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Old 01-25-2015, 08:21 AM
 
Location: Nescopeck, Penna.
11,367 posts, read 6,786,875 times
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I passed my local C-store a few minutes ago, and learned (via an expensive electric sign) that the current grand prize on PowerBall is now $261 million.; that's over 1/4 of the billion-dollar figure that has come to denote "mega-wealth", and works out to about $825 for every man, woman, and child in this nation.,

And I suspect this trend -- part of the death of the American dream -- is linked to the diminished prospects for serious financial advancement within a relatively short time at a "low-end" or entry level job.

I've pointed out some of the root causes for the problem in other threads -- the disintegration of the North American monopoly on heavy industry after World War II; the growth of interest in, and obsession with credit and credit scores; the crushing burden of student debt, caused in turn by the peddling of education without a caveat about which majors "sell", and which don't; the lack of opportunities for small savers and investors; and the domination of the service industry, where feigned extroversion and gushy smiles are demanded, but won't turn into anything you can take to the bank.

I don't know what the answer is, and I'm close enough to retirement that it won't make much difference for me. But it seems obvious that there are a lot of people out there, mostly politicians and their "crony capitalist" clientele, who seem to recognize that they have a greater stake in keeping the man or woman in the street economically-ignorant and -alienated. And I'm also pretty sure that the majority of the public education system also has no interest in ending the delusion.

Last edited by 2nd trick op; 01-25-2015 at 08:47 AM..
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Old 01-25-2015, 07:00 PM
 
48,519 posts, read 81,013,914 times
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Its gambling pure and simple. That has always been the get rich quickly scheme of many. Nothing to do with American dream anymore than before thru out history. your base fails to link one to other because of the history of gambling.
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Old 01-25-2015, 07:09 PM
 
14,969 posts, read 8,536,771 times
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Saw in the news recently that lottery purchases in states like New Jersey (I think) was down by a significant margin, in particular the powerball game.

I think after a while people get tired of it and realize they have a greater chance of dying in plane crash than winning the lottery.

It's not so much the cost, after all it's 'only' a few bucks, but just the realization that you will never win.
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Old 01-25-2015, 09:56 PM
 
3,002 posts, read 1,963,775 times
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Are you making a statement? Not really sure what your wanting to debate about is it the Lottery? The way I look at it if I play it 1 time a month it cost me $12 a year which isn't much loss to reward if I win, but I have that one chance of winning. Like anything in life it's all about how much loss to reward will I gain.
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Old 01-26-2015, 02:24 AM
 
6,981 posts, read 4,173,864 times
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To put things in perspective.

The "takeout" on the lottery is huge, i'm not sure the exact number, but its probably close to 50%. That means if America wagers 100 million into the betting pools, the "lottery" takes 50 million and sticks it in their pocket before they pay out the winners. Their "commission" is about 50 percent. I don't know the exact number, maybe its a little less or maybe a little more, if anyone knows the exact number, please chime in.

For comparison, horse racing takes out anywhere from 15 to 25 percent per dollar wagered depending on the type of bet you make and the track you make the bet at.

Sports betting only takes 5 percent, so you get a huge bang for the buck with betting sports.

Lotteries can takeout so much because the lure of the big jackpot "cancels out" in many people's mind the huge commission that is taken off the top.

Its also a HUGE "racket" as no other private entity is permitted to have their own lottery and charge less, why can't a private company open up their own lottery and charge 25%? Because the state and federal goverment won't let them. They won't let there be "competition". You bet their lottery at the extremely high takeout, or you bet none at all.
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Old 01-26-2015, 12:31 PM
 
Location: Cape Cod
9,796 posts, read 7,106,581 times
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I think you are right Wall St kid, the lottery is a big racket. I call it a poor mans tax. I remember when the lottery started and some people were against it because it is gambling and the state "Mass." assured them it was OK and only for one day a week. Today we have lotteries everyday and big multi state games a few times per week.
The big ones are not bad and they are fun to buy a few tickets when they get big. It lets one dream for a bit "what if".
I think what is more offensive and a bigger scourge on the poor and uneducated populace are scratch tickets. There are so many scratch tickets and now they have one that is $20 !
Have you ever gone into a convenience store in a down trodden neighborhood? Discarded scratch tickets litter the sidewalk outside.
The percentage the state takes is huge. You might win the jackpot of 100 million but take the lump sum of 50 million and then pay taxes on that every year. It is crazy.
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Old 01-26-2015, 02:45 PM
 
24,885 posts, read 11,605,138 times
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Quote:
Originally Posted by 2nd trick op View Post
I passed my local C-store a few minutes ago, and learned (via an expensive electric sign) that the current grand prize on PowerBall is now $261 million.; that's over 1/4 of the billion-dollar figure that has come to denote "mega-wealth", and works out to about $825 for every man, woman, and child in this nation..
Uhmmmm....if its 261 million, thats actually $.83 per person. NOT the $825 you indicated. AND thats assuming you took the annual payout, cut that in half for the cash payout. Oh and then theres taxes.....
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Old 01-27-2015, 02:16 PM
 
2,485 posts, read 2,599,341 times
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Quote:
Originally Posted by Suburban_Guy View Post
Saw in the news recently that lottery purchases in states like New Jersey (I think) was down by a significant margin, in particular the powerball game.
It's probably down because they raised the price from $1 to $2 for a Powerball ticket. I rarely play, maybe less than $20 a year. I fill up at the pump, so I don't go in as much. Been meaning to go to a one ticket per tank fill-up routine. I already properly budget, so if I fill up once per week, that would be $52 a year. I will spend more on three delivery orders of pizza in a year's timeframe.

There are people who get addicted, so lotteries can be a real problem.
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Old 01-31-2015, 10:40 AM
 
Location: Fredericksburg, Va
5,119 posts, read 12,716,950 times
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If one is addicted to gambling, they will find SOMETHING to gamble on, whether there's a lottery, or not!

My concern with our state lottery is this...we we're told that our lottery "profits" would go to education. I guess we should have asked in what form, where, how much, etc....
Every single year, our local schools want taxes raised so they will have more money...where, oh where, is that lottery money????
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Old 02-01-2015, 10:18 AM
 
Location: Pennsylvania
1,392 posts, read 1,211,718 times
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The nickname for a lottery is called an idiot tax. No joke that is seriously what it is referred to. The odds of winning it are so low that you would be way better off putting the money you would spend on a lottery ticket away into your savings or spend it on something else. The reason why state governments push lotteries is because it's a way to raise revenue for them without actually raising any sales or income tax. So instead they push the push lotteries to try and raise revenue and come out with a bunch of gimmicks for it like "playing the lottery helps senior citizens" for example to try and make you feel better if you don't win the lottery because at least you helped senior citizens afterall. It's a voluntary tax and is referred to the idiot tax because it's designed to attract people who are desperate praying for a miracle to get them out of there situation and for people who truly don't understand there chances of actually winning the lottery is almost 0%.

Truth be known the "idiot tax" can also be said about how much money the lottery actually brings in for state governments. Since the tax is regressive not progressive like income and sales taxes so it actually doesn't raise much revenue at the end of the day for the states. They would've brought in far more revenue if they raised the income or sales taxes in the state. Since that isn't popular to do they create lotteries and push them hoping to raise significant revenue which is idiotic since the lottery doesn't raise significant money for them at the end of the day and they would've been better off just raising taxes instead.
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