
Week in Review: Stocks Plummet; CTU Reaches Tentative Contract Deal
4/4/2025 | 26m 47sVideo has Closed Captions
Nick Blumberg and guests on the week's biggest news.
Stocks plummet after Trump’s sweeping tariffs. And after a long year of negotiations, Chicago teachers have a tentative contract deal.
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Week in Review: Stocks Plummet; CTU Reaches Tentative Contract Deal
4/4/2025 | 26m 47sVideo has Closed Captions
Stocks plummet after Trump’s sweeping tariffs. And after a long year of negotiations, Chicago teachers have a tentative contract deal.
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Learn Moreabout PBS online sponsorship>> Good evening and thanks for joining us on the week in review.
I'm Nick Blumberg.
It's been a busy week.
Let's try to get you caught up one story we've had our eye on for the last year appears headed to a conclusion with the Chicago teachers Union making a tentative deal on a contract.
We got it done.
The first mayor 15 years and get a contract done.
He played >> This is truly been a demonstration of resilience, resilience that union leaders say paid off.
Now it's up to CTU members to sign off on the agreement.
>> We need to get back to a time where a country that can make things and to do that, we have to reset the global order.
Trade.
Trump administration officials defend massive new tariffs as stocks plummet.
>> It had a chilling effect on some of the chaos and mayhem that was happening.
The teen saw the police moving in and they dispersed city leaders debate whether to further restrict teens access to downtown.
>> Suburban voters head to the polls with 2 term Aurora Mayor Richard Irvin shown the door and a longtime foe of Dalton Mayor Tiffany Henyard winning that seat.
And speaking of the suburbs, the Bears are once again talking up a potential move to Arlington Heights.
>> And now to our week in review panel.
Joining us are Michael Liptrot from Block Club.
Chicago Truth saying from Bloomberg News, violent Miller from the Chicago Sun-Times and Becky Vivi from Chalk Beach, Chicago.
Lots to cover.
Let's get right to it.
As for the seeing the markets have been tumultuous with this new set of tariffs in place.
The Dow closing down 5 and a half percent today.
You know how long might it take to get a fuller picture of these tariffs impact even really need to wait given what we've seen so far.
>> This is all very new people haven't anticipated the tariffs and there have been some incremental movements throughout the last few weeks.
But this week was the big one in terms of the tariff announcement.
So this is all very new to the stock market.
All very new to investors in general, including some pensions that are watching this very carefully here in Chicago as well.
Yeah, I can imagine.
I mean, >> President Trump is saying, look, there's going to be pain.
Initially.
This was a very sick patients as he put it, the U.S. economy.
It is that message a seeming to resonate with the markets yet?
>> I think it's really hard to say anything definitive about the markets.
We've come off of a very long increase in the stock market.
We've seen records just recently as last year, but now within the last couple of months be taken a dip down.
So if anything, if things are unpredictable, so we can't necessarily say what's going to come out next week.
Yeah.
Seems like there's probably a lot more volatility in store.
I mean, >> we've heard a lot from local leaders, including Governor JB Pritzker, talking about, you know, the potential impact on Illinois, especially with Mexico, for example, is one of our state's largest trading partners.
How much pain do you think the you know, some of the sectors of our local economy are bracing for Illinois is a very diverse economy.
And it has been fracturing.
It is a culture.
These are all very large trade industries as well.
So this is something that the governor and other politicians and >> those who are making the budgets, I'm sure are watching carefully.
But I mean, you know, Michael, it right, if you're one of those local elected officials, how frustrated do you feel right now?
You know, there's this seems like there's probably a pretty limited set of options that folks like Governor Pritzker have.
>> Yes, definitely And when thinking about not only impact of the tariffs, but of what is going to mean for everyday Americans and everyday Chicagoans considering a lot of people who are invested and for one case, a lot of people who go grocery store regularly is all going to bleed into every aspect of life because sadly, that is just how present the economy is in life.
And so people that we definitely on the lookout local officials, they're going to have to lean on every assistance in form of assistance they can get from in terms of funding.
>> I have a feeling we're not going to putting the story to one side anytime soon.
