Powerball, Mega Millions to Halt Illinois Lottery Due to State’s Inability to Pay Winners | MishTalk

I didn't post this about the lotteries, but rather the deteriorating budget situation in the State of Illinois. Something to watch and learn from...
Learn from? Illinois state politics is rife with mismanagement, criminal enterprise and general incompetence! I think 3 of the past 5 governors have been sent to prison for malfeasance. The problem stems from politicians who do not take care of their constituents and have no sense of honor when they are taking care the people's monies.
Hell, Oregon gained $1.6B in positive revenue, problem is they want to spend that and another $1.6B that they don't have! They want to raise taxes so they can pay it towards the PERS debts. We'll pay and get nothing for it!

Sorry to rant. They just pi*s me off!
 
Learn from? Illinois state politics is rife with mismanagement, criminal enterprise and general incompetence! I think 3 of the past 5 governors have been sent to prison for malfeasance. The problem stems from politicians who do not take care of their constituents and have no sense of honor when they are taking care the people's monies.
Hell, Oregon gained $1.6B in positive revenue, problem is they want to spend that and another $1.6B that they don't have! They want to raise taxes so they can pay it towards the PERS debts. We'll pay and get nothing for it!

Sorry to rant. They just pi*s me off!
UPDATE: So now Salem has dropped the $1.6B tax idea. Yeah! So now their budget is even farther out of whack. By law they have to balance it so it'll be interesting to see what they do. Think they'll drop the sanctuary city idea? Spending monies on all the wrong things. Popcorn anyone?
 
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UPDATE: So now Salem has dropped the $1.6B tax idea. Yeah! So now their budget is even farther out of whack. By law they have to balance it so it'll be interesting to see what they do. Think they'll drop the sanctuary city idea? Spending monies on all the wrong things. Popcorn anyone?
Over in Happy Valley they found a way to conserve $$ by filling large potholes with orange construction cones in lieu of overpriced asphalt
:s0079:
 
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L They want to raise taxes so they can pay it towards the PERS debts. We'll pay and get nothing for it!

Negative. They have no intention of paying down the PERS debt. The one tax bill they passed on Friday, House Bill 2060 will raise about 350 million from tax all business, even small business right down to the lowest gross sales incomes. They have a 1.6 billion shortfall right now and you could pass taxes all year long and never make up that amount of money. That is just for this 2 year budget cycle. What happens next cycle when they want another tax increase ?? And with PERS at 22 billion unfunded liability and growing expotentially every year, nothing short of a catastrophic Ponzi scheme collapse will solve that problem.

Keep your eyes on Illinois, it will be a blueprint for how the Oregon state government economy will fall in the next 10 years.
 
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What other States are in deep $economic$ doo doo? California keeps coming to mind. Can a State even declare bankruptcy? Is there ANY possibility any elected politician can be held civilly responsible for bad State spending habits? A CRIMINAL potential? Has this ever happened? I am thinking real long hard time prison sentences.

As I see it, (maybe?) too many non qualified folks vote. They vote for their own $self interests$ and not for the best long term interests of their State. They keep voting and electing bad politicians who are only in it for their own self aggrandizement. Greed. Control. Power. Until this horrible self sustaining cycle is broken, we are all DOOMED? :(

Maybe. Eventually. Sooner or later. And just how do we break the vicious cycle? I dunno fur sures.
 
What other States are in deep $economic$ doo doo? California keeps coming to mind. Can a State even declare bankruptcy? Is there ANY possibility any elected politician can be held civilly responsible for bad State spending habits? A CRIMINAL potential? Has this ever happened? I am thinking real long hard time prison sentences.

As I see it, (maybe?) too many non qualified folks vote. They vote for their own $self interests$ and not for the best long term interests of their State. They keep voting and electing bad politicians who are only in it for their own self aggrandizement. Greed. Control. Power. Until this horrible self sustaining cycle is broken, we are all DOOMED? :(

Maybe. Eventually. Sooner or later. And just how do we break the vicious cycle? I dunno fur sures.
Of course they vote their own self interest. That was the point of the motor voter legislation, to create a new class of voter who spends zero time learning an issue except to ask "what's in it for me?". Those are the perfect people that Salem wants on the rolls. They cannot get legislation through a session, or through the initiative process, to work their agenda. Its not about being in our best interest, its about theirs.
 
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. And just how do we break the vicious cycle? I dunno fur sures.

We don't. The public employee unions own the state. The Legislature owns the state. The people have no voice. Oregon has 22 billion in unfunded liability for its PERS debt. The politicians will just keep passing stop gap measures. There is no personal, or corporate liability, so they can keep doing that, retire and collect their PERS checks.

The Federal government is going be be faced with a lot of states that have huge pension liabilites they are not going to be able to pay. When the PERS people stop getting their checks is when there will be changes. They will not be able to sell junk bonds to pay off 22 billion that is paying out at 8% interest rates. How will the Fed bail out a bunch of states at billions each ??

When it all collapses, this bunch of Legislature clowns will all be retired and complaining about not getting their PERS payments, and leave it on the next generation.
 
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Wanna bet the special retirement programs the aforementioned corrupt politicians receive/will receive are NOT connected to a PERS system? And such a piggy retirement will include built in cost of living increases? Full boat 100% paid medical? Oh wait ... we already have that with some PERS systems!

