Skip to content




Lottery for a Retirement Plan

The title might seem that we all should draw straws to see who can retire and who cannot, but instead it addresses the allure of lotteries in general.  Most everyone has a story about a friend, distant relative, or some other acquaintance who won a large amount of money in the lottery.  Somehow the lottery institution has become the respectable casino.  Many of the original forms of lotteries had good intentions; the psychological thrill of possibly winning vast amounts of money attracted small investors to place limited bets in order to fund a greater cause.

The sad truth is now this lottery institution serves as a regressive and very lucrative tax.  The Economist just ran a special report Come, all ye gullible: Lotteries are a bad bet, but everybody loves them. Among their enlightening takeaways:

“A study carried out in 2009 by Theos, a British think-tank, found that poor Britons spent a greater part of their income on lottery tickets, particularly scratch cards, than rich ones.”

But it does not stop for Britons:

In South Carolina, households with incomes of less than $40,000 a year account for 28% of the state’s population but more than half of its frequent lottery players. More than one American in five thinks that buying lottery tickets constitutes a sound retirement plan, according to a Tax Foundation study. And research carried out by the Federal Reserve Bank of St Louis in seven American states found that much of the money spent on lottery tickets came from some form of government assistance (such as social security, unemployment or disability benefit).”

I am glad that my tax dollars are being spent wisely.

Be Sociable, Share!

Posted in Media, Politics.

Tagged with , , , .


One Response

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

  1. Travis Robinson says

    Just stop. Too depressing. I was in the hood recently (long story) at a bar and I was looking around. Blight Everywhere. And then a hugmongous billboard advertising powerball at a liquor store. The billboard was twice the size of the store. They know their target market.



Some HTML is OK

or, reply to this post via trackback.



Get Adobe Flash player
Copyright © 2009-2013 SurlyTrader DISCLAIMER The commentary on this blog is not meant to be taken as an investment advice. The author is not a registered investment adviser. There is no substitute for your own due diligence. Please be aware that investing is inherently a risky business and if you chose to follow any of the advice on this site, then you are accepting the risks associated with that investment. The Author may have also taken positions in the stocks or investments that are being discussed and the author may change his position at any time without warning.

Yellow Pages for USA and Canada SurlyTrader - Blogged

ypblogs.com