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New Contract Earns Chicago Schools 2nd Credit Downgrade – In One Quarter

MicahStone Wrote: Sep 29, 2012 2:11 PM
FYI: Socialist indoctrinators (what used to jokingly be called "teachers") in chicago will, after the cave-in by Rahmbo, soon be paid an average salary of $100,000 for less than 9 months of effort. Their humongous taxpayer benefits and pensions (nearly TWENTY chicago school personnel will get lifetime pensions OVER $10 MILLION with the top pensioner getting a staggering $23+ MILLION) continue without significant change. And their all-but-certain guaranteed employment has not been materially affected. Chicago's socialist indoctrinators have strengthened their position as the uber 1%-ers of the "education" (i.e., leftist propaganda) industry.
MicahStone Wrote: Sep 29, 2012 2:11 PM
To get an idea of how lavishly Illinois public school teachers were already getting paid, refer to Champion News, which last year found the following:

• A Phys. Ed teacher $203,154 for a 9 month work year.
• 14,866 teachers made more than $100,000 in 2011.
• 21 who made more over $1,000/day ($170,000/yr.)
• A Drivers Ed teacher who salary is $18,222/month to teach teenagers how to parallel park.
• 13 teachers make more than the Governor’s $177,500.
• Top 100 Teachers average $18,169 per month salary ($163,579/yr).

This is for a 36-week work-year, before the lavish raise they just received while the rest of us struggle in the economic failures of OBOZO..

Sound financial management clearly wasn’t a concern to any party involved in the recent contract negotiations in Chicago Public Schools.

They were warned that new labor expenses might result in a credit downgrade for the financially-strapped school district, and they chose to ignore it.

Now it has comes to pass. The credit rating agency Moody’s has downgraded the school district for the second time in one quarter.

Moody’s wrote:

“The negative outlook reflects the school district's budgeted depletion of reserves to fund ongoing operations in fiscal 2013; the moderate additional unbudgeted salary costs of labor...