But another big piece of news this week back Evie the sea to use big bargaining team and its House of Delegates signed off on that tentative contract deal, sending it to a full vote next week.
What are some of the key provisions here?
couple of the big I would changes that we're going to see is the cap on class sizes.
This is something that the CTU has been arguing for and fighting for.
>> Really our since in recent years.
But, you know, they like to point back to 1995 when their bargaining rights were restricted to mostly pay and benefits, they weren't really allowed to bargain over class size in the last under mayoral control last couple decade.
So this was a really big when they now have those bargaining rights back as of 2021.
And so >> to have unforcible class size limits and in particular, kids in kindergarten will probably see the most change and kindergarten teachers because that cap is reduced to 25 and actually at 23, they will get a teacher assistance, which is another big element of this settlement, which is that the district agreed to increase the number of teaching assistants by about 50%.
And that means probably around 400 teaching assistants added over 4 years across the district and primarily, I would say targeted at early childhood as well as class size relief is where you'll see teacher assistance added.
Obviously also, I should note that this includes 4% raises every year as much as 5%, depending on inflation, which if we have the tariffs driving inflation up in the coming years.
We could be looking at your to a 5% raise for teachers.
And then, you know, there's some other provisions that they were able to agree on sort of at the very end here around veteran educator pay also increasing and changes to how frequently the highly qualified are highly rated experienced teachers get their evaluations.
Typically 32 years and they agreed to for some teachers who are high performers.
Every 3.
>> Well, you know, talking about those expanded bargaining rights, you know, things like provisions for and how students, for example, some of these things that folks might think of a sort of outside the bounds of traditional contract negotiations.
fair to say been a fairly big priority for free leadership.
They have.
And I it's a little bit kind of devil's in the details on some of those provisions are now and a lot of ways they more value statements.
Then they are sort of in forcible pieces of the contract, though there are things.
>> Policy we wrote this week the article around policies protecting LGBTQ students and staff a commitment to staff and gender support coordinator in every geographic network of the district.
Their sanctuary provisions protecting immigrant immigrant students.
There are provisions that yes, go beyond the scope of a typical teachers union contract and that's been a CTU shift really in the last 10 years.
Yeah, I mean, certainly there's been quite a bit of a people at the district over the past year.
The contract negotiations.
>> going to be looking for a new, you know, CEO new Hybrid school board is getting its feet under it.
You know, violent Miller.
Does it feel like having this contract you might offer some measure of stability, particularly for students and families?
I sure would hope You know, I can't relate.
I don't have any children, but I you know, I hope so.
I've been seeing this over the last year, especially my colleagues who've been covering it pretty tirelessly.
So it's been a bumpy road.
But obviously, I mean, like you said, we still have a CEO search ahead.
We've got some other bumps in the road, but I do think it is interesting that, you know, we see some of these provisions that you said, you know, aren't typical parts of union contracts as we've been seeing them pop up in a few different areas to try and combat the Trump administration's policies where on, you know, either the courts are feeling or on, you know, the executive kind of pushing through these collective bargaining agreements have been kind of a way to fall back on and create some of those protections.
But we're also seeing the federal government limiting some of those collective bargaining rights for Iran, specifically federal unions like I F t and I know they've also interfered with TSA union, stopping them from collecting dues, which obviously hurts a lot of the local union.
Yeah, absolutely.
One of the things to note here is that it's been 11 months almost a year since the 2 sides have been negotiating.
>> And the next budget cycle is about to start for the district, the school district as well as the city.
And so just as you're wrapping up, this almost a long negotiation for this four-year contract.
The school district has to also start thinking about how they're going to balance next year's budget, which is something that I think a lot of people have their eye on because right now the CEO has said they have enough money to cover the increase for this year, but he's worried even though he's outgoing, he's worried about future budget.
Yeah, I mean, is there concerns about a structural deficit Yes, and I would also add so the first year of the contract actually applies to this past school year that we're about to end here.
And they have said, yes, that they will be able to settle their books and pay for the first 3 years costs.
