Mish: Chicago Headed For Insolvency, Get The Hell Out Now!

By Tyler Durden – 11/04/2019

Authored by Mike Shedlock via MishTalk,

Chicago Mayor Lori Lightfoot and the Teachers Union reached agreement on a deal sure to send Chicago over the cliff.

The Wall Street Journal Editorial Board blasts Chicago Mayor Lori Lightfoot for her deal with the Chicago Teachers Union (CTU). The deal will further wreak havoc on the already insolvent school system.

Who will be hurt most?

The WSJ answers the question this way: Union Routs Students in Chicago.

Contract Details

  1. 16% raise over five years (not including raises based on longevity)
  2. Three-year freeze on health insurance premiums
  3. Lower insurance copays
  4. Caps on class sizes
  5. More than 450 new social workers and nurses.
  6. New job protections for substitute teachers who going forward may only be removed after conferring with the union about “performance deficiencies.”
  7. Chicago Public Schools will become a “sanctuary district,” meaning school officials won’t be allowed to cooperate with the Immigration and Customs Enforcement without a court order.
  8. Employees will be allowed 10 unpaid days for personal immigration matters.
  9. Under the new contract, a joint union-school board committee will be convened to “mitigate or eliminate any disproportionate impacts of observations or student growth measures” on teacher evaluations.
  10. Instead of student performance, teachers will probably be rated on more subjective measures, perhaps congeniality in the lunchroom.
  11. The new union contract caps the number of charter-school seats, so no new schools will be able to open without others closing.

Get the Hell Out

The WSJ commented “Michelle Obama the other day complained that white people were leaving the city to escape minorities who are moving in. No, they’re fleeing Chicago’s high taxes and lousy schools—and so are minorities.”

Chicago Public School Bond Ratings

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You can kiss those positive and stable outlooks goodbye. The system is insolvent and this contract will further weaken the outlook.

Bond Rating Comparison

 

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S&P already has CPS bonds in the “highly” speculative area, five steps into its junk ratings.

Pension Spiking

Chicago Teacher’s Pension is based on your years of service and a pension percentage (up to 75%), multiplied by your final average salary. Their union notes “There are ways to increase these factors to enhance your pension or meet eligibility requirements.”

Let’s Discuss Pensions

Wirepoints asks Chicago Teachers Strike: Why is No One Talking About Pensions?

The average retired CPS teacher already receives a pension of nearly $55,000 a year, according to a 2019 FOIA request to the Chicago Teachers’ Pension Fund.

However, looking at the pension of an average teacher far understates the true size of CPS pensions. The “average” benefit includes teachers who only worked a few years for CPS, which brings down the average.

To get a more accurate picture of what pensions are really worth, look at career teachers. Over half of all currently retired CPS teachers worked 30 years or more. On average, they receive a $72,000 annual pension and began drawing benefits at age 61.

In comparison, the average annual Social Security payment in Chicago is just $16,000 and the maximum benefit for someone retiring at age 62 is $26,500.

C-O-L-A Cola, la la la Payola

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The average career CPS pension will grow by 3 percent, compounded annually, due to the COLA benefits teachers get. That will double a teacher’s annual benefit to over $140,000 in 25 years.

Teacher Contributions

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Those projections were based on the proposed contract. The CTU held out for even more benefits and got them.

Pension Funding Level

The Chicago Tribune notes that the end of 2018, City Hall’s pension funds had only 23% of what they should have.

By 2023, Lightfoot must find an additional $989 million a year for pensions, according to the Tribune’s Hal Dardick and Juan Perez Jr. Thank you, former mayors and aldermen, for promising more pension benefits than Chicagoans could afford.

Who Will Pay?

That one is easy.

  • The kids will suffer because charter schools are reined in, grading standards lowered, and incompetents were given further projections.
  • Taxpayers will face higher property taxes, higher gas taxes, and higher sales taxes with every penny going to pensions.

Get the Hell Out

On October 5, I commented Escape Illinois: Get The Hell Out Now, We Are

Goodbye Illinois. Hello Utah. See my reasons for Utah above.

If you can’t get out of Illinois, do the second best thing, Get the Hell Out of Chicago.

