|Dirksen School, Chicago's|
The devil's bargain Democratic politicians made with the teachers unions is a disaster for Chicago taxpayers. And for Chicago school children.
From CBS 2 Chicago:
The Chicago Board of Education made its pension payment on schedule Tuesday, but at a cost — massive layoffs.Bonds issued by CPS have junk status.
The meet the $634 million obligation, the board used a combination of borrowed money, $200 million dollars in cuts and layoffs it promised before talks with the Chicago Teachers Union broke down last week.
The board is expected to lay off 1,400 employees, and Interim Schools CEO Jesse Ruiz said in a statement that classrooms will be impacted.
"As we have said, CPS could not make the payment and keep cuts away from the classroom," he said.
President Obama's secretary of education, Arne Duncan, is a former CEO of Chicago Public Schools.