Why I lose hope in people

July 27, 2008 at 9:54 pm Leave a comment

This is an interesting article that was in the Hartford Courant today:

Rattled Americans Try Their Lottery Luck In Hard Times

The article discusses how people are playing the lottery in tough economic times so that they can “get ahead”

Seriously?

All lottery programs are are a regressive tax on the poor and stupid. My favorite line from the article is “But if I spend $10 on the lottery, at least I have a chance of making $5,000, and then I could take a real trip. … Times are tough and my only choice is to take a chance.”

Lets do some simple economics.

This guy spends $1000 a year on the lottery. According to the CT Lottery Website, the odds of winning are 1-5. lets say he does a little bit better, and cashes a few more tickets and wins $250 dollars instead of $200. That would leave him with $750 a year, to spend as he wishes, he  could take a real trip with that, and what he would spend on a “fake trip” maybe its not to cabo, but is a “vacation” none the less.

What aggrevates me here is the same with many of these other economic issues. These are the same people that are begging the government for subsidies and handouts to help with their mortgage they got into, the credit cards they maxed up, and the cars they didn’t need that they bought.

In full disclosure, I gamble. In fact I spent a couple days this week at the track. I play with money I can afford to lose. I don’t play with the mortgage, or the kids tuition.

For further reading:

http://www.taxfoundation.org/news/show/1126.html

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Entry filed under: Economics, Politics.

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