By the way, Chicago is not “headed” for insolvency, it’s already there, but it is just not recognized yet.

CAUGHT: LEFTIST BANK BUSSED IN “ATTENDEES” AT DEM DEBATES

CAUGHT: Leftist Bank Bussed In "Attendees" At Dem Debates

Democrats are notorious for bringing in out-of-state supporters

  – OCTOBER 18, 2019

Millie Weaver and crew captured footage of buses bringing in “staged” protesters, marchers, and sign-wavers to the 4th Democrat primary presidential debate held in Ohio.

The buses just so happened to be chartered by SEIU, the Service Employees International Union, which is one of the largest leftist only unions that happens to own Amalgamated Bank (AMAL) which exclusively funds progressive NGOs, the DNC and Democrat party candidate campaigns through loans.

Amalgamated Bank (AMAL) is not only tied to the DNC and Democrat party candidates, but it funded the Occupy Wall Street movement, Black Lives Matter and other radical leftist protest groups.

AMAL was investigated and taken to court by the FDIC for allowing too many delinquent loans to go unpaid.

AMAL recently gave the DNC a $10 million dollar loan.

The current CEO and president of AMAL is Keith Mestrich, former executive to SEIU, who currently is on the board of directors for Democracy Alliance, founded by George Soros.

Millie Weaver recently interviewed investigative journalist Tore of Red State Talk Radio and Lauraloomer.us about AMAL and how they may be using union workers’ pension funds and investments as leveraged assets to borrow against to fund their Democrat and progressive agenda.

 

Elijah Cummings Signed Subpoenas From His Death Bed – But Signatures on Two Subpoenas Don’t Match

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It was revealed Thursday morning that longtime Democrat Congressman Elijah Cummings (MD) died at the age of 68 on Wednesday.

Cummings was the Chairman of the very powerful House Oversight Committee and he was pumping out subpoenas while he was in hospice.

In fact, it was revealed that he signed subpoenas from his death bed just hours before he died.

Or did he?

The signatures on Cummings’s October 16 subpoenas look completely different from a September 30 subpoena so people are asking who really signed the documents.

CNN reported on Thursday that Rep, Cummings signed subpoenas directed to two US immigration agencies just hours before he died.

In one of his last official acts before his death, the late House Oversight and Reform Committee Chairman Elijah Cummings signed two subpoenas for documents related to a temporary end to a policy change that allowed some immigrants with severe health issues to remain in the US.

Hours before his passing, staffers drove the subpoenas to Baltimore for Cummings’ signature, said a Democratic committee aide.

“Chairman Cummings felt so strongly about the children, that he was going to fight until the end,” said the aide.

Elijah Cummings’ signature on the October 16 subpoena looks very different from his signature on other documents.

Screenshot of October 16 subpoena:

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Cummings’s signature on page 3 of the October 16 subpoena looks different from page one:

VIDEO: GENDER STUDIES PROFESSOR BLAMES TRUMP FOR BLACK FEMALE OBESITY

Video: Gender Studies Professor Blames Trump For Black Female Obesity

Says it’s harder for black women to lose weight because of racism.

  – OCTOBER 16, 2019

During a television appearance, a New Jersey gender studies professor claimed that President Donald Trump’s policies were to blame for black female obesity.

“I hate when people talk about Black women being obese. I hate it, because it becomes a way to blame us for a set of conditions that we didn’t create,” said Brittney Cooper during a discussion on ‘Black Women OWN the Conversation’, which is broadcast on the Oprah Winfrey Network.

“We are living in the Trump era,” the professor added. “And look, those policies kill our people. You can’t get access to good health care, good insurance.”

Presumably, she believes there were no black obese women before Trump was elected.

Cooper then went on to assert that it’s harder for black women to lose weight than white women because they are more stressed about racism and it slows down their metabolism.

Yes, really.

“It’s literally that the racism that you’re experiencing and the struggle to make ends meet actually means the diet don’t work for you the same,” she claimed.

Now a generation of clinically obese black women can just blame racism for their inability to lose weight and continue stuffing their faces with cake.

How inspiring!

