Self inflicted wounds (OCRegister):
When I grew up in the north suburbs of Chicago in the 1960s and ’70s, Illinois was still a financial and industrial powerhouse. The Land of Lincoln had a low-rate flat income tax, the property taxes were reasonable, the state ran budget surpluses, and Illinois was the home of such iconic megaemployers as Caterpillar, Sears Roebuck and the Chicago Mercantile Exchange.
Last week the state, had to sheepishly announce that it doesn’t even have the money in the bank to pay lottery winners. Now jackpot winners are suing the state to get their rightful money.
Perhaps the state will need a second lottery to raise money to pay off the winners from the first lottery.
Chicago is so broke that its bonds are junk status, and Mayor Rahm Emmanuel had to go hat in hand last week to the state capital, Springfield, for bailout money to pay the bills.