Number of half-empty Chicago public schools doubles, yet lawmakers want to extend school closing moratorium – Wirepoints
April 19, 2024
17 Comments
A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
Without a Constitutional amendment to permit the needed reforms in pension obligations, both Chicago and the state propose to treat the unfunded public employee pension debt as an interest only mortgage. The actual debt is never paid, never amortized over time, it is always increased in total amount and extended, and only the ever increasing debt management cost becomes a budget item until even that can no longer be paid. The bond sales will make lots of money for everyone but the taxpayers and their indebted future generations. The authors of this pathway to hara kari bankruptcy will be long… Read more »
I think the last vote for a constitutional amendment was over ruled by the State Supreme Court. Ann Burke? as long as the Democrat control everything only their wishes will be considered
“It doesn’t even amount to borrowing money.” Yeah right.
It’s like taking an advance on your Home Equity Loan to pay off your credit cards.
What a moron.
Give the bonds to pensioners while they are valued at par. Then they can cash in the bonds over the next few years to buy their groceries. OR let pensioners choose whether they want to be pensioners with contract rights or bondholders when bankruptcy is filed. Meanwhile, those who pay real money to buy the bonds (as well as pensioners) can rest assured that underwriters, several sets of bond counsel, a consultant or two will be paid up front and a couple years of interest will be “capitalized” so default is not immediate. Why not prepay some actuarial fees and… Read more »