Link: Illinois, democratic state, awards lotto winner with IOU, not check

tidegrandpa · Oct 15, 2015

http://www.marketwatch.com/story/un...ead-of-prize-2015-08-31?mod=mw_share_facebook

Bamaro · Oct 15, 2015

The state’s biggest fiscal burden is underfunded retiree benefits, which account for up to 24% of general expenditures, according to Moody’s Investors Service

Where have we heard this before? The chickens always come home to roost.

ValuJet · Oct 15, 2015

Heh. Unfunded obligations. Can't they just borrow the money from China to pay the man?

selmaborntidefan · Oct 15, 2015

Wait a damned minute - they haven't passed a STATE budget?

(Looks up on Internet, sees Illinois has a House that is 71-47 Democrats, a Senate of 59-20 Democrats, and a Republican Governor who has been in office since January......)

So should I conclude they adopted THIS type of tactic from Harry Reid?

And how can you have 'underfunded retiree benefits' in a union state?

Hmmm............

mittman · Oct 15, 2015

BamainBoston said:
Illinois exists to warn other states not to implement a lottery.

FIFY

Bodhisattva · Oct 15, 2015

tidegrandpa said:
http://www.marketwatch.com/story/un...ead-of-prize-2015-08-31?mod=mw_share_facebook

I like the map showing the fiscal solvency of each state. I guess "progressive" means progressively incompetent.

Crimson1967 · Oct 15, 2015

selmaborntidefan said:
Wait a damned minute - they haven't passed a STATE budget?

(Looks up on Internet, sees Illinois has a House that is 71-47 Democrats, a Senate of 59-20 Democrats, and a Republican Governor who has been in office since January......)

So should I conclude they adopted THIS type of tactic from Harry Reid?

And how can you have 'underfunded retiree benefits' in a union state?

Hmmm............

Alabama's GOP legislators took their sweet time passing a budget and it is a mess as well.

Sent from my iPhone using Tapatalk

bama_wayne1 · Oct 15, 2015

Apparently there is a HUGE need for Math teachers in Illinois! When you are the house and can't make the lottery pay you have real issues!

CajunCrimson · Oct 15, 2015

selmaborntidefan said:
Wait a damned minute - they haven't passed a STATE budget?

(Looks up on Internet, sees Illinois has a House that is 71-47 Democrats, a Senate of 59-20 Democrats, and a Republican Governor who has been in office since January......)

So should I conclude they adopted THIS type of tactic from Harry Reid?

And how can you have 'underfunded retiree benefits' in a union state?

Hmmm............

It's obviously due to global warming.....oh, and George Bush

Al A Bama · Oct 15, 2015

CajunCrimson said:
It's obviously due to global warming.....oh, and George Bush

Don't Progressives have a new name for that: Climate Change.

Bamaro · Oct 15, 2015

Al A Bama said:
Don't Progressives have a new name for that: Climate Change.

You obviously are not paying attention.

selmaborntidefan · Oct 15, 2015

Crimson1967 said:
Alabama's GOP legislators took their sweet time passing a budget and it is a mess as well.

Sent from my iPhone using Tapatalk

I have no problem with this being pointed out, but.....are they giving out IOUs to state lottery winners?

Multiple ones? That kind of press can kill a state lottery.

NationalTitles18 · Oct 15, 2015

BamainBoston said:
Illinois exists to warn other states how not to run a state.

FIFY

Everyone outside Chicago hates Chicago there.

OreBama · Oct 15, 2015

Well, the positive spin is that at least the lotto winners won't get robbed and murdered after collecting their winnings.

cbi1972 · Oct 16, 2015

OreBama said:
Well, the positive spin is that at least the lotto winners won't get robbed and murdered after collecting their winnings.

Correct. They'll get robbed and murdered not having collected anything.

Tide1986 · May 6, 2017

http://www.chicagotribune.com/news/...ruptcy-illinois-edit-0505-20170504-story.html

Puerto Rico is the terrifying Ghost of Illinois Future: a worst-case example of what happens when a government no longer can pay its bills.

The island, an American territory, is weighed down by $123 billion in bond and pension debt it cannot afford. Illinois, meanwhile, has about $130 billion in unfunded pension obligations alone, plus billions more in retiree health care and other liabilities. The circumstances are different, but no government can function properly — indefinitely — under ever-rising debt. Eventually something gives.

Displaced Bama Fan · May 7, 2017

Tide1986 said:
http://www.chicagotribune.com/news/...ruptcy-illinois-edit-0505-20170504-story.html

Sadly, I think this a very near future for our country in general. I think most states are operating at some sort of deficit, especially if you were to take out all federal funding. Our country itself is $20T in debt, not including all the unfunded mandates that exist. No government can survive with that kind of debt. Greece/Puerto Rico/Venezuela is our future if we don't radically change something and soon.

Tidewater · May 7, 2017

Displaced Bama Fan said:
Sadly, I think this a very near future for our country in general. I think most states are operating at some sort of deficit, especially if you were to take out all federal funding. Our country itself is $20T in debt, not including all the unfunded mandates that exist. No government can survive with that kind of debt. Greece/Puerto Rico/Venezuela is our future if we don't radically change something and soon.

Three choices with national debt:
(a) pay it off (in other words, run huge budget surpluses for decades; fat chance with Democrats and Republicans in Washington).
(b) Inflate it away. (The Weimar Republic tried that. It did not work so well. Here is a German woman feeding Reichsmarks into the furnace because they were worth less than coal).

(c) Repudiate the debt. Tell those who bought US debt, "Sorry. We ain't paying the interest on that debt. Heck, we ain't even paying the principal. Suckers." Needless to say, interest rates on loan to the Federal government would skyrocket, if lenders could be found at all. Once a country plays the repudiation card, it must run budget surpluses for decades as lenders are wary of lending money and then having the government repudiate the debt again the next year. How hard would it be for Congress, running budget surpluses when people have unfunded needs?

Repudiate, inflate, or pay the debt. Those are the only options. All are painful. Some more painful than others.

mikes12 · May 7, 2017

Al A Bama said:
Don't Progressives have a new name for that: Climate Change.

I thought it was Manbearpig.

Bamaro · May 7, 2017

Tidewater said:
Three choices with national debt:
(a) pay it off (in other words, run huge budget surpluses for decades; fat chance with Democrats and Republicans in Washington).
(b) Inflate it away. (The Weimar Republic tried that. It did not work so well. Here is a German woman feeding Reichsmarks into the furnace because they were worth less than coal).

(c) Repudiate the debt. Tell those who bought US debt, "Sorry. We ain't paying the interest on that debt. Heck, we ain't even paying the principal. Suckers." Needless to say, interest rates on loan to the Federal government would skyrocket, if lenders could be found at all. Once a country plays the repudiation card, it must run budget surpluses for decades as lenders are wary of lending money and then having the government repudiate the debt again the next year. How hard would it be for Congress, running budget surpluses when people have unfunded needs?

Repudiate, inflate, or pay the debt. Those are the only options. All are painful. Some more painful than others.

There's a forth option (although not a good one either):

Link: Illinois, democratic state, awards lotto winner with IOU, not check

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