Illinois, arguably the most corrupt state in the union and Obama’s training ground during his few days in the senate, is teetering on bankruptcy and operating without a budget. Today state lottery officials announced that anyone holding a winning Illinois state lottery ticket worth more than $25,000 will receive an IOU instead of an immediate payout. This is a typical example of what happens when socialist states run out of its people’s money.
Illinois also ranks at the bottom of states with pension shortfalls where only the bankrupt 51st state of Puerto Rico is faring worse. After making lofty promises to public unions in order to win elections, Illinois state lawmakers have managed to meet only 39% of the state’s pension funding requirements. The state is facing a $5.4 billion fiscal shortfall and is ranked dead last in fiscal health, according to a report in July from George Mason University’s Mercatus Center.
The top purpose of lottery proceeds is education, and Illinois is ranked a respectable 30th out of 50 states in education — just two rungs lower than its left coast cousin of California which also professes to have a lottery program intended to end education funding woes.
It seems that Illinois state politicians are the only winners of its state lottery and pension programs. Now the state that gave birth to Obama’s career is hoping that it won’t run out of change.