Aside from the fact that your chance of winning the jackpot is about 1 in 292 million (that’s 0.000000000003%), lotteries are essentially taxes on the poor. After all, Mark Cuban, Warren Buffet, and Bill Gates aren’t going to run out and buy a lottery ticket when they are worth billions. So here we go (note that the title says that there are 18 signs, but the article only lists 17):
1817 Signs That The Lottery Is Preying On America’s Poor
- Apr. 6, 2012, 9:58 AM
A week after America went crazy over the record Mega Millions jackpot, we want to reiterate the cruel truth about lotteries.
They are (1) regressive taxes on poor people, in that a ticket costs relatively more for a poor person than a rich person, and (2) punitive taxes on the poor and uneducated people who are the most avid buyers.
The people who can least afford it are throwing away on average 47 cents on the dollar every time they buy a ticket. And the government, which relies increasingly on the lottery for funding, goes out of its way to tell them it is a good idea.
Obviously we have an opinion here, but it is an opinion grounded in numerous studies.
Categories: Bad News Everyone!, Bastards, Depression, Economic Illiteracy, Edumacation, Gambling, Government Shenanigans, Great Recession, Lotteries, Lottery, Opportunity Cost, Poor people, Powerball, Propaganda, Stupid People, Taxation, Winter is coming