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.
‘Princeton Review Ranks Holy Cross Among Best Institutions for Undergraduate Education in the Country’
College ranks no. 9 nationally for most accessible professors
The College of the Holy Cross is one of the country’s best institutions for undergraduate education, according to The Princeton Review’s annual college guide, “The Best...07/30/14
‘Holy Cross Ranks No. 53 on Forbes’ List of America’s Top Colleges’
The College of the Holy Cross ranked no. 53 overall and no. 44 among private colleges on Forbes’ list of America’s Top Colleges. Forbes partnered with the Washington,...07/28/14
‘Fiske Guide’ Includes Holy Cross Among ‘Best and Most Interesting’ Colleges
Once again, the College of the Holy Cross has been included in the “Fiske Guide to Colleges.” Compiled by former New York Times education editor Edward B. Fiske, the 2015...