Gov. Easley's New Lottery Plan

[struggle4progress]

02/23/07 -- RALEIGH) - Could a smaller share of the pie really mean more money? That's Governor Easley's argument for changing the funding formula for the North Carolina Education Lottery.

Thirty-five percent of lottery money currently goes to education. Now, just one year into the lottery, the Governor says the numbers are not adding up. And as far as schools go. he says less will actually mean more.

Gov. Easley says lottery sales have not lived up to the hype, so he wants 29 percent of the money to go to schools, that's six percent less than the current percent. That means 59 percent will go to prizes ...

"Those who play will make more money on the prizes, and the state will make more money on the lottery," explains Easley ...

http://abclocal.go.com/wtvd/story?section=triangle&id=5063045

*sigh*

[Triana]

1. Huh?

I don't think so.

Of course who didn't know that lottery sales and the amount that would ultimately go to the schools wouldn't live up to the hype?

:sarcasm: Ya don't say...who'da thunk it? :sarcasm:

Not against the lottery per se, but it never, ever turns out that the money from lotteries ever gets to where the hype claims it will. And Easley's "funny math" doesn't add up.

[moose65]

2. I think I know what he means

Here's a grossly oversimplified example: suppose that the lottery currently brings in $1,000, and 35% of that, or $350, goes to education. He's hoping that increasing the prizes will spur more people to play, thus increasing revenue. So, if revenue increases to $1,500 the schools will receive 29% of the new amount, or $435. So, 29% of the "new" revenue amount is more than 35% of the "old" revenue amount.

[Kelvin Mace]

3. I think this just the sort of thing that we predicted

would happen. In the end, more money would be diverted away from schools.

They really don't care about education, they just wanted the money from the assholes pushing the lottery.

This has been a suckers game from day one.