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.
In a recent study, Illinois received a grade of D for the negative impact its collective bargaining laws have on taxpayers and government workers alike.
In his annual budget address, Mayor Rahm Emanuel provided an optimistic outlook on city finances, but no major reforms to give taxpayers reason to smile.
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’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.