Hey, City. Hey, CPS. Do you two have a minute? We don't want to hurt your feelings, but you've gotten a little big in the, ahem, interest rate.
Between Mayor Daley's financial deviance and Mayor Emanuel's continued pension dallying, the City's bond rating is now at junk status. Emanuel's mayoral challenger was accused of, "lacking gravitas with the bond market." After two downgrades, seems there's not an ounce of gravitas to go around as investors have little confidence of bond repayment should Chicago or CPS iwant to issue bonds to raise much needed money. Junk status means a higher cost of borrowing that is, of course, passed along to the taxpayer. Thanks, gents!
While Rahm is busy pouting over the downgrade, Governor Rauner has decided to go the disappointed dad route saying, "It (CPS) has not really served the families and the parents of the children in a very long time." CPS seemed to be serving parents just fine when Rauner clouted his daughter into selective enrollment Walter Payton. If CPS isn't serving families and parents it's not because of bond downgrades, but because of constant defunding, school closings, and chaos created by Rahm and his appointees as they go about happily dismantling public education in favor of profiteering charters.