According to the Inquirer’s business columnist, Joseph DiStepano, Wall Street is all aglow.
“Setting aside the effect of the closures on children and their education, the closures are positive from a credit perspective because they indicate that the district and the SRC are intent on reducing expenditures”, DiStepano writes.
With 3.3 billion dollars in debt obligations held by held by investors, naturally these folks see it as good news when the District cuts costs, no matter what the impact on children. Earlier this year Wall Street applauded cutting back the instructional budget and slasing the wages and benefits of school maintenance workers. They can be expected to be cheering on the District in its next big austerity project, going after the living standards and working conditions of teachers and other school employees, even if it has a devastating impact on the quality of education.
Read the article here