Another ratings agency downgrades CPS’ debt to junk status (Fitch)

Chicago Tribune ^ | July 28, 2015 6:58 AM | Juan Perez Jr.

[Olog-hai]

A second financial ratings agency has downgraded Chicago Public Schools’ debt rating to junk status, reinforcing Wall Street’s dim view of the district’s finances.

Fitch Ratings on Monday downgraded billions of school board bonds to its “BB+” ranking, which it said reflected the “limited progress” CPS has made to address a vast budget gap as well as the district’s meager cash reserves. Fitch said those reserves are likely to be extinguished by next year.

District officials have announced $200 million in spending cuts. Fitch said the district also will require “a combination of tax increases, contributions from the state and employee concessions” to balance its budget. …

[Olog-hai]

Why do these ratings agencies seemingly always insist on tax increases as part of their “solution”?

[Graybeard58]

Does Obama have two b/days, like the queen does? She has her actual b/day and an official b/day - two different dates.

The queen also had a 60 year jubilee, Jubilee means 50 years.

[Graybeard58]

Well, that was posted on the wrong thread, I believe I will take a much deserved nap now.

[Vehmgericht]

I think it is time for the administrators of this pension fund to get together and discuss this problem. Perhaps they could meet in Palm Springs or the French Riviera. Perhaps they should consult Jeff Neely. He knows how to really party.

[Bluestocking]

It was the Chicago Teachers Union that financed Obama’s misbegotten political career.

First they sent him to the Illinois legislature to work on their behalf, then on to Washington and the most powerful position in the world. Yet the more power Obama accumulated the more the Chicago Schools and its teachers union deteriorated. Now they’re going bankrupt.

And today Obama’s off playing golf while every Chicago public school teacher who ever poured his or her money into Obama’s campaign coffers is wondering if they’ll have a job when school opens next month.

[Pierre2013]

That is because they have an Obama puppet running the city!!!

[MinuteGal]

The day the teachers' unions attained power in each state across the fruited plain is the day that public education began its free fall.....its deterioration of the quality, motivations and dedication of teachers and its status/reputation/achievements in transforming young skulls full of mush into learned and stable young adults prepared for college and then to conquer the world.

I thank God for the public school education I had...12 years of a scholarly, ethical, patriotic learning experience that appears to be lost forever now that thug union bosses, the federal government and local leftist education leaders run the show.

Leni

[SierraWasp]

Because they like to shear the dumb sheeple! There’s mo money in dat!! They be’s milkin machines!!!

[Bob Ireland]

In the lower grades I attended a 3-room [brick] school house; this required some sharing, especially after the first few years. So fifth, sixth, seventh and eighth grades were all in the same room. [The school only went to the eighth grade.]

In the seventh grade I studied Greek, and in the eighth I studied Latin. Now I am in my 70's and I still am familiar sort of with and make use of both languages... it moves education up a notch IMHO.

Today all students in the class room are studying the same thing in the same grade -- and they cannot even learn English apparently. :^/