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[/media-credit]As WBBM Newsradio’s Bob Conway reports, Moody’s Investors Service has downgraded Chicago’s school system’s debt status, warning that the Chicago School Board, because of various provisions of the new teachers’ contract, will be hard-pressed to make the budget adjustments needed to close an estimated $1 billion gap for fiscal 2014.
Moody’s says the downgrade from A1 to A2 reflects a weakened financial picture brought about not only by the contract, but also by a depletion of financial reserves, a future increase in pension payments and the slow pace of state aid. And Moody’s warns further rating downgrades would be likely unless the problems are addressed.
This is the second time Moody’s has downgraded the CPS’ bond rating in the past three months.
This downgrade was brought to you by the teacher’s union.
Jewish MIT graduate students are challenging their union’s stance on BDS and its compelled dues, while broader concerns about anti-Semitism persist on campus.
On average, forced-unionism states are 23.2% more expensive to live in than Right to Work states. And decades of academic research show that compulsory unionism actually fosters a higher cost of living.
Jewish MIT students assert their rights under Civil Rights Act by requesting religious exemptions from funding union, but union officials continue to demand dues payments