‘Does Powerball really boost the economy?’

CNN Money

November 27th, 2012 by 


In a recent article in CNN Money, Victor Matheson, associate professor of economics at the College of the Holy Cross, commented on the economic impact of the Powerball lottery, which millions of Americans continue to participate in.

In the last fiscal year, Americans have spent $65.5 billion on lottery tickets, which is a 10% increase from the year before. With 25% of that money going to state governments, allowing states to fund school and construction programs, Matheson contended that such funds are essential to state budgets, and are essential if states are to avoid raising taxes. “It’s difficult to see how you would eliminate that much of state budgets and be able to come up with money elsewhere,” he said.

However, Matheson also noted that state economies would be further bolstered if consumers purchased goods and services instead of lottery tickets. “People spend disposable income on lottery tickets rather than buying a coffee at Starbucks or some gizmo at Best Buy,” he remarked.

This ‘Holy Cross in the News’ item by David Cotrone ’13.

| More
Tags
Categories
In The News

Comments are closed.

Sort By:
or
09/29/14 Working For Worcester, WSGA, and Holy Cross Running Club Announces Fall 5K
09/26/14 Blog: Carroll ’16 Shows It’s Possible to Major in Science and Study Abroad
09/25/14 Former NBA Player and Fall River Native to Speak at Holy Cross
09/24/14 Holy Cross Football Team Will Reemerge For Homecoming Weekend
See All
See All

Featured Videos

See video
Artist-in-Residence Cristina Pato and Renowned Composer Osvaldo Golijov to Lead Concert and Panel Discussion

Watch Video >
See video
Environmental Champion Slottje ’89 on Crusade to Protect America Against Fracking

Watch Video >
See video
Strong Alumni Support Makes for Record-Breaking Year in Giving to Holy Cross

Watch Video >
More

What’s Happening on Campus

10/02/2014

Working Writers Series Presents Author Nick Krieger

See More >
10/05/2014

Internationally Renowned Organist and Cornettist to Perform as Part of Chapel Artists Series

See More >
10/07/2014

Former NBA Player and Fall River Native to Speak at Holy Cross

See More >
10/25/2014

Craft Demonstrations by Refugee Artisans of Worcester

See More >
More

Holy Cross in the News

09/22/14

‘Tesla’s removal of patent restrictions a boost for electric cars’

Worcester Business Journal

In an op-ed for the Worcester Business Journal, Christine Fimognari ’15 discusses a decision by Tesla, a manufacturer of electric cars, to remove patent restrictions in the...

09/12/14

PayScale Ranks Holy Cross Among Liberal Arts Colleges by Salary Potential

The College of the Holy Cross ranked No. 18 among liberal arts colleges and No. 52 in overall private schools according to PayScale, which released its 2014-2015 College...

09/04/14

‘Redesigned Holy Cross dining hall offers new options’

Worcester Telegram & Gazette

The Worcester Telegram & Gazette recently visited the College of the Holy Cross for the soft opening of the newly renovated Kimball Main Dining Hall, which will have its...