Mish's Global Economic Trend Analysis: "B" Word Hits Chicago: Illinois Governor Proposes Bankruptcy for Chicago Public School System
"B" Word Hits Chicago
At long last, Illinois has a sensible proposal to help Chicago schools: Bankruptcy.
The cause of Chicago's problem is untenable pension promises, ridiculous union contracts, and bloated administration payrolls.
As a direct result of those problems, the Chicago Board of Education, the nation’s third-largest district, is under fiscal siege. The CBOE operating deficit is projected to reach $1 billion a year through 2020.
Yet, union arrogance abounds. The Chicago's teachers union is threatening to strike, demanding still more benefits.
Cont.......
No comments:
Post a Comment