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.
Money Magazine Ranks Holy Cross No. 18 Among Best Liberal Arts Colleges in the Country
The College of the Holy Cross ranks No. 18 on Money Magazine’s list of “The 50 Best Liberal Arts Colleges,” and No. 89 overall on Money’s list of “Best...07/14/15
Amanda Belichick Named Head Women’s Lacrosse Coach
ESPN | Sports Illustrated | Yahoo! News | Boston Herald
Amanda Belichick was recently named the head coach of the women’s lacrosse team at the College of the Holy Cross. The news of her appointment ran in more than 50 media...06/24/15
USA Today Ranks Holy Cross No. 4 Among the 10 Best Colleges in Massachusetts
USA Today College
According to USA Today College, the College of the Holy Cross ranks No. 4 on “The 10 best colleges in Massachusetts” list, released today. The national news outlet...