My former home state of Illinois is in awful shape. Known for it’s long history of corruption, cronyism, and fiscal irresponsibility the state is now billions in the hole. Perhaps the most tragic part of all of this is that of the state’s last 7 governors, 4 have served prison time for improprieties.
Not a pretty picture.
On the heels of this current financial armageddon, my friend John who lives in Chicago called me the other evening to deliver some shocking news that nearly sent me to the nearest bar for a stiff cocktail. His breaking news:
That Illinois is so far in the toilet fiscally that they are now unable to pay their state lottery winners.
That’s right. Disbursements of Illinois Lottery winnings of $25,000 or more have come to a screeching halt becuase the state is without a budget. Several winners have been issued IOUs in the interim with assurances that they eventually receive their money once a budget is in place.
Oh, what a joy!
This comes on heels of growing media buzz about the perilous state of the Chicago Public Schools–a school system that is on the edge of bankruptcy.
For more on the larger context of this issue, check out these two recent Anthem Vault articles about Chicago, arguably the epicenter of all of this fallout.
In the meantime, if you’re pondering purchasing an Illinois lottery ticket, you might want to reconsider. Employing the power of delayed gratification through the purchase of gold is a far better investment in my estimation.
Michael Scott is a freelance journalist specializing on the intersection between free markets and economic freedom. His regualr updates can be found on Twitter @biz_michael