The CTU and the AFT are hosting a free “train the trainer” professional development for members interested in learning about student debt in order to help their fellow members reduce their student debt.
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General CTU Announcement
Two years ago Chicago Public Schools officials and Mayor Rahm Emanuel claimed they had to close more than 100 schools to save money. It turns out that the costs of the closings, along with the installation of countless Safe Passage routes to protect children moved to new schools, have far outstripped predictions. In addition, receiving schools like Chopin and Courtenay have seen their scores plummet and culture and climate deteriorate in the aftermath of the closings.
It did not have to be this way.
Now we learn from a Chicago Tribune expose that what we have been saying all along is true: CPS got ripped off by banks for the last 10-plus years. Nearly two years ago, the Chicago Teachers Union and a coalition of community and labor organizations sounded the alarm that toxic swaps had cost the district tens of millions already and, through the lifetime of the deals, could cost hundreds of millions.
The expose also shows that one of the architects of the school closings, Board of Education President David Vitale, was a central booster in promoting the virtues of these complicated financial instruments that have come back to haunt CPS.