But the next 3 are going to be very challenging as violent mentioned, you know, the Trump administration is doing a lot of things, including today, even or I should say yesterday the Department of Education sent a letter to states saying you need to certify that your schools are not engaging in policies and practices that our diversity Equity Inclusion, Dei, if you are, you need to certify that and within 10 days and if you if you are not going to certify that we could withhold federal funds, including title one dollars, which is the largest chunk of money.
We were already going to lose Garcia, a decrease in federal funding with the expiration of COVID relief money.
But now with this threat hanging over Chicago public schools on top of its structural deficit and its local challenges.
We could be in for a very difficult, difficult budget summer and future cycles of budget these federal elements.
taken into account next year's budget is potentially already 500 million dollars in shortfall.
So I mean, these are new elements that could just add to that for the next few years and something when thinking about just hoping that throughout this process, when it comes to how long it took to get this union contract.
>> Negotiated that there could be some trusts, rebuilt when it comes to relationship between the CTU.
The city and then with CPS cause it with as make.
It was saying just this larger looming threat of a federal, a federal lack of funding in federal funding being cut.
There's going to need to be some local because it's just in the fall into further chaos.
let's not forget this most recent vote or lack thereof from.
>> The Chicago Board of Education was just a week ago that they delayed the vote in terms of the pension contribution into the municipal employee.
>> Pension fund for the city.
So it seems like a long time ago because every every week there's so many things happening.
But that was just barely a week and half ago on.
It's interesting, because unlike previous rounds of negotiations and it, you know, we heard the mayor at the top top Tao not having a strike, but really the mayor not in can I mean, he he is losing control over the school system.
You have partially elected board coming in and exerting its newfound independence.
And that also to the point about unity will be interesting to see how it plays out because the mayor even today said, you know, if Trump port of metal with our funds out do and we will And so that is something that's like, you know, he has 11 appointees on the school board and he has a few others who were elected but are aligned with him.
So I think you do still see general unity, but certainly as you start talking about dollars and cents and finding those finding a way to balance the budget, you're going to get.
A lively debate given the uncertainty and in the courts, you know, they can file that lawsuit and try to ensure that they get that money.
But there's no guarantee that it comes through in a timely manner.
And if they do wind so.
>> I don't think the mayor's headaches are over any soon, necessarily.
But that's sort of the gate for Chicago, I by the Mueller.
Want to talk about a story you've been covering earlier today, ICE temporary temporarily released Venezuelan man.
It had detained so he can donate a kidney to his brother.
Do we have a sense of, you know how long this reprieve is is going to last?
What are details?
Do we know here?
Yeah, so and he's been approved for a year release and after a year he will be facing deportation again.
That's not a guarantee.
>> But I spoke to his attorney yesterday.
I Peter Meineke with the Resurrection Project who's been representing him through this and they said he currently at least doesn't plan to appeal on, you know, the deportation at that point.
He mostly just wants to stay in the country long enough to be able to donate kidney to an exchange because he's him and his brother have not been proven to be a match yet a process that was partially delayed by, you know, can be taken into custody.
given that the Trump administration's focus on immigration crackdowns, increasing deportations pretty significantly.
Does it seem like this sort of a, you know, humane releases going to set any sort of a precedent or is this something that was just such a high-profile case that that they were able to make this happen?
unfortunately, you know, in speaking with his attorneys.
They said that this is definitely going to be an isolated case.
Just because of the amount of publicity and eyes on this, in addition to the fact that he was represented by a larger group with more resources and legal representation.
You know, obviously this is not the case for all of the folks, the United States who under this kind of looming threat of ice arrests, detainment and deportation, even just being taken to, you know, facilities in other countries.
And so it's a very different reality for, you know, different folks who have different levels of privilege with this.
absolutely.
Well, you know, sure.
The same talking about one specific element of the talk stock market.
Tesla stocks have taken a hit amid Elon Musk's increasing polarization on popularity.
>> That's prompting some pension funds to question whether investing in the EV company.
It is worth their while.
It is.
There's some indication they might divest themselves.
>> Well, along with the rest of the stock market, Tesla stocks have come down and even more so than the rest of the market since about mid December when they hit a record Tesla's fallen between 40 and 50% the day that you look at it.
the American Federation of Teachers has been asking money managers as well as the actual pensions to do a review.
