Friday, April 02, 2010

Proof Lotteries are a Regressive Tax

As much as I enjoy playing the lottery occassionally, I understand it perfectly. The odds of winning are very poor and almost any other method of gambling is more likely to make you a winner.
Lotteries raise money for municipalties. Lotteries are mainly played by poor people.
Which brings me to the story of Bonnie Preece, the grocery story cashier from London, Ontario, Canada.
She won $20.6 million after purchasing two $2 Quick Pick tickets and was so much in disbelief, she called up her sister to double check the winning numbers.
She and husband Bill Rollings can now afford things like a new car and buying their first home — something her $12.30-an-hour salary wouldn’t let her afford for a long time.
“I have $80.17 in savings,” she said.
Asked if she would help out her ex-husband, she turned to the cameras and said, “Sucks to be you.”

A woman with $80 in savings is playing the lottery?
She's an idiot. She'll blow through her $20 million in about a year and be back loading bags at the No Frills before you know it.

And yet poker is verboten because it's a game of chance.

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