OK so if the revenue to the state will be rather minimal, what other reasons could the Governor POSSIBLY have to be pushing this scheme that will benefit someone other than the taxpayers?
Just thinking out loud here.
Posted on 02/19/2008 1:07:57 PM PST by calcowgirl
Ping!
More lies exposed.
I support the lottery; it is the only non-progressive tax.
What happened to the billions the state got from the tobacco settlement?
Just thinking out loud here.
Thanks. I grazed over this a few minutes ago. Wow, our state officials lied to us? What a shock. To say I am disgusted with all levels of governance today, is a vast understatement.
OK so if the revenue to the state will be rather minimal, what other reasons could the Governor POSSIBLY have to be pushing this scheme that will benefit someone other than the taxpayers?
Just thinking out loud here.
Up in Smoke?
“What happened to the billions the state got from the tobacco settlement?”
They already “smoked” it.
State Sen. Leland Yee, a member of a legislative committee that oversees the lottery, said Schwarzenegger has oversold its value and that lawmakers must carefully consider whether privatization is worth the social cost.
“You have to be honest about the number and have to be careful about how you get that money,” said Yee, D-Daly City. “The increased revenue is predicated on maximizing the lottery. Unfortunately that maximization is on the backs of poor people and working poor people who need to save their money for their children, rather than toss it away on buying lottery tickets.”
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Leland should have been a comic,, he cracks me up.. He is one weird duck and he is from San Fran to boot..
Tom predicts Schwarzenegger will go forward with his attempt to sell (30-40 year lease) the state lottery to a consortium headed by Goldman Sachs. He estimates it would generate a front-end payment of $14 billion, a portion of which would be put in trust to go to schools (to generate the same amount it earns for schools now--$1 billion), with the remainder going to "paper over" the deficit and "allow him [Schwarzenegger] to get out of town." Goldman Sachs would then keep all revenue for the length of the lease. He described Schwarzenegger's logic as follows:In the same interview, he predicted the deficit through the end of next fiscal year 2008-09 to be $18-$20 Billion. He's got a good crystal ball.The lottery is underperforming ("never mind that the entire lottery commission are his [Schwarzenegger's] handpicked appointees"); they are incompetent to run the lottery; it is under-producing by about $1 billion per year. If we give it to GS for the next 40 years, they they will pay $14 billion and the state can cover the deficit.Tom said the point is: The schools are being shortchanged because it isn't making enough. We should be making $2 billion. Instead of managing it competently and giving $2 billion to the schools, Schwarzenegger's solution is that we're going to lock them into being shortchanged for the next 40 years, and Goldman Sachs gets to keep the difference.
*estimated annuitized payout to a single winner - odds of winning 1 in 136 gazillion cubed.
Just raising the value of that endorsement of McVain amongst liberals and independents, huh?
They used the future tobacco settlement income as collateral for a loan--and spent it.
See #11. It's PAYOFF time!
It went the same place this money will go - To Libs pet projects in support of their constituencies and connected buddies.
A real sign of the times that Gov't exploits Smokers and Gamblers to keep up the pace of their waste.
You and me both, D1. With Schwarzenegger, the writing has been on the wall since he entered politics with Prop 49. The sooner he is out of office, and any position of "public service," the better.
more lottery terminals coming to a liquor store near you. Oh, wait!! They are ALREADY in every liquor store in CA. Maybe they will let WalMart sell them to increase revenues. Oh, Wait!! The unions won’t let WalMart make even a nickel from the lottery so we’ll have to put them....hmmmm.....where else can we put lottery ticket machines.....hey, how about the welfare offices and public school lunchrooms????? Yeah, that ought to increase lottery ticket sales enough to help pay for that socialized health care scheme!
Imagine the political mischief you could create if you had hat kind of money to throw around.
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