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

CAP

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

Bond Rating Comparison

 

CAP

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

CAP

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

CAP

CAP

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.

To the people paying $4,200 to see Michelle Obama talk – do you expect her to say anything interesting?

CAP

Michelle Obama might have been a ‘classy’ First Lady, but she has rarely done or said anything remarkable or even entertaining. That the media has deified her into the ultimate role model for women is depressing.

The cult of Michelle continues to grow stronger since her departure from the White House. She has just been voted the most admired woman in a worldwide opinion poll, a ranking she already holds in similar US-only surveys.

Her second autobiography, Becoming, released last November, sold over 10 million in the first six months, and stands to become the biggest-selling memoir in history, at least until her husband’s is published, likely next year.

Tickets for the additional book tour dates she has scheduled – in which she recites incidents from her book after prompts from a moderator – are on sale for $2,500 apiece for a meet-and-greet during the Newark stop and up to $4,200 for a suite. The cheapest seats are offered at over $100.

CAP

I do not begrudge her making the money – there is genuine public demand – but what makes Michelle Obama special?

Is it her life story? A middle-class A-grade student goes to a good school, a prestigious university and a top place of employment, before meeting a man and putting her career on the back-burner to focus on being a wife and mother.

Is it her personal achievements? Obama has not practiced law in a quarter of a century, and most of her jobs have been admin positions or post-office board sinecures. While in the White House she was best-known for her organic vegetable garden, and promoting politically orthodox and safe causes like eradicating child poverty, bettering education and LGBT+ rights.

Is it her rare insight? Despite being in the public eye for well over a decade, her only truly sticky quote has been “when they go low, we go high, which is as often used ironically as it is in earnest. Her pronouncements have consisted almost exclusively of vaguely defiant or vaguely empowering or vaguely celebratory platitudes. “When girls are educated, their countries become stronger and more prosperous” or “We need to do a better job of putting ourselves higher on our own ‘to do’ list.” Even middle-schoolers would probably cock an eyebrow at this stuff if they saw it in their Facebook feed.

Is it her candidness? Obama doles a perfectly measured dose of vulnerability or openness, such as her revelations about miscarriage or discussions about how much she loves dogs, without ever threatening the edifice of her public persona, marriage or morals. She is easily more sanitized than any of the candidates in the 2020 Democratic race.

In summary, what we have here is a vanity tour from a woman who has led a comfortable and happy existence and an unremarkable professional life, giving bland ‘inspirational’ advice off a big-room stage in a scripted set-up without revealing too much of herself.

So, what’s the secret ingredient? That she was married to a man who was president for eight years? That she is the first black American woman who got to redecorate the White House?

And that is enough to lift her over 3.8 billion women on the planet.

To me, that is an indictment of US-style feelgood identity politics, where it is enough to be someone rather than do something to be considered an idol. Even if that someone is primarily famous for that most traditionalist of things – being the wife of a powerful man, a commitment that curtailed her potential.

Secondly, it illustrates the transformation of even the most serious media into partisan hype machines, with the New York Times and Washington Post squealing in the presence of Michelle like little girls at a Harry Styles autograph session. Have some self-respect.

CAP

Thirdly, it betrays the unexamined worship of the Obama legacy among supporters. It is understandable that the likely 90-percent-plus Democratic-voting audience of Michelle’s Q & A is still reeling from the contrast between her and the current occupants of the White House. But will the time ever come to question another person who was lauded more for who he represented than what he achieved – on, say, his economic complacency paired with social divisiveness at home, or his ineffectiveness abroad? Or at least admit that he helped usher in Trump in 2016, and may do so again in 2020 if a decrepit Joe Biden manages to nab the Democratic nomination riding on black voters’ goodwill from the Obama connection.

