Casino Politics
Florian Sohnke has another bit of insight into the long running casino debacle that will do little if anything to alleviate the pension crunch:
- At first glance, the notion of establishing a state lottery in Illinois caused some to blanch with fear. Though critics of a lottery were apoplectic with the prospect state legislators would weigh a measure which is known to cause untold societal damage, lawmakers in Springfield assuaged such concerns with a rhetorical masterpiece: The vow lottery proceeds would be earmarked for the state’s public school system.
Introduced in Illinois in 1974, the Illinois Lottery grew exponentially to include Pick 3, Pick 4, Fireball, Lotto, Lotto Lucky Shot, Powerball, Mega Millions, and Lucky Day Lotto. One of the biggest frauds ever perpetuated on residents in Illinois, though the Lottery was promoted as a device to raise revenue for public education, in a deception few could have imagined, state lawmakers silently chipped away at the state education budget to bolster budgetary shortfall elsewhere as Lottery revenue poured into state coffers.
Though it was never advertised, in one of the state’s worst-kept secrets Lottery proceeds were soon revealed to have been funneled from the Common School Fund directly into the Teachers’ Retirement System (TRS). A mechanism which provides retirement, death, and disability benefits for all licensed educators in Illinois, the Illinois Lottery has been exposed to the primary source for funding teacher pensions. Though Lottery earnings hovered around $750 million in 2019, obligations to the TRS have outpaced Lottery revenue since 2000. Doubly troubling, as Illinois’ fiscal insanity grew uncontrollable, Lottery payouts as low as $600 were briefly suspended and tickets to the multi-state Mega Millions were halted over a budget dispute in Springfield. A deception on residents of Illinois, for employees of the City of Chicago, the failed experiment of the Illinois Lottery should serve as a sobering reminder of what could come as a result of Mayor Lightfoot’s plan to introduce a casino to Chicago.
As usual, go read it all.
Labels: city politics, money questions
posted by SCC at 12:01 AM
22 Comments:
NYC managed to loose money on off track betting.
IL would be able to loose money on a casino I have no doubt.
The ONLY way it would work is to have the outfit run it.
By the time they paid the right kickbacks to the correct politicians there would be nothing left for the pension fund.
If it goes in now all the money will be earmarked for "undeserved communities of color".
Let's dump a few more trillion down that toilet.
I am SURE it will turn out different this time.
A true monolithic money scheme worthy of the scenes in the movie Casino. “20lbs is about $700,000”
It's like I have always said: When my ship came in I was at the airport. The casino ship sailed long ago.
Now, kees me you fool!!!!
Teachers in high schools and colleges are the most overpaid mfers out there and getting outrageous pensions, but everybody has been brainwashed and lied to by the media to believe its all the police fault.
Stop doing anything for the media guys, they are the enemy, treat them that way.
Haha, can you imagine what the count room would look like in a Chicago casino. There would be more more money going the back door, than at the Stardust in the movie Casino.
A distinction without a difference, the Chicago Public school teachers get their retirement income from the CTPF(Chicago Teachers Pension Fund). The TRS covers the other systems state wide. Both funds are in bad shape!
The TRS and the CTPF are both in horrible shape because in the 1990’s school boards bribed higher paid older teachers to retire with as much as 103% of their working salary in a 5 plus 5 scam that dumped higher salaries into the pension roles in order to free up school budgets to give working teachers raises. A wee bit more cunning than stealing money from the police pension fund as they did in 1980.
Sure. After a casino opens, there will pop up a service economy to serve all manner of desires like street drugs, prostitution,(straight and otherwise) juice loans, delinquent loan collection, and god knows what else. Since kimmee won't prosecute no simple crimes, and the police will be the bad guys, Chicago is gonna be very interesting. Federal martial law, anyone?
Virtually nothing fiscally useful will be left after all the usual beaks get wet.
Chicago police pension plan sees funded status fall to 22.3 percent
https://www.chicagobusiness.com/finance-banking/chicago-police-pension-plan-sees-funded-status-fall-223-percent
If this were not run by a government agency, The fund would have been declared EXTINCT BY the Pension Benefit Guaranty Corporation, and the Department of Labor.
And I would like to believe that heads would be rolling.
