About 1,400 Chicago public school teachers and staff are expected to lose their jobs in order to finance a pension debt of $634 million, the city announced Wednesday.
The layoffs are part of an aggressive $200 million budget cut to help finance the pension payment, which is required of Chicago Public Schools by Illinois law. The rest of the pension payment is coming from heavy borrowing, as the district already has a massive $1.1 billion budget deficit.
In announcing the layoffs, Mayor Rahm Emanuel blamed the rest of the state for not picking up the slack, saying the rest of Illinois doesn’t pay its fair share for pensions.
“You negotiate with your teachers in Aurora… Then we get to pay for it,” Emanuel said at a press conference. He said the state should change its funding formula so ”You… come to the table and start paying your share for what you negotiated.”
Post Continues on lastresistance.com ...