Just the whole vibe of the sickly, sycophantic and corporate Obama industry – Netflix deals and all – seems not just vapid and grating, but weirdly passé already in a world where their life truisms and political philosophies have already been proven to be inadequate. Bill and Hillary Clinton – she the most admired woman in the US for an amazing 22 years – also seemed like the perfect power couple once. Now, we view both as more rounded, flawed characters. The same reckoning can’t come soon enough for the most recent Democratic Party White House family.

In the meantime, school girls and broadsheet editors looking for positive role models can look up to women who have actually earned their fame. From Simone to Malala to Scarlett to Adele, there are plenty to pick from.

OBAMAS TO RELEASE ANTI-TRUMP MOVIE ON NETFLIX

Obamas To Release Anti-Trump Movie On Netflix

Film aims to undercut Trump’s job number claims

Steve Watson  – AUGUST 21, 2019

Ahead of the 2020 election, the Obamas are set to release a documentary via Netflix that has been described by Politico as anti-Trump.

The movie, scheduled to be released this week, titled American Factory, focuses on the economy in the heartland of the US.

The review states:

The documentary, which debuts on Netflix on August 21, never mentions President Donald Trump by name—but its message is clear: Trump’s promise to reinvigorate the industrial heartland is going to take a lot more than a campaign slogan. There are no easy solutions. And if some manufacturing jobs do come back, they’re going to look nothing like they used to. Americans will have to accept a new reality to stay competitive in the global marketplace—one that they might not like, and one that Trump doesn’t acknowledge.

it’s a message that echoes Obama’s declaration in 2016 that some jobs in the manufacturing sector are “just not going to come back.”

The movie argues that Trump’s efforts to reinvigorate manufacturing have not been successful, despite there being more employed in factory jobs now than before Trump was elected.

The message is clear. The Obamas are trying to hit Trump where it matters ahead of the election, in an effort to prevent history repeating.

Last year, when the Obamas inked the deal with the streaming service, the former president declared that the projects would focus on “training the next generation of leaders.”

“I continue to believe that if we are hearing each other’s stories and recognizing ourselves in each other, then our democracy works,” Obama said at the time.

WATCH: Why You Should Cancel Netflix

Blue State Blues: Michelle Obama Cannot Save the Democrats

Michelle Obama (Aaron P. Bernstein / Getty)

By Joel B. Pollak

The whispers have been going ’round for a while, but on Wednesday night they burst into the open, after the second debate: Democrats are worried none of their candidates can defeat Donald Trump.

“Is it possible that the Democrats have an overflow of talent but no one who’s precisely right?” wrote Frank Bruni of the New York Times.

Pundits on CNN looked dismayed: all of the frontrunners emerged bruised from the debates, and remain hopelessly left-wing.

Some want former first lady Michelle Obama to joint the presidential race before it is too late. Left-wing filmmaker Michael Moore — who predicted Trump’s victory in 2016 — declared in an extended rant on MSNBC that Michelle Obama is the “one person that would crush Trump.”

The woman who once told Democrats, “When they go low, we go high,” is really a “street fighter,” Moore said. “He wouldn’t be able to bully her, he wouldn’t be able to nickname her.”

The former first lady is very popular, though at times controversial. But Michelle Obama is not the answer to the problem that the Democratic Party has at the moment, which is that it has moved so far to the left that even Barack Obama himself is considered too moderate.

Obama has been taking a beating lately — including from Joe Biden, whom Obama rescued from the political “trash heap,” as Trump is fond of saying (accurately, by the way).

There was always a quiet undercurrent of left-wing impatience with the Obama administration. His supporters knew he shared their radical views, but were frustrated that he often tried to mask them, or to set them aside in deference to the inescapable responsibilities of governing.

Left-wing opposition to Obama was first visible when he — reluctantly– announced the Afghanistan “surge” in 2009 (including a timeline for withdrawal that largely doomed the mission.)

Screen Shot 2019-08-02 at 10.32.09 AM

Later, after the Tea Party ushered Republicans back into power in the House of Representatives, the left took matters into their own hands and launched the Occupy Wall Street movement, which Obama backed but did not, in fact, lead.

