Skip to comments.2nd Largest Lottery Jackpot In History Would Reduce U.S. Deficit For Just 4 Hours...
Posted on 11/30/2012 6:39:10 AM PST by CNSNews.com
Two lucky individuals won $587.5 million last night by matching all six numbers in the Powerball lottery. This represents the second-largest jackpot in U.S. lottery history.
To put this amount in perspective, and to shed light on the United States' spending problem, the math below shows that the federal government's pace of deficit spending would consume this amount in just four hours.
In fiscal year 2012, the debt of the U.S. government increased by $1,275,901,078,828.74, according to the Treasury Department. That equals about $3.5 billion per day, or $2,430,555.00 per minute.
Based on these numbers, the federal government would blow through the lottery winnings in just 4.0 hours.
Even the largest jackpot in history would only buy the government an extra half-hour of deficit spending.
The largest lottery ever won in the U.S. was $656 million on March 30, 2012. Even with these winnings, the federal government could fund itself for just 4.5 hours.
The winning tickets were sold in Missouri and Arizona. At the time of this post, only the Arizona winner has come forward. Lottery spokesman Gary Gonder said, the Missouri ticket holder has 180 days to claim the prize.
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The best analogy to use is that the Feds are running up debt as fast as Hurricane Sarah was causing damage when it was coming ashore.
It is that much of a disaster.
Every day for years on end.
So since approx. half of it goes for taxes anyway, the crooks in Washington have an extra two hours’ worth of funny money to flush down the toilet.
A bit misleading.
The government splits the take now fifty fifty, so they get $587.5 up front.
Then the feds take 35% (?)of the winners money.
Then the state takes whatever it does.
Then the city government make take another bite.
Have I forgot a piece?
governments will be getting close to a billion dollars from the drawing.
Take all the money. Ever’ lil’ bit he’ps!
Besides, they didn’t EARN it.
< /sarc >
Lottery Logic: There Is None When It Comes to Paying Taxes
By Rich Smith, The Motley Fool
Posted 6:00AM 04/17/12
According to a recent poll conducted by professor Brian Gaines of the University of Illinois and professor Douglas Rivers of Stanford, the average American believes lottery winners shouldn’t have to give back more than about 10% of their winnings to the government — and, in any case, not more than 15%.
Most voters, it turns out, think it’s downright unfair to give a person a once-in-a-lifetime windfall, only to claw back more than a third of the wealth before anyone’s had a chance to enjoy it.