Now it says (link) it will eliminate well over one thousand current teachers to be able to continue to pay generous benefits to the ever-growing ranks of retired teachers. "But what about the children!!!," to echo the standard liberal refrain whenever a Republican proposes just the slightest cut in even the rate of growth of government spending.
All this reminds me of the old joke that General Motors is a retirement and social welfare organization that funds itself by financing the purchase of pricey motor vehicles that it poorly manufactures. Likewise, the Chicago Public School System seems to be a generous retirement and social welfare organization that funds itself by lavishly administering an inefficiently-run day care operation for children that requires ever-increasing funding by foolish taxpayers and even more foolish lenders. Take a look at the kids' test scores if you dare, although to be fair the schools have no control over the often dismal home life of the students and the dangerous, toxic gangsta/ho culture in which many are immersed.