Everyone “knew” Obama favored gay marriage, religious protestations notwithstanding. But it took Biden blurting out in 2012 that he was “absolutely comfortable” with it to force Obama himself to come out of the proverbial closet.

Obama preferred “leading from behind.” But he unleashed a force Democrats can no longer control. It was Obama, not Trump, who avoided negotiating with Congress, preferring to use his “pen and phone” to impose his will, often against the Constitution.

It was Obama who told his supporters their mission was “fundamentally transforming the United States of America.” Bill Clinton lost the 1994 midterms and moved to the middle. Obama lost in 2010 and 2014 and moved further left.

The left never understood the frustration with Obama had nothing to do with race and everything to do with the fact that his policies favored Wall Street and ignored Main Street. They never learned that many of Obama’s ideas were bad, because the media never held him accountable.

The left took the wrong lesson from his failures: namely, that he lacked the will to follow his ideas through to the end. They want to finish what he started.

Tucker: The Democratic Party is now a religious cult

PUBLISHED ON JULY 8, 2019

Big Swin76
Women of color are so oppressed in this country, says a woman who’s religion oppresses millions of women all over the world. 🤨🤨

821

View 50 replies
Florentina Weber
There you go , they are eating each other in their own party ….. isn’t that beautiful???? Good , the other party is busy running a country .

436

View 15 replies
Ken Robison
They wanna overthrow a duly elected president because of their political and criminal crimes. Mr. President drain that swamp!

60

View 5 replies
AP B
“The goal of Socialism is Communism.” Vladimir Lenin

334

View 14 replies
Gene Set
I wish they would put this much energy into stopping human trafficking. It’s happening everyday.

75

View 3 replies
Nimisha Acharya
Asylum for Tommy Robinson. The UK is persecuting innocent citizens. OUTRAGEOUS

34

View 3 replies
Bonnie Nix
Talib and her fellow justice Democrats idiots should be ran out of Congress. We need people in our government that love America and the freedoms and opportunity patriots love🇺🇸🇺🇸🇺🇸👏

37

View 2 replies
randalthor13
Blah Blah Blah, People of coulour. So it is now all about skin colour and not merit or knowledge. What a joke America has become.

75

View 6 replies
Jennifer Christensen
These leftist lunatics have played the ‘racist’ card for too long, that now it has no meaning whatsoever. In fact they bring out the race card only because they have no real grievance to air. You are right to call it a cult. Because like all cults they rely on violence and threats to impose their will on others.

COLORADO STATE UNIVERSITY PROFESSOR WANTS TO “PUNCH” POLITICAL ADVERSARIES “IN THE NECK”

Colorado State University Professor Wants to "Punch" Political Adversaries "In the Neck"

“I’m done going high”

JULY 8, 2019

A Colorado State University professor says she is done “going high” and is now ready to “punch” her political adversaries “in the neck”.

Professor OiYan Poon was responding to a tweet that stated, “when they go low, you fucking punch them in the neck”.

“I’m almost done reading Michelle Obama’s Becoming, and in reading the subtext, I don’t think she even believes the whole “when they go low, we go high” b.s.,” tweeted Poon.

“Also, this tweet is a mood! I’m done “going high”. #ImReady to “punch them in the neck,” she added.

The phrase “when they go low, we go high,” was used by Michelle Obama in 2016 to encourage taking the high road against low blow tactics and dirty tricks by Republicans.

“Poon teaches higher education leadership at Colorado State and also serves as director of the school’s Race and Intersectional Studies for Education Equity (RISE) Center,” reports Campus Reform.

Poon previously complained that “there was not enough racial diversity in gifs”. She also praised her friend, activist Tanzila Ahmed, who was banned from the Tinder dating app for saying she would not date white men in her bio.

Following Campus Reform’s story on her comments, Poon placed her Twitter account on lockdown.

Blog at WordPress.com.

Up ↑