good engineers often are very brave people... the result very often looks like pure science fiction though...! :-D
How Canadian schools are adjusting to a Trump presidency, by @EWAEmily
Manchester mayor: Reopening arena after deadly bombing is a symbol of defiance
Officials: Race Track Victims Known Gang Members
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How has war photography changed over the years?
#US @VP begins #LatinAmerican tour with #Venezuela as its main topic. | Via @PanAmPost_es
The surprising link between spending time in nature and longevity
Second Florida police officer dies after after shooting
This is why your shoelaces are always untied:
UAEs envoy to the US Yousef al-Otaiba berates Saudi Arabia in leaked emails
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How to photograph the night sky like a pro
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Bannons exit not seen to signal Trump shift to center via @Reuters
Everything we expect from Apples iPhone 8 @danielhowley
Thousands hit the streets in Boston to protest against hate groups
TRUMP SUPPORTER: Learn to speak English or get the hell out TRUMP:
Report: Cities have a very long way to go to meet the Paris climate goals
Krauthammer: Bannon pulled a classic Scaramucci before leaving Trump White House
Venezuela rejects Washingtons criticism of the ANC
After Sikkas dramatic exit, Infosys faces recruitment headache
Most students overlook these critical factors when picking the best college
#Earthquake magnitude 4,7 - 299,0 km from #SpanishTown - #Jamaica
Reading books may add years to your life, but news articles don’t count (... sorry)
How much racism will white Americans tolerate?
Seventh charity cancels fundraiser at Trumps Mar-a-Lago estate
Intelligence Isnt Black-and-White: There Are 8 Different Kinds, Says Howard Gardner
Security scare in French town of #Nimes after #Barcelona attack
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Your citys ghost signs have stories to tell
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NEW: Tech companies crack down on hate speech after Charlottesville
Islamic State claims responsibility for van attack in #Barcelona | Via @PanAmPost_es
Eighteen semi trucks set on fire in southern Chile
Picture of the day
Boston will never heel.
Scott Pruitt’s successor as Oklahoma AG opposes mega-wind project
Counterprotestors vastly outnumber attendees of so-called Free Speech Rally in Boston
Current status:
Close up of OBSERVER main story #tomorrowspaperstoday
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Malta snubs Defend Europe anti-migrant vessel
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The radical Italian designer loved by David Bowie and Prince From @1843mag
Venezuela reaffirms that legislative branch wasn’t dissolved
Le bulletin Popescu - L#or et la Corée du Nord
This is why your shoelaces are always untied:
THE MEMO: GOP fears that Trump has significantly damaged the party
South African Minister Manana Resigns #SouthAfrica
We will bring them to heel
Dem lawmaker: Trumps presidency is unraveling before our eyes
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Steve Bannon declares: The Trump presidency is over
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Thousands of students and alumni petition university to take back Trumps honorary degree
Archival video captures the sound of an atom bomb exploding, @adriennelaf reports
By the Time Youre a Junior, What You Learned as a Freshman is Obsolete
Mane strikes as Liverpool scrape 1-0 win over Palace
Trump adviser Carl Icahn resigned ahead of a negative magazine story via @AP
Heres a map of public transit all across America:
Member of Trumps religious advisory board resigns over conflict in values:
Hundreds of neo-Nazis march in Berlin to honor Hitler ally
Dem bill calls on Trump to immediately undergo mental health exam
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Sunday shows preview: Virginia lawmakers talk Charlottesville aftermath
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Now thats what I call a patriots rally!
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Zimbabwe blocks flights by South Africas government-owned airline amid Grace Mugabe scandal
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Boston Free Speech Rally ends early
•This is applied to external and INTERNAL dialogue. ✨
This week, #Russia added the Jehovas Witnesses to its registry of banned organizations
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Mike Shedlock

Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. He operates the blog MISH'S Global Economic Trend Analysis and believes in the Austrian School of economics.


Powerball, Mega Millions to Halt Illinois Lottery Due to State’s Inability to Pay Winners

2 months ago




Both Powerball and Mega Millions Lotteries Will Pull Out of Illinois on June 30 due to the budget impasse.

Neither lottery would comment on the record.

