IL shutting down the lottery ?

Discussion in 'Off-topic' started by NTA, Jun 28, 2017.

  1. NTA

    NTA Well-Known Member

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    It's mighty profitable for most states.

    The Mafia used to take less than 1% of what the states get on their numbers games.
     
  2. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    Why? Illinois cannot meet its debts right now. Why would it shut off a source of revenue?
     

  3. Craftsman

    Craftsman Well-Known Member

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    It's the other way around. The lottery is cutting off Illinois because Illinois can't pay the lottery company.
     
  4. moe mensale

    moe mensale Well-Known Member

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  5. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    Illinois is in serious trouble right now. $15 billion in unpaid bills. S&P Global Ratings is giving Illinois junk bond status if they do not clean up their budget by Saturday (this would be a first ever for state issued debt). Everything leaking out of the special session is that no deal is on the horizon, so . . .
     
  6. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    A state, unlike a city or county, cannot declare bankruptcy.
     
  7. Rugerer

    Rugerer GeePeeDoHolic

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    I don't understand why they're not paying. They don't have a budget, but they still have revenue, right? They're running up credit without paying.

    Does no budget mean no authorization to pay? I could not find an explanation googling around.

    What kind of stupid financial structure lets you charge all you want, but can't actually pay the bill?
     
  8. GoDores

    GoDores Like a Boss

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    Illinois started giving big lottery winners IOUs instead of payments sometime last year because they couldn't afford to pay the winners.
     
  9. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    They literally do not have the money. As I said before, $15 billion in unpaid bills right now. That's not unfunded liabilities, that's unpaid bills. They have a quarter trillion in unfunded pension liabilities alone. It's a mess.

    All those generous public sector pensions are finally catching up to their promises.
     
  10. Rugerer

    Rugerer GeePeeDoHolic

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    I get the no money part. It just seemed weird to have zero payments on bills while the individual state agencies do all the credit. I thought the state usually borrowed to spend through its agencies.

    Looks like the state basically cut the agencies off.

    https://en.wikipedia.org/wiki/Illinois_Budget_Impasse

    The courts have also ordered spending at 2015 levels but with lowered 2016 revenues. What a mess.

    http://www.reuters.com/article/us-usa-illinois-budget-idUSKCN0RI2EQ20150918
     
  11. NTA

    NTA Well-Known Member

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    Ahhh, public employee pensions. Coming to a city and state near you in the future.
     
  12. moe mensale

    moe mensale Well-Known Member

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    This is what happens when a state promises its employees that they can retire at 50 with full pension and benefits. Then let them game the system with "best earnings years" practices pumped up by overtime pay. And double dipping with another state job.

    Keep looking for that magical unicorn that sh*ts skittles.
     
  13. RedDawnTheMusical

    RedDawnTheMusical Well-Known Member

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    An excellent example of how politicians are too reluctant to take entitlements away and risk political suicide. Democrats and Republicans alike saw this problem coming for some time and everyone turned a blind eye to it as no one wanted to make the tough call to fix the issue.
     
  14. moe mensale

    moe mensale Well-Known Member

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    Both political parties may be complicit but IL and Chicago in particular are hotbeds of democratic political corruption.
     
  15. Nemo

    Nemo Man of Myth and Legend

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    Best idea yet. Go read what to do with the 4 parts and extra star on the flag.

    Nemo

    http://www.chicagotribune.com/news/...olving-illinois-kass-met-20170620-column.html


     
  16. RedDawnTheMusical

    RedDawnTheMusical Well-Known Member

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    I like it. Straight forward. Tackles the issue dead-on. If Hillary was in office, she's bail them out, so this will be interesting to see what happens as government collapses in Illinois. Probably everyone will keep status quo and just ignore it, pretending it isn't happening. It is going to be interesting to see how long the state can rack up debt...
     
  17. Craftsman

    Craftsman Well-Known Member

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    Maybe we should just make them re-apply for admittance to the Union. I believe there is a precedent established almost a hundred and fifty years ago for that very process. New State Constitution and reaffirm the Constitution AND all of the Amendments. This time the Second Amendment rather than the Fourteenth would be the one we need to focus on.
     
  18. phantoms

    phantoms Senior Mumbler

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    Illinois finally gets a budget -- but it's still in big financial trouble


     
  19. Rugerer

    Rugerer GeePeeDoHolic

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  20. Craftsman

    Craftsman Well-Known Member

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    I suspect their "tax hikes" will raise about as much as Connecticut's did. That is it drove taxpayers away and actually cost tax revenues.