It hasn't been a direct, you know, ask to divest it.
But it's definitely been like a review.
How are you going to protect these pensioners?
How are you going to protect the income of these retirees?
There's been a few requests that have been sent to a very large pension funds such as the teachers pension in California.
But here in Chicago, the Chicago teachers pension fund has received just a couple inquiries about the holdings not ask for divestment, but still they have been watching and the big question here in Chicago is that the pension funds are fairly underfunded compared to their peers around the country.
So if you already have an underfunded pension fund, then you're taking a hit from the stock market and then specific holdings.
What does that mean for the funding levels going forward right now, Tesla is less than one percent of like 0.4% of the holdings of the Chicago teachers pension fund.
So it's a very small holding still.
Nevertheless, there's questions not necessarily a major part of their portfolio, but when you're 48 issue or send funded, you have to match.
You want to watch that pretty closely.
And for context, I mean, the the Chicago teachers pension fund, like you said is 48% funded.
>> Where is the counterpart in California is about 75% funded.
So there's a pretty big difference in terms of funding levels.
California is always braggart Michael?
It right.
We've heard some reporting that some older people want to see an 08:00PM curfew downtown to combat large groups of teenagers gathering the loop is 3rd, necessarily much evidence that tougher curfews would be effective.
>> Not according to Chicago Mayor Brandon Johnson, who thinks that a lot of this will shift 2 communities because this is really been an issue that the city as we grapple with years now.
And we tragically on Johnson's birthday weekend.
This.
Teen takeover has been referred to happened in the loop and around London Park with these incidents happening, more and more with people being shot, people being stabbed and the tourism hub of the city.
These things working out don't help.
So people are looking for a solution, but it is still out there to be determined if that's the best because ultimately is the bigger question of what is there that 18 under 21 can do for free on the weekend Chicago and especially for those who don't have the funds to go to a game every weekend.
What you do to really take up that time?
>> Well, I mean, you know, to that you know, Mayor Johnson has resisted that idea of, you know, bringing the curfew down by a couple hours.
He hasn't lifted the ban on unaccompanied young folks and Millennium or Maggie Daley Parks.
You know, after 6, you thank you, BP does that sort of feel like a mixed message there?
It is a little bit of a mixed message.
And I also would argue that there's, you how how effective is the policy at actually deterring?
>> The action or does it just end up criminalizing?
Criminalizing young people and and putting and sort of these arbitrary rules that then, you know, empower enforcement and again, is it is it is it there to act as a deterrent and actually acting as a deterrent to, I think, is is a piece of the question yet calling something a deterrent measure doesn't actually mean it.
It worked well, actually do that.
We had some plenty suburban elections this week of violent.
Know you're keeping your eye on some of them.
>> Embattled air to funny henyard already knocked out in February primary.
One of the trustees Jason Houses is taking over for her.
>> What are his priorities as he takes office?
So I mean, the number one, of course, is just rebuilding trust between the people living in Dalton and the government there.
And so, you know, they're taking some measures to rebuild the website.
>> So putting out some more financial reports that used to be released.
But there also, you know, other issues facing don't.
that's what a lot of people are focusing You know, I was there Tuesday polling places and a lot of folks are talking about, you know, wanting it sit-down restaurants, different businesses in the Dalton area.
so Jason Houses said that the priority as well.
He's been in talks said 2 were, quote, shovel-ready on.
So, you know, he's kind of getting the ball rolling on that seemingly.
But folks, you know, again, we're talking about schools, infrastructure, things like that.
They're looking for programs, you similar to what we're looking at with these these issues downtown is just there's not much for, you know, kids to do for free in.
These places.
So you want to make sure that, you know, you're kind of building that And another complaint we heard was that a lot of that local schools don't have programs for our children disabilities and things like that.
They're having to take their students outside of when, you know, that's just an extra burden on the parents off and on the students as well to this is a problem with the death of shopping malls.
You can just walk around the food court least it that you are also taking a look at the race in Aurora.
Richard Irvin fell after 2 terms.
Tell us about who's taking over.
>> Yeah.
So it's John leash he is he's been alderman at large for a few years now.
