State-run teacher pensions have a shortfall of $37,000 per student, while Chicago's shortfall totals $24,000.

CPS is broke. To preserve funding for the classroom and Chicago's children, and to keep CPS from going belly up, CPS officials must broker significant concessions from the union.

CTU President Karen Lewis has acknowledged that CPS is in dire straits – and that her union may have to make concessions in contract negotiations, including ending the practice of the school district – meaning taxpayers – picking up the majority of teacher contributions toward pensions, which has cost $1.3 billion since 2006.