Financialization Created Chicago Public Schools’ Fiscal Crisis
Chicago Public Schools (CPS) is in a deep and enduring fiscal crisis. After decades of budget cuts, Chicago’s public K–12 schools have been hollowed out, magnifying the hardships of stagnant wages, rising housing prices, and more faced by the city’s working class. Pundits have predictably blamed CPS’s fiscal crisis on either the greedy teachers’ union (Republicans’ and a few austerity-minded Democrats’ scapegoat) or on conservative suburban and rural “downstate” politicians in Illinois hostile to urban children’s plight (most Democrats’ scapegoat).
But Chicago is a one-party city, controlled by the Democrats, in a solidly blue state, where Democrats usually control the state government.