Democrats run IL into the ground..


Herdfan

macrumors 6502
Apr 11, 2011
267
3,842
This makes no sense whatsoever. All money that is coming in from the lottery should not be co-mingled with the state's general fund. And with PB and MM, if there is a winner, the majority of the money should be coming from those games that they collected from other states.
 
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MacNut

macrumors Core
Jan 4, 2002
21,542
7,802
CT
This makes no sense whatsoever. All money that is coming in from the lottery should not be co-mingled with the state's general fund. And with PB and MM, if there is a winner, the majority of the money should be coming from those games that they collected from other states.
These are multi state lotteries for a reason. The money is pooled from everywhere. So what does this do to the payouts everywhere else?
 

elistan

macrumors 6502a
Jun 30, 2007
979
441
Denver/Boulder, CO
This makes no sense whatsoever. All money that is coming in from the lottery should not be co-mingled with the state's general fund. And with PB and MM, if there is a winner, the majority of the money should be coming from those games that they collected from other states.
From reading the article, I get the impression that the money is there, but the legislature hasn't produced a budget yet, and it's the budget that provides the appropriate of the funds that go to the lottery organizations, and also provides the authorization to pay out winnings. So I don't think it's a case of lottery ticket sales being used up elsewhere, but rather the framework Illinois has for operating the lottery expires Friday without new legislation.
 

MacNut

macrumors Core
Jan 4, 2002
21,542
7,802
CT
From reading the article, I get the impression that the money is there, but the legislature hasn't produced a budget yet, and it's the budget that provides the appropriate of the funds that go to the lottery organizations, and also provides the authorization to pay out winnings. So I don't think it's a case of lottery ticket sales being used up elsewhere, but rather the framework Illinois has for operating the lottery expires Friday without new legislation.
Isn't the purchase of a lottery ticket what pays for the jackpot. So how can that money be siphoned off?
 

rjohnstone

macrumors 68040
Dec 28, 2007
3,483
3,399
PHX, AZ.
Isn't the purchase of a lottery ticket what pays for the jackpot. So how can that money be siphoned off?
The money is held in escrow and each state earns interest off the funds. Why do you think people who take the full cash payout never get the full amount? The states keep the unearned interest on the total receipts for each drawing when a cash payout option is selected.
The winner will get the FULL amount if they choose an annuity option. The states will still collect all the interest earned on the retained funds during the annuity period.
As for Illinois, they have no legal framework in place to continue managing those funds once the current legislation expires. That is a requirement for being part of the multi state lotteries.
 
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MacNut

macrumors Core
Jan 4, 2002
21,542
7,802
CT
The money is held in escrow and each state earns interest off the funds. Why do you think people who take the full cash payout never get the full amount? The states keep the unearned interest on the total receipts for each drawing when a cash payout option is selected.
The winner will get the FULL amount if they choose an annuity option. The states will still collect all the interest earned on the retained funds during the annuity period.
As for Illinois, they have no legal framework in place to continue managing those funds once the current legislation expires. That is a requirement for being part of the multi state lotteries.
So let's say the jackpot is $200 million and Illinois pulls out of their share of the jackpot does the number go down or is that money covered.
 

Herdfan

macrumors 6502
Apr 11, 2011
267
3,842
So what happens to those who won an IL PB or MM and are taking annual payments? Do they get cut off as well?

And why can't the legislature pass a stopgap lottery payout bill to allow the state to pay lottery winnings?
 

elistan

macrumors 6502a
Jun 30, 2007
979
441
Denver/Boulder, CO
So what happens to those who won an IL PB or MM and are taking annual payments? Do they get cut off as well?
Far as I can tell, if they already won something, as long as they can get their money before EOD Friday, they should be good to go. I've no idea what sort of lead time is required to get money however, and I've no idea if simply claiming their winnings before EOD Friday will keep the process going under the current but about to expire legislation. The article says that after Friday, "anyone who wins more than $25,000 dollars will see their payments delayed." Probably have to wait until new legislation is signed into law, and that assumes the new legislation includes lottery related provisions similar to what they have today.

And why can't the legislature pass a stopgap lottery payout bill to allow the state to pay lottery winnings?
Same reason legislatures all over the world can't pass legislation.
 

elistan

macrumors 6502a
Jun 30, 2007
979
441
Denver/Boulder, CO
So let's say the jackpot is $200 million and Illinois pulls out of their share of the jackpot does the number go down or is that money covered.
It's $92 million, and it sounds like ticket sales are already in the lottery pot, so there wouldn't be any change in the amount won. It's just that Illinois residents won't be able to claim any winnings until new legislation is passed.
 

BeeGood

macrumors 68000
Sep 15, 2013
1,801
4,841
Lot 23E. Somewhere in Georgia.
So what happens to those who won an IL PB or MM and are taking annual payments? Do they get cut off as well?
The article says they will still be paid. They just aren't being allowed to sell tickets anymore since they have no plan on how to appropriate the revenue from the sales.

