Standard & Poor’s sent Chicago Public Schools’ credit rating deeper into junk territory in the wake of the new $9.5 billion teachers’ contract. The ratings firm said the new contract will make the district’s financial crisis worse.
Many educators are wary of a strike’s hardships and long-term consequences for students, their families and the educators themselves. These teachers can remove themselves from CTU authority and the conflict between union priorities and students’ needs.
Chicago Public Schools officials had an opportunity to enact serious reforms addressing the district’s dire financial condition, but they instead opted to further burden Chicago taxpayers without offering any change.
A clean stopgap budget – without a bailout for CPS – will help the 2 million Illinois children and families waiting to hear whether school will start on schedule in the fall. And until CPS passes necessary spending and pension reforms, giving any additional money to the system will only reward officials’ mismanagement and reckless behavior.