Quantcast
  Free Trial!
  Learn Which Are The Best Stocks To Trade Today!   
Click Here



Stocks

Trading Ideas

Short Term
Long Term
All Trading Ideas


Trading Lessons

Strategies
Courses
Interviews
Glossary
All Trading Lessons


Daily Stock Setups

Connors Daily Battle Plan
Haggerty Professional
Kaltbaum Intra-day Set-ups
Short Term PowerRatings
Long Term PowerRatings
TM Indicators


Trading News

Markets Updates
Technical Alerts
Breaking News


PowerRatings

Short Term
Long Term
Charts


Indicators

Stocks
Market Bias


Quotes

Markets
Stocks
Charts
Level II
Historical Data
Options


Trading Contests

Up or Down


 
EDITORIAL: State is left with gambling to fund capital plan
Sunday, March 30, 2008; Posted: 10:50 AM
Stocks RSS
Mar 30, 2008 (Herald & Review - McClatchy-Tribune Information Services via COMTEX) -- -- In the discussion over whether Illinois needs a capital improvement plan, there is little disagreement that the state needs to do something to fix its roads, bridges and public buildings. However, the process is getting bogged down over how those improvements should be funded. With that in mind, the true focus of the discussions should center on where the money will come from, not on whether there is a need.

That there is unanimity over the need for a capital improvement plan is pretty certain.

Glenn Poshard, president of Southern Illinois University and a former Democratic congressman, has been traveling the state promoting the need for Gov. Rod Blagojevich's Illinois Works program. The governor has also enlisted former Republican congressman Dennis Hastert to push his cause.

The governor's $25 billion plan calls for $4.9 billion for schools, including higher education; $14.4 billion for roads and bridges; $3.2 billion for public transit, passenger rail and airports; $1.1 billion for economic development and housing; and $600 million for improved and expanded state facilities.

The Republicans, too, have been touting a capital improvement plan that they say would be an opportunity to help shore up the softening economy. Illinois House Minority Leader Tom Cross, R-Oswego, has been saying Illinois has neglected its infrastructure, especially roads and bridges, for nine years, and structurally dangerous bridges need to be replaced. Republicans are also pounding the message that as much as $4 billion in federal funding is in jeopardy because of inaction by the state.

After this, the factions splinter. And the splintering is not exactly along party lines.

The governor is steadfast in opposing any increase in the states sales or income tax rates to pay for it. And with a weakening economy, there probably is not going to be a lot of people lining up to oppose Blagojevich on that point. Same goes for any increase in taxes on business -- something Blagojevich could probably embrace but would face fierce opposition from the General Assembly.

There has been talk of increasing the sales tax on gasoline, which flies in the face of a movement to decrease the rate, at least as a temporary measure to provide relief to motorists. Also, the talk of selling the state lottery should end. It would be a stupid and shortsighted decision.

So where do you find money in a state that is hemorrhaging red ink and is woefully late paying its bills?

We return to the idea of an expansion of gambling.

Floating around still is a plan from House Speaker Michael Madigan, D-Chicago, suggesting the state add three casinos, including one owned by the city of Chicago, adding slot machines at horse racing tracks and allowing existing casinos to expand the number of gambling positions they offer. At the same time, Madigan proposed legislation that would significantly increase the state's oversight of gambling operations.

There is a problem relying on gambling revenues because they aren't as reliable as taxes, and there is a lot of competition for gambling dollars. Still, it's hard to imagine a Chicago casino wouldn't be successful.

While we aren't wild about the expansion of gambling in Illinois, it is the one avenue available that would accomplish the goal of creating more money for the state without raising taxes. If Illinois approves a capital plan this year -- and doing so is an absolute necessity -- the big compromise should be about embracing gambling as a way to fund it.

To see more of Herald & Review, or to subscribe to the newspaper, go to http://www.herald-review.com Copyright (c) 2008, Herald & Review, Decatur, Ill. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

Morning Coffee with TradingMarkets -- Free Newsletter

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Stocks RSS





PREMIER SPONSORED LINKS
TRADE CENTER

The TradingMarkets Directory
Stocks
Quotes
Charts
How to Trade
Commentary and Analysis
PowerRatings
Training Classes
Tools
Stock Scanner
Daily Market Bias

Options
Quotes
Charts
How to Trade
Commentary and Analysis

Forex
How to Trade
Forex Momentum Index
Pivots

E-mini/Futures
Quotes
Charts
How to Trade
Daily Market Bias

How to Trade
Stocks
Options
Forex
E-mini/Futures
Glossary

Tools
Short Term PowerRatings
Long Term PowerRatings
Stock Screener
Quotes & Charts
Stock Indicators
Market bias Indicators

PowerRatings
Short Term PowerRatings
Long Term PowerRatings
Industry PowerRatings
PowerRatings Charts
Training Classes
PowerRatings Strategies
Search PowerRatings

Trading Contests
Up or Down Stock Contest
#1 - Win $1000 every month

Up or Down Forex Contest -
Win $1000 every month


Premium Subscription Services
Short Term PowerRatings Free Trial
Long Term PowerRatings Free Trial
TradingMarkets Subscription Free Trial
Daily Battle Plan Free Trial
Gary Kaltbaum - Intraday Breaking Alerts Free Trial
Kevin Haggerty Professional Trading Service Free Trial
Forex Force with Mark Whistler Free Trial

RELATED SITES
Nothing but forex





All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2008 The Connors Group, Inc.