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View Diary: Massive Chicago Teachers Union Rally Takes over Downtown (58 comments)

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  •  Good for the teachers, but.... (10+ / 0-)

    ....I looked into City of Chicago general obligation bonds about 18 months ago, and I realized that its operating deficit is about 10% of revenue.  The former mayor used one-time items (privatizing Skyway, privatizing parking meters) to plug holes.  He took the privatization proceeds, over 1.5B and which were suppose to last about 60 years, and "burned" them in two years, thereby plugging the deficit.

    My point?

    There just isn't any more money, unless the Mayor begins to slap a wealth tax on the hedge fund manager who live in the city.  Kenneth Griffin is worth over 8B.  Why not start taxing his wealth?

    It's either that or many teachers will begin working for much lower-cost charter schools.

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. http://www1.hamiltonproject.org/es/hamilton/hamilton_hp.htm

    by PatriciaVa on Thu May 24, 2012 at 06:55:24 AM PDT

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