Wednesday, December 20, 2006

The Numbers Are in on the Stuipd Tax

I can't let this pass by without note this morning. According to AP reports, "Easley and other expect the North Carolina Education Lottery to raise $400 million in its first year for education..." [source story by Gary D. Robertson, the March 30th 2006 entry.] The first financial audit of the state lottery is finished, and according to it, the lottery managed to bring in $63.5 million for education in its first fiscal year. The audit notes that the budget for the lottery next year is to raise $401 million and that lawmakers expect it to raise $425 million.

I'll help with a little math since clearly lawmakers can't handle it. The lottery produced about sixteen percent of the money that was stated it would during the sales pitch. Next year the lawmakers expect the lottery's earning to grow by six and one quarter percent over what they said it would do this past year, while lottery officials give the growth estimate at a quarter of a percent over the goal stated by the governor. To actually achieve this lesser goal the return will have to grow by over six hundred and thirty percent.

If you play the lottery, you are making a bunch of shady business people rich(er) while not helping education in the state much at all. Do the math.

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