Lebron James Kneels Before His Chinese Overlords, Then Grovels On Social Media

James has shown his incredible lack of intelligence.

By Shane Trejo

NBA super star Lebron James embarrassed himself on Monday, making incoherent statements regarding China while referencing comments made by Houston Rockets general manager Daryl Morey in favor of Hong Kong freedom protests against the rogue communist state.

“I don’t want to get into a [verbal] feud with Daryl Morey, but I believe he wasn’t educated on the situation at hand, and he spoke,” James said to reporters before a preseason game between the Los Angeles Lakers and Golden State Warriors.

“And so many people could have been harmed not only financially, physically, emotionally, spiritually. So just be careful what we tweet and say and we do, even though, yes, we do have freedom of speech, but there can be a lot of negative that comes with that, too,” James added.

When reporters asked James to explain his incomprehensible comments, he could not do so. He just continued to repeat what sounded like a script, which very well may have been prepared by his Chinese masters.

“I believe he was either misinformed or not really educated on the situation, and if he was, then so be it,” James said.

“I have no idea, but that is just my belief. Because when you say things or do things, if you are doing it and you know the people that can be affected by it and the families and individuals and everyone that can be affected by it, sometimes things can be changed as well. And also social media is not always the proper way to go about things as well, but that’s just my belief,” he added.

After James was destroyed on social media for his stunningly low IQ comments, he backtracked hours later – showing that he lacks a spine as well as a brain.

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James’ embarrassing comments come at a time when the NBA is under fire for appeasing China while showing no regard for the values of free speech. Morey was forced to grovel publicly for offending China at a time when the NBA was celebrating its supposedly “woke” liberal opinions on social issues.

“I did not intend my tweet to cause any offense to Rockets fans and friends of mine in China. I was merely voicing one thought, based on one interpretation, of one complicated event. I have had a lot of opportunity since that tweet to hear and consider other perspectives,” Morey said in a nauseatingly obsequious apology.

“I have always appreciated the significant support our Chinese fans and sponsors have provided and I would hope that those who are upset will know that offending or misunderstanding them was not my intention. My tweets are my own and in no way represent the Rockets or the NBA,” he added.

James had previously interjected himself into matters of U.S. politics as if he was some kind of an authority. He regularly criticized President Donald Trump, and voiced support for washed up former NFL QB Colin Kaepernick as he led his anti-American kneeling act for publicity.

“He doesn’t understand the power that he has for being the leader of this beautiful country. He doesn’t understand how many kids, no matter the race, look up to the president of the United States for guidance, for leadership, for words of encouragement…. The people run this country, not one individual — and damn sure not him,” James said about President Trump in 2017.

“I stand with Kap. I kneel with Kap. I feel like what he was talking about nobody wanted to listen to. Nobody wanted to really understand where he was coming from,” James said about Kaepernick in 2018.

James also tweeted this Martin Luther King tribute, which his seem at odds with his China commentary.

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It turns out that James never had a real opinion of his own. He was just a propaganda puppet for Chinese communists this entire time.

 

Another One Bites the Dust: Dreadlock Girl Hate Crime is Exposed as a Hoax

By Jose Nino

It’s almost as if hate crimes are happening every day.

Well, that’s if you believe everything coming from the mainstream media.

Last Monday, Amari Allen, a sixth grader, claimed she was ”assaulted” during recess at her school playground by three white boys.

The student of Immanuel Christian School in Springfield, Virginia told the New York Times “They put me on the ground” during a phone interview. “One of them put my hands behind my back. One put his hands over my mouth. One cut my hair. They were saying that my hair was ugly, that it was nappy.”

However, the Washington Post revealed on Monday that the girl has withdrawn her story.

“The sixth-grade girl at a private Virginia school who accused three classmates last week of forcibly cutting her hair now says the allegations were false, according to statements from the girl’s family and the principal at Immanuel Christian School in Springfield. School officials met with the girl and her family Monday morning before releasing the statement,” the Post stated.

The grandparents of the girl, who are her in effect her legal guardians, released a statement on Monday.

