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“B” Word Hits Chicago: Illinois Governor Proposes Bankruptcy for Chicago Public School System
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / January 20, 2016
“B” Word Hits Chicago
At long last, Illinois has a sensible proposal to help Chicago schools: Bankruptcy.
The cause of Chicago’s problem is untenable pension promises, ridiculous union contracts, and bloated administration payrolls.
As a direct result of those problems, the Chicago Board of Education, the nation’s third-largest district, is under fiscal siege. The CBOE operating deficit is projected to reach $1 billion a year through 2020.
Yet, union arrogance abounds. The Chicago’s teachers union is threatening to strike, demanding still more benefits.
Republicans Propose Takeover
The solution, proposed by Governor Bruce Rauner and key Republican leaders on January 20, is a
State Takeover and Bankruptcy for Chicago Schools.
Christine Radogno and Jim Durkin, the state’s top Republicans in the legislature, outlined a proposal Wednesday that would allow the state to take control and even push the system, charged with educating almost 400,000 students, into Chapter 9.
“What we’re proposing is a lifeline,” state Senator Radogno told reporters in Chicago. “We didn’t come to this lightly. The track record of Chicago and its public school system is abysmal.”
The post “B” Word Hits Chicago: Illinois Governor Proposes Bankruptcy for Chicago Public School System appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/01/24/b-word-hits-chicago-illinois-governor-proposes-bankruptcy-for-chicago-public-school-system/