And he's been tag on a stick to Irvine he ran previously against Ervin in the 2021 election got less than half the votes that are funded.
So this was, you know, a real big switch up.
in part, that's due to the fact that the Democratic Party put a lot of money into this race.
They threw a lot behind him.
And while the elections are non-partisan, you can kind of clearly see the divide.
Obviously, Irvine having run on Republican gubernatorial ticket a few years ago and losing, but also, you know, John leash has a very big focus on green energy.
He was very vocal about police reform in 2020 since then, he's also supported on, you know, sanctuary city policy is because despite the fact that or is the second largest city in the state.
They are not a sanctuary city.
so, you know, we could see some of those things start to move forward as he takes office.
Well, you know, Michael, it right.
We got a report this week.
A follow-up report from an advocacy organization about Chicago police targeting black and Latino drivers to pull them over.
What of that report?
Find?
Well, if found a 65% CBD stops roughly.
>> 290 through 5 starts made by CPD officers and reported and those stops were for really not consequential things.
They were stops for insurance expired, registration, really things so this organization, they don't view as meriting a full stop.
And if anything, for communities of color constituting worry and just increases people's anxiety when it comes to driving a lot in terms Africa.
See, a lot of 5 behind these eyes.
Pretextual stops to where you stop someone really not for the reason you're saying you're stopping them from.
But 2 go into their car to search looking for guns, trucks and such and like a lot of disparate Chicago.
You disproportionately see them affecting the black and Latin communities.
Yeah, it seems like from the report they didn't make that many, you know, recoveries of a gun most of the right wrist you know, resulted in arrests, right?
And then additionally.
>> That disparity between what is reported as far the CPD stops and then what they're actually giving EMC at the state level.
And so it's just a bunch of things as far as oversight when it comes to these traffic stops.
Well, the truth saying once again bears changing their tone.
Now looking again at Arlington Heights for potential new stadium.
>> Obviously, this is going to be a big deal that lawmakers at all levels are going to need to sign off on.
Do you think the back and forth is getting a little frustrating for typically >> I you know, I have not spoken with officials at the state in the last week, but every time I have asked them this question, they say there is no interest at this point in putting state funding into a bear state.
so that's the latest.
I know.
But I haven't asked anyone left well.
as you said, there's a new mayor, you know, in Arlington Heights.
So that could be playing into this as well potentially.
Yeah, absolutely.
I mean, we're looking at like potentially starting over and in some respects here on.
But I think the bears and probably be better off trying to pitch this after this next season.
>> Yeah.
See how they actually do.
But, you Mayor Brandon Johnson still here with with full-throated support for the idea of a lakefront plan and still kind out there on his own as it seems like right.
And I think it the question for him now is is that where you want to spend your political capital, right?
Because it's field.
Yeah, elsewhere, I mean, Germany and your money, I mean, the first are tightening and >> yeah, when they already have plenty of asks from Springfield, like for more CPS funding, that does not appear to be forthcoming.
So you have to imagine that that's going to factor into the political calculus there a little bit back.
>> All right.
Well, whether it's Chicago, Arlington Heights, you are all a great panel.
But we are out of time for this week.
So are thanks to Michael Lippe trot tricky saying violent Miller and Becky Vivi.
Were back to wrap things up right after this.
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Have a great weekend.
>> All right, Michael, you get a piece earlier this week about a push to get new owners of a bakery on the West side to hire local workers and said it taps.
What's the issue?
So Clover Hill Bakery, they've had multiple years.
And with this most recent owner that took over the bakery at beginning March.
>> They're standard tissues temp agencies.
But organizers say that does not prioritize wound.
So earlier this week there was a demonstration in front of the bakery really to pressure and demand.
They take into consideration, preserve local high.
So keeping people from in Galle would Austin working at the factory and not to agencies that have a lot of turtle because ultimately with that turnover, it doesn't create sort consistency for the workplace, right?
And you can imagine You know, it's things are.
>> It's not necessarily a stable employment opportunity for the folks who are coming as times right.
And what kind of a reaction to The leaders had unit that the management closed captioning is made possible by Robert, a cliff and Clifford law offices, a
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