“To those young boys and their parents, we sincerely apologize for the pain and anxiety these allegations have caused,” the grandparents wrote in a statement sent to The Washington Post by the school. “To the administrators and families of Immanuel Christian School, we are sorry for the damage this incident has done to trust within the school family and the undue scorn it has brought to the school. To the broader community, who rallied in such passionate support for our daughter, we apologize for betraying your trust.”

“We understand there will be consequences and we’re prepared to take responsibility for them,” the statement continued. “We know that it will take time to heal, and we hope and pray that the boys, their families, the school and the broader community will be able to forgive us in time.”

The school’s principal, Stephen Danish, also released a statement and sent out an email to the school’s parents.

“We can now confirm that the student who accused three of her classmates of assault has acknowledged that the allegations were false. We’re grateful to the Fairfax County Police Department for their diligent work to investigate these allegations,” Danish wrote. “While we are relieved to hear the truth and bring the events of the past few days to a close, we also feel tremendous pain for the victims and the hurt on both sides of this conflict. We recognize that we now enter what will be a long season of healing.”

Another hate crime hoax bites the dust.

Like the previous Jussie Smollett hoax, this incident represents another attempt by unscrupulous individuals taking advantage of America’s political correctness culture and manufacturing outrage to create division in the country.

Thankfully, this hate crime hoax turned into nothing.

UK school under fire for hosting ‘Resisting Whiteness’ event with rules discriminating against white people

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The University of Edinburgh has allowed a ‘Resisting Whiteness 2019’ event to proceed at its venue, even though there was outrage over organizers’ rules, which limited white people’s access to a microphone and to certain rooms.

The conference, aimed at raising awareness about “the importance of anti-racist action in the UK”  took place at Pleasance Theater, owned by the University of Edinburgh, Scotland, on Saturday.

It was organized by a group tellingly named ‘The Resisting Whiteness Collective,’ which describes itself as a “not-for-profit grassroots organization of QTPOC [Queer and Trans People of Color] activists.” While touting the event, the group said that it wants to make it “as accessible as possible and therefore have free tickets available for those who would like to attend.”

READ MORE: Galloway blasts Lord Sugar for ‘sacrilegious mockery of Christian martyrs’, asks Pope to intervene

However, it seems not everybody was welcome. The rules published on the conference’s official website state that if an attendee is white, they will have no right to ask questions, at least publicly. The rule, introduced to “amplify the voices of people of color” said that “priority will be given to questions from people of color in the audience.”

“If you are a white person in the audience and you still have a question after the panel has ended, please feel free to share your questions with a member of the committee or our speakers then” 

While some argued that the attempt to muffle voices of a particular group, in this case white people, is tantamount to the racism that the “collective” so fervently opposes, another controversial rule sparked comparisons with segregation practices.

The “safe spaces” rule states that one of the two rooms “available to anyone who needs to remove themselves from the conference” due to anxiety issues or just to take a break is off-limits to white people.

“The Braid room is a safe space for only people of color, and the Cheviot room is available for anyone who needs it,” the rule states.

The controversial event was thrust into the national media spotlight earlier this week after outspoken media personality Katie Hopkins denounced the university’s decision to host the gathering on Twitter.

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Her tweet has opened the floodgates to similar accusations against the university, with many arguing that by throwing its weight behind the event, the school is endorsing racism.

“You’re hosting ‘Resisting Whiteness,’ is that not similar to ‘resisting blackness?'” one commenter asked.

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Another Twitter user suggested that the group has “a hidden agenda… [to] stoke race wars.”

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Responding to the backlash, the university said that the organizers had agreed to revise the “safe spaces” policy to “ensure [the] event is compliant with our values.”

They did appear to have watered-down the wording of the mic-access rule that had originally stated: “We will not be giving the microphone to white people during the Q&As.” However, if there were changes to the “safe spaces” rule, they are not reflected on the event’s official webpage.

While many chided the organizers, others sided with the “collective,” arguing that “reverse racism” does not exist.

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A bookshop that helped to arrange the event took a swipe at the critics, saying that they had “willfully misunderstood” the group’s intentions.

“Resisting whiteness is not about white individuals, it is about whiteness as a pervasive system of oppression – both social & political – a system that needs resisting & dismantling,” it wrote.

 

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