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.
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