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So teachers are still on strike at property taxes in the windy city could go up one and a half percent to find -- five point three billion dollar budget for this lawyer believes that.
But even that won't -- the 665.
Million dollar hole there and they need to -- that tax hike -- They've also got to drain there reserves to catch up to their deficit an action that won't even do it either you're probably crunch the numbers is John Tillman -- Citi CEO.
This is the most frustrating story this one really you really bugs me because you've got a lot of parents in Chicago right now that are dealing with their kids out of school and you know these guys are talking about a one point 5% increase in property taxes.
Which is idiotic because you're looking at a housing market that is struggling and that would only that twelve million dollars -- -- that does nothing right.
That does nothing we are facing a deficit of 665.
Million dollar and on top of that the rumor is with the settlement they're gonna take on about another 320 million dollars.
In compensation cost for the next several years so they're just adding to the problem and remember the interesting thing as -- -- -- 2011 the legislature passed in the governor signed.
A seven billion dollar income tax hike which is -- roughly speaking about 15100 dollars per household.
So now they're looking to go back the Chicago taxpayers yet again because they cannot put the spending reforms in place that should be down the.
They're also talking about draining their reserves are fox brain room here that -- can crunch any number says they've only got 289.
Million dollars in reserves anyway so that doesn't do it I mean even if they do this tax hike.
Ending to -- everything their bank account where I mean fewer parent or an adult -- talking about -- I'm gonna spend this money you don't give these teachers a raise and to do that.
I'm gonna wipe out my entire savings that would be I mean people would just looking you like you're insane.
That's -- they're talking about doing and that that won't even do it right.
That's exactly right not only that they -- dreading that they're draining the reserves without reforming the spending side so when you're going fiscal 24 team.
You won't have any reserves laughed and -- in addition to that.
They've also taken a pension holiday by reducing their pension payments for a couple of years back kicks back again and 24 -- which has another 400 plus million dollar right in front and eighty million dollars more so they're gonna approach a one billion dollar deficit and 24 team and they're continuing to kick the can down the road.
Which is gonna make the problem worse in those out years.
I know where all this money is going because you know we were crunching the numbers here this city spends thirteen thousand dollars per student there about twenty plus kids in each classroom.
So each classrooms coming up to about 260000.
Dollars the teachers make 75000.
Which is won't play above the city average.
For any other type of job.
But even with the teachers making that exorbitant amount of 75000.
Where does the rest of the money go I mean that still leaves what is it a 185000.
Dollars per classroom.
There and -- you know only 60% of the kids are graduating do you know where they're spending all that money.
It's -- And a great mysteries even trying to find we're all that money goes -- and we think about 30000 -- goes to pay for the pensions.
And essentially teacher.
That retires after thirty years.
With a pension has the equivalent of over a million dollars in cash value when they retire so.
About 30000 dollars -- pensions and benefits but the rest of it is a mystery you know you have a lot of high paid administrators the average administrator makes about a 125000 dollars -- salary hi you have a central management services the central headquarters of the Chicago public school system.
And you don't play reminding yourself -- viewers CFO we're in charge of one classroom of twenty kids and let's say we're gonna pay that teacher -- 100000 dollars in cash.
Because we're gonna hire superstar teacher we want to pay them great.
-- still got a hundred nice 60000 dollars left over to pay rent which should be about 151000 dollars a modest and a lot of money electricity and -- some computers where does the money -- now the bureaucracy that's very inefficient.
And while we're crunching numbers -- got to mention a few more I said before that they -- an average graduation rate of 60% of their students Chicago charter schools have a graduation rate.
That is why four in ten a public school teachers this is according to -- and send their kids to charter schools four in ten.
Public school teachers send their kids to charter schools.
Apparently right -- think the charter schools are better.
Right they -- -- charter schools -- private school so four out of ten of these teachers.
Who are failing for ten times the Chicago Public Schools -- is that don't graduate.
Are protecting your own kids from the very system they work and I think of the irony of that.
And one of the things -- that you should know about the salary that's the highest income of any teacher average salary pay a penny a major school system in the country.
We actually calculate that in terms of days per year worked -- minutes per day in the classroom.
That they should actually be taking about a 13% pay cut to bring them back to the norm of the other top ten a school systems nationwide.
It is I was -- given all the stats that we just said that any of these teachers would be out on strike it's absolutely shameful.
Thank you so much for coming on the program tonight makes -- so --