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"Lotteries: America's $70 billion shame"

Discussion in 'Sports and News' started by Dick Whitman, May 12, 2015.

  1. Dick Whitman

    Dick Whitman Well-Known Member

    Are there any particular subgroup poor people you are thinking about here?

    If there's anything poor, educated people are notoriously razor sharp at doing, it is processing mathematical odds.
     
    cranberry and doctorquant like this.
  2. BTExpress

    BTExpress Well-Known Member

    I refuse to buy the "lack of education" excuse for just about any poor choice. Common sense (lottery odds are horrible, having unprotected sex causes kids) is not "education."
     
  3. Dick Whitman

    Dick Whitman Well-Known Member

    Then why do uneducated people tend to do these things at a higher rate?
     
  4. LongTimeListener

    LongTimeListener Well-Known Member

    It's nice to think that would be money back in a poor person's pocket -- or put to good use -- if the lottery didn't exist.

    Based on other spending choices that group of people makes, it's pretty foolish to think they'd hold that 20 bucks a month as sacred and only do something good with it.
     
  5. exmediahack

    exmediahack Well-Known Member

    Yes, this particular subgroup of poor people takes forever in line at the gas station, deciding on their cigarillos and what scratch off game they want to play.
     
  6. Dick Whitman

    Dick Whitman Well-Known Member

    And which watermelon to take home, amiright?
     
  7. BTExpress

    BTExpress Well-Known Member

    Define "uneducated."

    Then explain where in the educational system "lottery odds suck donkey balls" is taught. I don't credit my "education" for knowing this.
     
  8. doctorquant

    doctorquant Well-Known Member

    Consider: 1) the $70 billion (approx.) Americans spent on lotteries in 2008; and 2) the $5 billion (approx.) they spent on federal, state and local elections.

    Which was the worse bargain?
     
  9. Dick Whitman

    Dick Whitman Well-Known Member

    People who didn't graduate high school, primarily. But I'm sure college graduates buy less lottery tickets than non-college graduates. It's all relative.

    Do you think it's a coincidence that people who lack education happen to buy more lottery tickets?
     
  10. exmediahack

    exmediahack Well-Known Member

    You're the only who played that set of cards.

    I encounter the poor and hapless of all races, except for Asian, in this. (They're usually good with odds.).
     
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    That is very paternalistic of you. "Most people are too dumb to decide what to do with their money, so we need smarter people to do it for them"?

    I evaluate lottery games (and all forms of gambling) from an expected value standpoint. That is all I care about when it comes to money. As a result, I don't play lotteries. I also accept that what brings me utility doesn't necessarily work for others. That is what being part of a free society is about. I want to be free to spend my money however I want -- whatever brings me utility, not what someone else tells me should bring me utility.

    I just assume that the millions of people who play those games do it because they get something out of the experience that I don't get. Or else they wouldn't do it.

    I don't see it as anyone else's place to be the nanny of the masses.
     
  12. MisterCreosote

    MisterCreosote Well-Known Member

    I can't possibly imagine why someone stuck in the throes of poverty would view lottery odds as more worth the gamble than a well-off person would.
     
    cranberry likes this.
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