Monday, May 15, 2017
Governments often raised funds with lotteries in the past, but how about $7 trillion in FY2017?
I don't think so.
Lotteries started to fall out of favor after 1830, according to the story here, mostly due to corruption. The guys running the things would run off with the dough. So much for the golden age of the past.
Government at all levels in the US will shell out $7.04 trillion in fiscal 2017, 36.5% of GDP.
In 1817 the number was in the neighborhood of $23 million, about 3% of GDP.
The problem with raising revenues today is only a problem because government is too damn big. Spending 3% of GDP today on government at all levels compared with current outlays means they are twelve times the size they should be, $7 trillion instead of $0.6 trillion.
Besides, you couldn't possibly raise enough using lotteries. In fiscal 2014 lottery revenues countrywide barely totaled $70 billion, just 1% of current total outlays.
Every man, woman and child in this country would have to purchase at least $21,757 in lotto tickets this fiscal year in order to fund government at all levels. And that's before any jackpots are paid out, or lottery workers paid.
Or we could just tax everyone that much.
It would be easier and fairer, right?
After all, we're all "equal".
Except 60 million Americans don't make even that much. If government took it all what would they live on?
Hope, no doubt.