Lottery spokesman Jason Schaumburg said Powerball would be suspended after the June 28 drawing, and Mega Millions would be suspended after the June 30 drawing if a budget deal isn’t reached.

He would not respond to questions about whether the decision to end sales of the popular interstate games was made by the Illinois Lottery or the organizations that administer the games.

“The Multi-State Lottery Association is focused on protecting the integrity of its games and the experience of its players,” association spokeswoman Anna Domoto said in a written statement to the Tribune. “Matters involving the Illinois Lottery should be directed to Illinois officials.”

Officials for Mega Millions could not be reached for comment.

In a series of stories published over the past six months, the Tribune found the company tasked with running the lottery — Northstar Lottery Group — failed to award more than 40 percent of the grand prizes in its biggest instant ticket games, sometimes ending games before any top prizes were claimed.

In 2015, the Illinois auditor general found lottery officials violated state finance law when they prepaid $20 million to the Multi-State Lottery Association to cover the costs of future multistate games as a budget impasse loomed.

Without a budget in place, the state is not authorized to make payments to the association or Mega Millions.

Now It’s Serious

Mary Pat at the Stump says Now, It’s Serious.

MP notes that while cash flow on lotteries is rising, so are admin costs.

Someone is siphoning off big bucks here.

Looking at my data set, of the 33 states where I have data going back to 1992, Illinois ranks 31st, at a compound annual growth rate of only 0.7%. The only two states with worse growth are Louisiana and Ohio (which actually saw its proceeds shrink). State #30 is neighboring state Indiana, which had 1.3% growth per year. Contrast that to a nationwide increase of 4.5% per year, for 23 years. Makes quite a difference.

MP notes that lottery proceded are about 2% of revenue. Speaking of revenue …

Corporate income tax collection is down 41.3%. Sales taxes are flat. How is this supposed to work?

Without a budget in place, the state is not authorized to make payments to the lotteries.

“Dear Contractor”

Illinois IOUs continue to mount and unpaid contractors have stopped work.

For details, please see Unable to Pay Bills, Illinois Sends “Dear Contractor” Letter Telling Firms to Halt Road Work on July 1

Will Powerball and Mega Millions be the force that gets Illinois to pass its first budget in three years?

I hope not because raising taxes is not the answer, but that is all the legislature wants to do.

Failed State

  1. On June 4, 2017, Politico reported How Illinois became America’s failed state.
  2. The Heratige Foundation beat Politico to the idea by a mile with its September 28, 2015 analysis Illinois: The Anatomy of a Failed Liberal State.
  3. The Chicago Tribune is behind the times with its January 3, 2017 analysis, Illinois in danger of becoming a failed state.

Illinois is not in danger of becoming a failed state, it is a failed state. I have been talking about this for years.

Five Desperately Needed Reforms

  1. Municipal bankruptcy legislation
  2. Pension reform
  3. Right-to-Work legislation
  4. End of prevailing wage laws
  5. Workers’ compensation reform

Number one on my list of Illinois reforms is bankruptcy legislation. It is the only hope for numerous Illinois cities whose hands are also tied by union-sponsored prevailing wage laws.

Despite massive gains in the stock market since 2009, Illinois pension plans have gotten deeper and deeper into the hole.

Even a modest pullback in the stock market will sink numerous Illinois pension plans. I expect much worse than a modest pullback.

Tax hikes are not the answer. Reform is the answer, and bankruptcy reform is at the top of the list.

Required Pension Contributions to Double or Triple

Inquiring minds will also wish to consider Required Pension Contributions of California Cities Will Double in Five Years says Policy Institute: Quadruple is More Likely.

The same fate or worse faces Illinois.

Madigan Sponsored Problem 

The problem is on Speaker Madigan’s side. He insists on tax hikes first and reforms second.

Governor Rauner has held out and I support that policy. Once the governor agrees to tax hikes, no reforms will ever take place.

Illinois is Bankrupt

Illinois is essentially bankrupt. Unfortunately, there is no provision for states to declare bankruptcy.

States can default, however, and default is an easy prediction for Illinois’ public union pensions.

Mike “Mish” Shedlock