Moody Downgrades CPS
An explanation as to why the CPS was allowed to raise property taxes the maximum allowed by law:
- Officials at the Chicago Public Schools acknowledge they are facing severe budget pressures as financial watchdog Moody’s cut its rating on the system’s $5.6 billion in debt.
WBBM Newsradio [...] reports Moody’s Investors Service downgraded CPS’s debt from A1 to Aa3 on Wednesday, but warned another downgrade could come soon.
The schools are failing, the students are dropping out, they have no assets to speak of - we're surprised they're even allowed to borrow money.
Labels: money questions
posted by SCC at 12:01 AM
22 Comments:
why are more and more CPS schools now named "leadership academy", "school of excellence", "academy for the arts and sciences" math & science academy or institute etc. i mean who are they kidding? they make it out like these kids are attending Westpoint seeking a engineering degree..give me a break. what a joke! how about calling it what it is- elementary school.
Borrowing money provides idiots with hope and kicks the can of hard choices, truth and accountability down the road.
When they lower the bond rating the results are that you have to offer a higher rate of interest on the next rounds of bonds that you sell to borrow money. Investors want to be rewarded for the higher risk.
We are in the spiral of debts into bankruptcy and the mayor is still spending money on bullshit parks and new appointees and on needless departments on immigration. Not to mention the worthless do-nothing 50 aldermen and their expense accounts and security apparatus.
"we plan on hiring 500 more cops"
Believe it when it happens. You can plan a lot of things and that doesn't mean it's going to happen.
Who knows, you may just hear the story like the so-called 80% of Chicago manufacturing companies that Rahm speaks too. They just are unable to find the skilled people.
Speaking of Moody.
Jesse Jackson Jr is being treated for a mood problem so says the media.
I haven't heard anywhere if it's accompanied by hot flashes or cramps though.
Anyways, he's not expected to be back until Labor Day?? Nice summer va-ca brah. ^5's
I have rental property in Oak Park. Even there my tax bill was 32% higher than last year. I am just thankful I do not have to contribute to the bottomless hole that is Chicago Public Schools.
What a mess Chicago has turned into.
Who's in charge???
Chicago should close all public schools and start from scratch. Too many crappy teachers and too many uncaring parents.
Why even have skool for the ghetto savage? He don't want to learn to do anything but work that Link card.
What NEEDS to be done is cut out the entitlements to all of these freeloaders having babies for no reason!
The bustouts have babies then the taxpayers pay for their good times!
I have seen "Grandmas at 25 years old" on the Westside! What da hell is that!
Funny. I pay for private school AND taxes for this broken scam of a system. Why don't they just get rid of it and let everyone pay for a private school so everyone gets that tax relief? What you save in taxes to a broken system you could pay into a decent school.
Oh, wait. Then the free loaders don't get something for nothing. Democrats. You have to hate them.
Its amazing.
I just got my tax bill CPS taxes are up alomost $270.00 this bill and I have a small house!
Of course, Rham said it would be $28.00, it again, his lips were moving...
The CPS is a mess - barely a 50% graduation rate - and a miserable failure going back over a generation.
The solution is to give parents a choice. A choice on where to send their children to school, public or private. And they would be taking only a fraction of what is spent per student at the CPS.
Thanks to good people fed up with the status quo of the educational system, the school choice movement is growing across the country. Chicago needs school choice now.
"The schools are failing, the students are dropping out..."
Wait...Wait...you can't get these asshats to drop their GUNS but you expect people to teach them mathematics....
ummmm.......ooookaaaayyy..........
I hate this freaking corrupt city.
How can Moody's downgrade CPS Bonds when they are backed by the full faith and credit of the City of Chicago ? (insert snide remark here)
Hey SCC let's also take into account that 55% of my property tax goes to fuel this bloated, top heavy, unproductive behemoth known as the CPS !!!
Chicago public schools are arguably the worst in the nation. Why would you continue to dump more money into a loser organization that produces nothing but childcare for ghetto breeders destined to vote for the Machine?
I have rental property in Oak Park. Even there my tax bill was 32% higher than last year. I am just thankful I do not have to contribute to the bottomless hole that is Chicago Public Schools.
7/12/2012 05:07:00 AM
You might want to call the county. A friend of mine works down there and said that 80% of the county tax bills were issued with errors.
Anonymous said...
Chicago public schools are arguably the worst in the nation. Why would you continue to dump more money into a loser organization that produces nothing but childcare for ghetto breeders destined to vote for the Machine?
7/12/2012 03:47:00 PM
Because the Democratic alternative is to shit away our tax dollars on pay to play private equity education foundations that merely rape the same or more taxes from us and take the lion's share for their corporate profit while shitting on noob teachers who just got out of their mom's basement and are willing to work for dogshit wages because they're too stupid to listen to those with any time in this world and city. That's why.
Won't someone please think of the children? They need hope and change. Yes we can. It takes a village to raise a child.
Now give me more tax money to piss away.
I have rental property in Oak Park. Even there my tax bill was 32% higher than last year. I am just thankful I do not have to contribute to the bottomless hole that is Chicago Public Schools.
7/12/2012 05:07:00 AM
You might want to call the county. A friend of mine works down there and said that 80% of the county tax bills were issued with errors.
7/12/2012 05:04:00 PM
=
Yeah, because Preckwinkle was desperate for that photo op, so she could praise herself for getting them out ''on time for the first time in decades.
Hey, Toni, NONE of my five tax bills have arrived yet. How about THAT? And I doubt they'll be accurate, whenever they DO get here.
The list of cities who have or are going to declare bankruptcy is growing with many more expected to do so in the next two years. In Illinois, Rockford and Joliet are expected to file. The debt created by the democrats in this country is looking to be too large to overcome with taxes. If Chicago declares bankruptcy that is the end of all pension plans, all bets are off. The police and teachers funds are expected to go belly up within 10 years. benefits will be reduced to almost nothing. Now the teachers want a large raise. It will be interesting to see how that plays out in the next few months. The arbitration report on their contract demands is expected next week. Better to have a job and take a cut in pay and benefits then to not have a job. Say what you want, but public emplloyees will take the brunt of the cuts in the next few years as their pay and benefits make up the largest part of city budgets. The pay and pensions and health care that is given public employees is not sustainable. The ship is about to hit the iceburg
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