Wall Street types aren't the only New Yorkers getting bonuses despite the tough economy.
New York City public school teachers got more than $27 million -- about two times last year's payout -- in bonuses this summer as a reward for improved student scores on state math and reading tests.
But recent reports have indicated students' grades were inflated. And the bonuses for bogus grades are costing taxpayers' big money.
A shocking 97 percent of city schools scored an A or B this week on the report cards that evaluate school progress. Scores on standardized tests account for 85 percent of the grade. So are city schools really that good?
Not so much.
"It's clear the bonuses are a complete waste, with the reading and math exams becoming easier and easier," Manhattan Institute's Sol Stern, a longtime critic of the city's skyrocketing test scores, told the Daily News.
The bonuses averaged about $3,000 per teacher. More than $1.4 million of the nearly $30 million in bonuses went to -- wait for it -- principals and teachers at schools that are shutting down, reports the News.
Schools Chancellor Joel Klein says the elementary and middle school teachers earned the pay by helping students hit performance targets at 139 participating schools.
Teachers union President Mulgrew says the bonuses aren't the only thing motivating teachers to help their students do well.
"I don't think [the bonuses] make a difference," Mulgrew told the News. "A teacher is always going to do what needs to be done."
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But let's be honest -- the money doesn't hurt.