EDIT: it says the payments will be "delayed", but they will still be made. Allegedly.

And why can't the legislature pass a stopgap lottery payout bill to allow the state to pay lottery winnings?
Because Illinois state government is a dumpster fire.
 

edk99

macrumors 6502a
May 27, 2009
701
709
FL
For a state that has over 250 billion in pension debt. The lottery should be the least of their worries. People will get paid at some point.
 

Mac'nCheese

Suspended
Feb 9, 2010
3,732
4,967
So let's say the jackpot is $200 million and Illinois pulls out of their share of the jackpot does the number go down or is that money covered.
Well that money has already been collected through sales so I doubt it will go down. The next draws simply won't grow as fast since they now aren't selling tickets in IL.
 

Tapiture

macrumors 65816
Oct 1, 2016
1,091
1,600
Haha “Democrats run Illinois into the ground.” No. Corruption ran Illinois into the ground. Red states are on average much worse off. Just look up median income by state. The most successful states are democrat-controlled.
 

edk99

macrumors 6502a
May 27, 2009
701
709
FL
Haha “Democrats run Illinois into the ground.” No. Corruption ran Illinois into the ground. Red states are on average much worse off. Just look up median income by state. The most successful states are democrat-controlled.
Median income by itself has no bearing on how successful a state is or isn't. It is more the cost of living, median income and other factors that can contribute to the success of a state.
 

Tapiture

macrumors 65816
Oct 1, 2016
1,091
1,600
Median income by itself has no bearing on how successful a state is or isn't. It is more the cost of living, median income and other factors that can contribute to the success of a state.
Here you go, this uses a bunch of factors.
  • Average income of the top 1 percent
  • Average income of the bottom 99 percent
  • Poverty rate
  • Percentage of population in the upper, middle and lower classes
  • Number of millionaires and billionaires
  • Ratio of millionaires to total households
Same results: top 10 are almost all democrat controlled, including Maryland, Washington D.C., Virginia, California, Massachusetts and Connecticut. Bottom states are the ultra conservatives, including Mississippi, West Virginia, Arkansas and Kentucky. Although there are a few exceptions, democrat controlled states fare better, and republican ones suffer from poverty and unemployment. Maybe that's because republican governors and legislatures are horribly corrupt and don't believe in any welfare and instead cut taxes for rich and rely on trickle down policies.
 

poloponies

Suspended
May 3, 2010
2,661
1,359
Our Trump-wannabee half-billionaire Republican governor financed a vanity campaign on his businessman's approach to fixing the state's troubles. He's as large a waste of space as his recent predecessors.
 

Herdfan

macrumors 6502
Apr 11, 2011
267
3,842
Haha “Democrats run Illinois into the ground.” No. Corruption ran Illinois into the ground. Red states are on average much worse off. Just look up median income by state. The most successful states are democrat-controlled.
I have to wonder what net take home pay is? Making 20% more than median doesn't matter much if higher taxes take it all, and then some.
 
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MacNut

macrumors Core
Jan 4, 2002
21,542
7,802
CT
Here you go, this uses a bunch of factors.


Same results: top 10 are almost all democrat controlled, including Maryland, Washington D.C., Virginia, California, Massachusetts and Connecticut. Bottom states are the ultra conservatives, including Mississippi, West Virginia, Arkansas and Kentucky. Although there are a few exceptions, democrat controlled states fare better, and republican ones suffer from poverty and unemployment. Maybe that's because republican governors and legislatures are horribly corrupt and don't believe in any welfare and instead cut taxes for rich and rely on trickle down policies.
Connecticut is in a huge hole and run by democrats. It's only getting worse.
 

s2mikey

macrumors 68020
Sep 23, 2013
2,462
2,521
Upstate, NY
Here you go, this uses a bunch of factors.


Same results: top 10 are almost all democrat controlled, including Maryland, Washington D.C., Virginia, California, Massachusetts and Connecticut. Bottom states are the ultra conservatives, including Mississippi, West Virginia, Arkansas and Kentucky. Although there are a few exceptions, democrat controlled states fare better, and republican ones suffer from poverty and unemployment. Maybe that's because republican governors and legislatures are horribly corrupt and don't believe in any welfare and instead cut taxes for rich and rely on trickle down policies.

Seriously? California? The cesspool of massive deficits? Yeah, great. How's those pension obligations looking? Uh oh. Can't pay that bill whatsoever. States run by democrats all have one thing in common: debilitating taxes. They also are masters at creating a dependent class of people through BS Govt programs that enslaves people forever. It's guaranteed votes. Nice system.

Trickle down works beautifully but people actually need to work and contribute rather that's sit there and whine with their hand out which is exactly what democrats teach them to do.

Nice try though.