Skip to comments.Huge Powerball Payout Inspires “Ingenious” Fiscal Idea
Posted on 12/05/2012 12:39:50 PM PST by navysealdad
The nearly $600 million payout to the two winners of this week's latest Powerball lottery drawing has inspired what Treasury Secretary Timothy Geithner called an ingenious and painless way out of the government's chronic debt crisis.
Geithner's ingenious and painless plan calls for the Federal Reserve to buy a minimum of $30 billion in Powerball tickets every week. Over the course of a year this would generate a minimum of $1.5 trillion in lottery winnings, Geithner calculated. As the holder of more than 99% of each week's outstanding tickets, the federal government would almost certainly win each week's jackpot. The cumulative weekly winnings would totally cover the annual budget deficits.
The Secretary congratulated himself for pioneering a truly innovative solution to government finance. It would completely bypass any need for
(Excerpt) Read more at angelfire.com ...
“You need to spend money so you can make money, boss.”
The first step in getting the Government out of its fiscal crisis, is fire every last one of them that overspent his budget, just like any private business would do.
Then fire every last one of them that did not make a budget. That would empty congress and 95% of Government top staff.
Then rehire and re-elect on the condition that Congress, like the people, HAVE TO FOLLOW THE LAW. The Lawless bass-turds must go cause they are too fishy.
Don't forget the free buffet ...
$30 billion will purchase 15 billion tickets. The odds are 175 million to one, thus insuring 85 payouts if all the possibilities are covered. If the game was not pari-mutual, with a sharing of the jackpot, the minimum jackpot of $40 million would be paid out 85 times, for a total of $3.4 billion. The loss would be $26.4 billion compared to the jackpots. Of course there would be ancilliary payouts of the powerball, 2 of a kind, 4 of a kind with PB, etc. These typically amount to 20 cents on the dollar, so let’s call it another $5.3 billion on the $26 billion remaining, for a total payback of $8.7 billion on an outlay of $30 billion.
That sounds about right. Close enough for government work, that is.
But it’s a lot worse than this, because the jackpots are, in fact, shared, and we haven’t even mentioned that the cash option is significantly discounted.
Is this a joke?
The Achille’s heel of this idea is that people knew they were competing against the government in the lottery, they would quit playing.
I have a better idea: Impeach the admitted foreign born Kenyan for being unconstitutionally elected. Arrest all the libs down the line who were in on this fraud, and replace them with conservatives.
Even the title is word for word...
Have you ever seen Mr. Cube when he was a baby?
Harry Reed says, “Come to Vegas, suckers!”
The Left tells us that the rich are rich because they have won the lottery of life. Now they want to join in. Of course, they are playing with other people’s money, but what the hell! Other people’s money goes down the same Rat hole.
The Fed is not the same as the US Treasury. The US Treasury would have to be the one to buy the lottery tickets. They would have to get the money to do that by borrowing from the Fed. When they won, they would have to pay the Fed back with interest.
Yeah, the first thing I thought of when I saw this. The mods ought to pull it in my opinion.
Why would the government need to buy lottery tickets? They already win nearly half of every lottery pot ever won, in every lottery in every state, every single time.
Is this The Onion?
So, it goes like this, I get to use other peoples' money ($30B) for me to end up with $4B. Or did I miss read that article. Ooooops, we aren't supposed to read anything until the bill passes.
Yes, you hit the nail on the head. This was one of Johns satires only a few days ago.
One of his absolute very best I believe.