The sin isn't that the lottery money is mismanaged! The sin is there is no oversite of any government spending in this entire country, especially Illinois. There is so much taxation in Illinois that the total is mind boggling and no computer, calculator or numismatist could possibly competently watch over the legitimate use of the money! The ultimate sin is the taxpayers by voting more and more democrats into office, repeatedly, as taxes rise & rise & rise and the state of Illinois is in debt more than ANY third world country or to put it into the only true representative of the people, all the people, President Donald TRUMP refers to as SHITHOLES!!! Make no mistake the democrats have made Illinois a SHITHOLE, no one else!!!
When someone in FakeNews asked finance expert Larri about Our pension and she blamed the market crash...the crash being the politicians induced Covid pandemic economic crash.
Lootin’Groot wants a casino.
Leaving it up to the Council to vote LightFührer Way.
Sanctuary First.
Then the Investors (TBD)
Then the House (MacCormick Hyatt)
Then the Operators (Fight For $15)
Then the CPS (for the kids).
Then the Community Reinvestment Fund (Alderthieves benevolence fund)
IF WE ARE LUCKY .... after splitting that casino dollar 101 ways, Our Pensions will get about a nickel.
They’d rather spend millions to change the IL Constitution before they allow casino revenue to reach a First Responder pension fund.
I was on leave from the military when the first night of the lottery happened. I asked my father to buy $10 worth of lottery tickets. When he came home I asked him if I had won and he said no but not to worry because all the proceeds are going to help the schools so kids can get a better education. Since then I have never heard a peep about how this money has benefited the schools. I only see my property taxes going up to aid the schools.
Also where is the new gas tax money going for roads sure haven’t seen any improvements there. Maybe that money is helping the parents bring their kids to school on nice smooth roads.
I heard that the alder boys and girls are going to sponsor a rope skipping contest where all the proceeds will go the CPD pension funds and anything left over will cover back pay and raises.
And the legislation does not have the balls to raise the pension contributions. CPS only passes two percent into their pension. Double or triple that to help the problem. But I doubt the ball less will do thar.
Just open a casino so that it’s windows can one day get smashed, the interior will be looted and the building spray painted BLM and burnt by the peaceful protestors.
Money is fungible. There is no revenue the state steals that has to be spent on any particular purpose any more than there is some part of your paycheck that has to be spent on your car payment. It is just one big pot of money that all expenses are paid from.
Just say it’s “for the children,” or “for education” then you can raise and steal as much money as you want.
If you get caught, the goobers will even give you more.
Groot is desperate for money. The casino is her scheme to buy wiggle room and a public platform to bull shit public and save face. By next re-election she will be exposed as the treacherous lying Democrat Socialist midget that will put Daley and Rahm to shame. Ok let see what you. Go a head bitch and build it. We're waiting.
who is going to invest millions to make dollars???
the city should just have their own dept of gaming..........i can be a pit boss
The unstable little mayor is a “political pyromaniac” letting looters, arsonists, rioters and thugs destroy the city. In recent pressers the Imp babbles on about the cops in "her city" are bad, really bad cops. She's gonna save us all from her bad cops. How come Charlie Beck, Special Ed, McNutts, JFed, and the rest of the Superintendents didn't save us. How come Daley and Rahm didn't save us. After one year in office and allowing the city to be burned and sacked, we are expected to believe Groot will save us from very bad police.
Groot is gonna defund us, let civilians teach/train us, take us for tours of the burnt out city, send the dogs of the Police Board, COPA and the clout heavy IAD to hunt us down and bring us to Social Justice Boards. Well you can do all that and we recognize it. You recognize off course, that we know this too. You keep fucking with the rank and file and we will be neutral in all activities and things. With no Community support, we will watch as innocent people become victimized by the predators from your Community. You have set the table and but we will not eat with you.
You are Socialist Democrat who ruined our city. You're now in the history books as a despot and a destroyer. Your prejudice and bias has blinded you and made you unhinged. Best of luck in your remaining threes year in office trying to wipe away the blood stains of a failed administration.
You can bet your bottom dollar that much of the casino money will definitely be routed to the Teachers Union and the schools. They would never let that money be diverted to something they could not draw from.
Remember, they scream the loudest.
Having a Chicago Casino is akin to throwing money down the toilet or burning it in the fireplace. A Chicago Casino. ☹️
Lack of tourist attractions, crime and money enriching rich people only makes a Chicago Casino a waste of time and money too. ☹️
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