle-class parents who thought they’d saved four years of college tuition and now only have two.  I’ve met people who’ve lost jobs, or are really worried about that possibility.

If it takes something a bit crazy like hanging upside down to make folks sit up and take notice, I’m willing to do it.

You can see me in the ad holding a copy of my book Naked Economics while strapped in inversion boots and suspended from a bar.  Halfway through the television spot, gravity wins out; I finally plummet, like the economy.

The ad, which was shot in front of a blue screen, took more than three hours to tape and I was hanging upside down almost the whole time.  I felt like my eyes were going to pop out. It was much worse than having to submerge myself underwater. Still, it was worth every minute to show people that I am the best person to help get out of the economic struggles we are facing today.

Don’t forget – the special primary election for the Illinois Fifth District Congressional seat is March 3.