Rahm's Civic Committee pals pushed Moody's & S&P to lower IL bond rating
Rahm Emanuel claims that he's been forced to close schools, demolish school budgets and fire thousands of teachers because the city is broke. Why is the city broke? Rahm says it's because of a pension crisis with retired teachers and public employees unwilling to take cuts in their pensions and health care benefits. All this, says the mayor, has led to rating companies lowering Chicago's bond rating, making it even more expensive for the city to borrow money to keep public schools