* Troy LaRaviere, president of the Chicago Principals and Administrators Association and candidate for mayor has endorsed Chris Kennedy. A campaign press release says LaRaviere “referenced JB Pritzker’s profits from social impact bonds for preschool.” He did more than that…
We have endured an endless stream of reckless budgetary practices from an administration and city hall that seems hell-bent on indebting taxpayers to the mayor’s campaign donors.
One of the most asinine examples of this reckless and incompetent spending is the so-called social impact bond for preschool. Three investors–all of whom are donors to the Emanuel Campaign–Goldman Sachs, Northern Trust and the Pritzker Group headed by J.B. Pritzker himself.
They loaned CPS $17 million and stand to gain more than $34 million from taxpayers in return. We’re paying $34 million for a program that cost $17 million, and we’re paying it to Sachs, Northern Trust and Pritzker. Yes. One of the many wealthy beneficiaries of this legalized theft is the Pritzker Foundation, headed by a man who wants to be your next governor.
Ouch.
* A 2014 story briefly explains the social impact bond…
The grant will follow participants for 14 years to determine if outcome measurements have been met. Metrics include increasing kindergarten readiness, improving third grade literacy and reducing the need for special education services. An independent evaluator will assess whether these measurements have been met. If analysis proves students have fared well after attending the early education programs, investors will get a return on their investment.
The city estimates that surplus will come from CPS savings of $9,100 per student for each student who avoids special education services. An additional $2,900 would be saved for each student deemed ready for kindergarten after attending the program, and a $750 savings for each student who scores above the national average on a third-grade reading test.
* From WCIA TV…
In a political attack ad paid for by Pritzker, a narrator assails his primary opponent, state senator Daniel Biss, for his 2012 vote “to increase funding for charter schools at the expense of neighborhood public schools.” The ad also says “he’s supported by a pro-charter group who’s fought for school privatization.”
Biss campaign spokesman Tom Elliott hit back, saying, “The height of J.B. Pritzker’s hypocrisy is astounding. While he spends millions of dollars on sloppy attack ads against Daniel Biss for voting for a bill that provides funding parity for all school children in Illinois, Pritzker tries to privatize education so he can profit off the backs of underprivileged families.” […]
“All of these guys are trying to claim the wing of progressivism when none of them have a record that supports that,” [Blogger and retired teacher Fred Klonsky] said. “I don’t think there’s anybody running for statewide office as a Democrat who can make a claim that they were defenders of neighborhood public schools and that they were opponents of charter schools. If they can make that claim, show it. Before you attack someone else, show us your record.” […]
Klonsky says Pritzker’s political attacks against charter schools is evidence of a larger nationwide shift in the political conversation around privatizing education.
“After nearly 20 years of corporate-driven education reform, they have nothing to show for it.”
* Meanwhile…
Remember the days when Bill Daley was brought in as Kennedy’s finance chairman and was talking about raising $8-10 million?
Also, speaking of Daley, that Kennedy presser was held in front of Rauner Prep charter school, which Daley’s brother Mayor Richard M. Daley helped get off the ground.
- Techie - Thursday, Mar 1, 18 @ 2:52 pm:
I was unaware of the funding arrangement for the program LaRaviere mentioned. It makes me wonder what else Pritzker might be involved in that voters would disapprove of, but don’t know about. That’s troubling, because if there’s anything else out there, Rauner might be withholding it until after primary.
- Lefty Lefty - Thursday, Mar 1, 18 @ 3:00 pm:
I have no idea who I’m going to vote for.
- Back to the Future - Thursday, Mar 1, 18 @ 3:01 pm:
Ouch!
Also have not heard much on the “Toliets for Cash” program Assessor Joe approved for Pritzker. Personally I am not interested in giving up my indoor plumbing for a tax break, but I don’t want to sound critical as no one offered me a tax break of over $200,000 to give up my toilet.
- Anonymous - Thursday, Mar 1, 18 @ 3:05 pm:
Troy is a has been and was largley dislikes by Blaine parents.
- Stand Tall - Thursday, Mar 1, 18 @ 3:12 pm:
No honest Abe there in JB. How much more dirt is out there on the Off-shore tax haven man?
- SaulGoodman - Thursday, Mar 1, 18 @ 3:24 pm:
JB hits Biss on pensions. We find out that JB helped fund pension cuts and lobbied for SB1 and other bills. And JB has blatantly lied about what the PAC was that he helped fund.
JB hits Biss on one vote regarding charter schools. We find out that JB has supported and funded charter schools for years, including asking the State of IL to approve one of his schools as a charter school.
Hypocrisy is not a flattering look.
- Anonymous - Thursday, Mar 1, 18 @ 3:26 pm:
Troy has his facts wrong. Pritzker doesn’t benefit from this. The money goes back into his foundation.
- Arthur Andersen - Thursday, Mar 1, 18 @ 3:43 pm:
“Pritzker doesn’t benefit from this. The money goes back into his foundation.”
C’mon man. And who does the foundation benefit? Left pocket/Right pocket argument Exhibit A, folks.
Mark Maxwell and Fred Klonsky are a formidable pair. Wouldn’t want them all up in my bidness.
- Thomas Paine= - Thursday, Mar 1, 18 @ 4:28 pm:
=== LaRaviere ===
Who?
=== president of the Chicago Principals and Administrators Association and candidate for mayor ===
Who cares?
We’ve had four years for some sort of blowback over social mpact bonds. It aint happenin. You know why? Unversal preschool is a great idea and the only other way to pay for it was with a tax increase.
Whoops, sorry: not a tax increase. Chris Kennedy could have launched a foundation to raise private philanthropy to fund universal preschool, but he didnt do that.
So yea, social impact bonds are in effect performance-based cntracts. Democrats and Republicans both love performance based contracts.
On the upside, Chris Kennedy has managed to avoid talking about gun comtrol forcanother day.
- Anon312 - Thursday, Mar 1, 18 @ 5:14 pm:
I wonder how the “performance” is actually graded out. These are pre-school kids… pretty hard to say standardized tests are any actual real measure of success.
- Retired Educator - Thursday, Mar 1, 18 @ 5:55 pm:
He couldn’t have bought them is they weren’t for sale. Who would they have approved of buying the bonds? This is a silly argument.