For over four months Illinois has operated without a budget. But the Prairie State continues function, not particularly well, as was the case when Illinois had a budget. Despite those budgets, the state’s pension fund is the worst-funded one in the nation. Illinois has the lowest credit rating of the 50 states–so it shouldn’t be shocking that Illinois, with a few exceptions here and there, continues to stumble along.
One of those exceptions is the Illinois Lottery. Payouts are limited to $600 until the budget impasse is resolved–if you win more you are the proud owner of an IOU, which is suitable for framing assuming that your artistic tastes are modest.
Ticket sales are way down, which is not surprising since Illinois’ two largest population centers, Chicago and Metro East, are near state borders. Who gets excited about an IOU? Wisconsin, Indiana, and Missouri pay out immediately.
Illinois Lottery officials are responding in they only way they know–they’re spending money that they shouldn’t. On Friday the Lottery took out a full-page Chicago Tribune ad apologizing for the IOUs and thanking those who still play its games in Illinois.
You can’t make this stuff up. Well, Jonathan Swift could, but I’m not him.
Fed up with years of fiscal insanity, Illinois voters elected Republican businessman and political newcomer Bruce Rauner as governor, sending hapless Chicago Democrat Pat Quinn into retirement. Rauner was the first gubernatorial candidate to win a majority of the Prairie State vote in twelve years, but because of the tyranny of legislative gerrymandering, no seats changed hand in the General Assembly, which have Democratic supermajorities.
Illinois has a backlog of $8.5 billion in unpaid bills. The state is sending IOUs to many of its lottery winners. Perhaps instead of the Land of Lincoln we should be calling Illinois the Land of the IOU.