Saturday, October 17, 2015

Saturday 10-17-15

Imagine that government that cannot even make a profit gambling.  But they want to regulate how you live and run your life.  They will just add a tax to make you pay for it.

Illinois Lottery Now Paying IOUs on Wins Bigger than $600

In the Land of Lincoln, it's come to this: Starting today, Illinois will be issuing IOUs for any winning state lottery tickets that pay out more than $600. Back in September, the state had started writing IOUs for wins over $25,000.
Asks the Illinois Policy Institute:
So why is the state continuing to sell lottery tickets? Two winners, one with a winning ticket worth $50,000 and another winner with a ticket worth $250,000, filed a lawsuit Sept. 9 seeking to stop Illinois from selling tickets for winnings it can’t pay out.
Regardless of the lawsuit, opines the good folks at IPI, the state should stop laying bets it can't pay. The trouble stems from the awful, worst-in-the-nation budget situation:
The Illinois General Assembly did pass a state budget in May, but it was unbalanced to the tune of $4 billion, and the governor vetoed it. Gov. Bruce Rauner has signed legislation that funds Illinois schools, and many other state spending items have been mandated by consent decrees or pushed piecemeal through the courts.
But Illinoisans across the state continue to suffer as many in the General Assembly refuse to do the right thing and pass a balanced budget the state can afford, instead of resorting to deficit spending. With more than $100 billion in pension debt and $6 billion in unpaid bills, more of the same won’t work. It’s time to stop the bleeding. Until then, people wanting to cash in life-changing lottery tickets, the poor and disabled, and taxpayers across the state will lose out.
https://reason.com/blog/2015/10/15/illinois-lottery-now-paying-ious-on-wins

This is all we need is another crook in Congress,

Teenage politician faces burglary charge in Md.

WASHINGTON — A teenage pol with dreams of serving in Congress now faces a serious criminal charge.
Japheth Newman, who just turned 18 this week, has been charged with attempted first-degree burglary in Charles County, Maryland.
Two other teens were also charged.
In a duffel bag outside the home, investigators found a baseball bat, a crowbar, rope duct tape and gloves, NBC Washington reports.
Newman is running in the Democratic primary for the 5th Congressional District of Maryland.
His campaign site says he wants to play a role in making the country a “safer, better place to raise my family.”

http://wtop.com/charles-county/2015/10/teenage-politician-faces-burglary-charge-md/

If any of us did this in real life we would be considered insolvent or bankrupt.  I guess it is good for them that they live in fantasy land. 

Fed Quietly Revises Total US Debt From 330% To 350% Of GDP, After "Discovering" Another $2.7 Trillion In Debt

Everyone has seen the chart of "Total Credit Market Instruments", which as of its most recent update on March 31, 2015, was just over $59 trillion, or 330% of US GDP.

http://www.zerohedge.com/news/2015-10-11/fed-revises-definition-total-credit-unexpectedly-discovers-another-27-trillion-debt

The Most Mysterious Star in Our Galaxy

Astronomers have spotted a strange mess of objects whirling around a distant star. Scientists who search for extraterrestrial civilizations are scrambling to get a closer look.
Kevin Morefield

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