Why Does the Chicago Public School System Have $9 Billion in Debt With Only 381,000 Students ?
INTRODUCTION
https://nalert.blogspot.com/2017/05/why-does-chicago-public-school-system.html
All governmental institutions, be They city, county, state or federal, keep two sets of books, the first comprised mostly of pretend numbers, and hocus pocus, the second [cafr|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||more in keeping with the actual financial state of the criminal organization, which almost always indicate huge surpluses. The game is that the public must be led to believe there are never enough funds to pay for it all as justification for increasingly higher taxes and the passing of more bond initiatives, along with higher regulatory fees, and penalty amounts. In actuality, government owns it all, and has so monopolized the game, that there are no more competitors, truly making it "The Only Game In Town".
Governments, in their current operating modality, have all become outdated, and burdensome annoyances to everyone, and everything. They are also the number one reason that the human race will never evolve past the point of dragging Their collective knuckles, and shaving Their foreheads.
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Why Does the Chicago Public School System Have $9 Billion in Debt With Only 381,000 Students ?
WBEZ reports:
Chicago Public Schools will look to borrow $900 million in the coming weeks — adding to the district’s $9 billion debt — but it remains unclear if anyone will actually give them all the money.
The loans are $500 million more than what Mayor Rahm Emanuel’s office announced last week when a financial rescue plan was outlined. That’s because the district is looking for loans not only to get through this school year, but also to start off next year with a financial cushion.
District officials told board members Wednesday that the district would likely “just run out of money” if it didn’t take out these loans.
“The consequences would be dire financial straits in June,” said Senior Vice President of Finance Ronald DeNard. “[The borrowing is] very critical to our cash flow.”
For you rookies out there: do you really want to take the risk of lending money to Chicago Public Schools? At least Chicago's being run by a man who understands crooked accounting like they had at Freddie Mac. A man who's a true market timer.
