Courtesy of Mish.
Chicago teachers have a 13% raise (over four years) offer on the table, but that is not enough. They set a strike date of October 11 because the city wants the union to contribute more than 2% for their underfunded pensions, among the worst funded pensions in the nation.
The Chicago public school system is bankrupt. Its bonds are deep in junk status.
If mayor Rahm Emanuel had any brains, he would be begging Governor Bruce Rauner and House Speaker Michael Madigan for legislation that would allow municipalities and taxing bodies the right to declare bankruptcy.
There are two words that describe the current state of affairs: Greed and Corruption.
What follows is a guest post courtesy of Union Watch.
Rampant Union Greed in Chicago by Larry Sand
The Windy City’s teachers union is on the verge of yet another strike.
In 2012, Troy Senik wrote “The Worst Union in America,” a title he bestowed on the California Teachers Association. As a former member and longtime critic of that union, I certainly had no quibble with his selection. But now, CTA is facing serious competition from the Chicago Teachers Union.
