Program Created Amid Racial Panic Still Stalled, Years After Shift in Focus – WTTW (Chicago)

The Northwest Home Equity Assurance Program has an equity account flush with $9.5 million. Formed in 1989 with the support of former Mayor Richard M. Daley and House Speaker Michael Madigan (D-Chicago), the program levied an additional tax on approximately 48,000 homes to create a kind of insurance fund.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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