By: Ted Dabrowski and John Klingner
$300 million more in debt at Chicago Public Schools is suddenly a big deal? Since when did debt matter to the district’s school board? In case you missed it, CPS’ entire school board is resigning largely because Chicago Mayor Brandon Johnson wants CPS to borrow to cover the coming costs of the Chicago Teachers Union’s contract demands.
Funny, because we never see headlines over the school board’s concern for the district’s $14 billion in unfunded pension debts. Those debts have grown by a whopping $4.3 billion in the last decade.
Nor have seen their worries about the $10 billion in other debt – which the $300 million would add to. It’s up over $3 billion since 2014.
In all, total debts at the school district have jumped by nearly 50% in the last decade, to $24 billion.
Those are the numbers that should elicit far more concern and panic from the board. After all, CPS’s credit rating has been in junk territory for nearly a decade.
Yet we’ve seen nothing from the board on pension reform. Nothing on closing the district’s many empty, failing schools. Nothing on cutting back on the bloated staffing numbers (more on that tomorrow).
Now we’re supposed to believe they care about $300 million?
Our message to Chicagoans is simple. Don’t let this mess distract from the real problem, that most CPS Kids Can’t Read. And that’s despite CPS spending $30,000 per student.
The only good thing that could come out of this whole debacle is that Chicagoans might finally be disgusted enough to start demanding school choice. That would be best for the city’s children.
Read more from Wirepoints:
- Chicago school board resignation is giant distraction from the fact that kids at CPS can’t read
- Chicago Public Schools is in dire financial straits, yet Chicago Teachers Union blocks closing of near-empty, failing schools.
- Does Chicago Public Schools CEO Martinez deserve praise for taking on Mayor Johnson?
- Chicago’s 2025 budget fiascos. First up, Chicago Public Schools.
Audio and summary 
If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
The issue with taking on $300M in debt is that it won’t go very far. Assume CPS won’t have to make the $175M payment for non teacher staff. That still means $300M to cover operating expenses, including the sizable raises in the new union contract. That money will evaporate quickly. There will still be a daunting deficit. What then? Beg the state for money they won’t give? It seems a reckless way to move forward. And of course no improvement in student outcomes.
Were student outcomes even ever a concern for them?
For the upcoming School Board Elections find out which candidates are CTU puppets, lapdogs and lackeys and which are not at Illinois Policy. Link is; https://www.illinoispolicy.org/candidate-survey-who-is-running-for-chicago-school-board/
Nothing that a few hundred billion in new taxes can’t fix. Tell me again how you are not slaves. When you talk to your democrat leaders, do you look down and say “Yassum, Massa.”
Better late than never! Maybe, at last, the end is near, the wasteoholics are hitting rock bottom!
Bankruptcy is the only answer for CPS.
New contracts and restructuring (significantly reducing) pensions.