In response to:

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

uldissprogis Wrote: Sep 29, 2012 6:39 AM
The teacher's unions are just one example of the dysfunctional education system which we have which is not meant for the 21st century of technological innovations. Over 50% of liberal arts graduates can't find a job in an age of business monopolies and robotization of the workforce. What is drastically needed is an overhaul of the educational system which is not keeping pace with the potential of interactive audio visual computer education with exciting rewards and learning paces adjusted for very slow to very fast learners. The future will see computers replacing most teachers and they will do a much better job of educating the students for vital technological jobs of the future. My book EDUCATION REFORM shows the needed reforms.

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...