Also maybe 100% full pay? Or even 110% of full pay? Sounds like some of the California CALPERS 3% @ 50 schemes.

This is one reason, (out of many, unfortunately) that I keep a current RN license. I may need it. Even at my age. A license to kill? Dunno. Perhaps time to go back to school ... again. Yikes! But I do understand that today all the cute coeds are ... are ... are ... so YOUNG! Or am I so old? Yikes!

Right now it is a horse race as to what happens first. California CALPERS goes broke? California State Government goes broke? Or will I die? Lots can happen. Or maybe the horse will sing. :)
 
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Also maybe 100% full pay? Or even 110% of full pay? Sounds like some of the California CALPERS 3% @ 50 schemes.

This is one reason, (out of many, unfortunately) that I keep a current RN license. I may need it. Even at my age. A license to kill? Dunno. Perhaps time to go back to school ... again. Yikes! But I do understand that today all the cute coeds are ... are ... are ... so YOUNG! Or am I so old? Yikes!

Right now it is a horse race as to what happens first. California CALPERS goes broke? California State Government goes broke? Or will I die? Lots can happen. Or maybe the horse will sing. :)

Only 110% ??? Bwwwahhhaaaa :eek::eek::eek: Take a look at some of the percentages some are getting.

Top beneficiaries of the Oregon Public Employees Retirement System

Your RN license is a good thing, although I went to my sons college graduation yesterday. Small private liberal arts college still turned out 127 MBA's in addition to 238 undergraduate degrees. He is enrolling for a MBA, and will be able to do it while working full time, Fridays and every other Saturday for 18 months.

I will put my money on us dying before this sh*t is fixed. Our kids sure got a fing mess to deal with though.
 
Only 110% ??? Bwwwahhhaaaa :eek::eek::eek: Take a look at some of the percentages some are getting.

Top beneficiaries of the Oregon Public Employees Retirement System

Your RN license is a good thing, although I went to my sons college graduation yesterday. Small private liberal arts college still turned out 127 MBA's in addition to 238 undergraduate degrees. He is enrolling for a MBA, and will be able to do it while working full time, Fridays and every other Saturday for 18 months.

I will put my money on us dying before this sh*t is fixed. Our kids sure got a fing mess to deal with though.
Congratulations to your son. Its a great achievement.
 
Thank you. He is 31, and did it all on the VA. My other son is enrolled at COCC for Nursing this fall, he is currently a paramedic at St Charles, and was a firefighter and decided nursing was a better path. Another son is a journeyman plumber. Both of those were VA educations too.
We may not be able to create change in others but maybe just by changing a little bit within our own world we can affect the future. My daughter is a hard worker, a good $ saver and has turned her work ethic into a good job at Columbia Sportswear. Couldn't be more proud of her like I am sure you are of yours. So again, congratulations
 
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...and Illinois isn't the only State with looming Pension and budget problems. Watch, learn, plan your finances accordingly.

America's Pension Bomb: Illinois Is Just the Start | Zero Hedge

While I do not doubt there are a lot in trouble, the graphic shows Oregons pension fund clearly at about 90% funded. With the states own admission that there is a 22 billion and growing liability, I wonder how the article arrives at a 90% funded number, and how accurate the rest of the states numbers are in that metric.
 
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...and Illinois isn't the only State with looming Pension and budget problems. Watch, learn, plan your finances accordingly.

America's Pension Bomb: Illinois Is Just the Start | Zero Hedge

Just flush it now. This is an unrecoverable situation. They have no borrowing ability and even if the official rating is not junk yet, there is not a finance group in the world that would issue bonds on that debt. This supports my long time contention that as long as all the pigs that are feeding at this public trough get their pension and paycheck monies sh*t is fine. They always assume the government will bail their azzes out.

Now when the pension checks stop coming, the Medicare payments stop coming, the schools close, the cops and firemen go home to protect their own, the affected masses will pick up their pitch forks and bats and take to the streets to protest, (because the Demorats have take their guns away), and the first steps at major urban insurrection start and wa la...you now have SHTF starting. I could be wrong, but it seems plausible in any case.

Those that have been dependent on the continual flow of government cheese are about to find out just how loyal the government is and they clearly do not have their six at all. Look for the government people and union honks to run for the hills as the snarling masses look for their perceived justice.

Lock and Load. BOHICA.
 

bbbass

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What other States are in deep $economic$ doo doo? California keeps coming to mind. Can a State even declare bankruptcy? Is there ANY possibility any elected politician can be held civilly responsible for bad State spending habits? A CRIMINAL potential? Has this ever happened? I am thinking real long hard time prison sentences.

As I see it, (maybe?) too many non qualified folks vote. They vote for their own $self interests$ and not for the best long term interests of their State. They keep voting and electing bad politicians who are only in it for their own self aggrandizement. Greed. Control. Power. Until this horrible self sustaining cycle is broken, we are all DOOMED? :(

Maybe. Eventually. Sooner or later. And just how do we break the vicious cycle? I dunno fur sures.

I think this is one of those "trying to put the Genie back in the bottle" things, but when we were a young country, only landowners could vote.

Or was it slaveowners? IDK. :rolleyes:
 

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