8 years ago
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Here's What Happens to the Billions of Powerball Dollars That Nobody Wins
Today's $1.5 billion Powerball jackpot will provide a windfall for state governments, which often justify lotteries by saying they raise money for education. The truth is far more complex.
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'Before Ohio's lottery was launched in 1975, spending on education increased at a rate of $11 per capita every year. That shot up to $26 in 1976 thanks to the lottery — then it fell to less than $7 because lawmakers slashed education spending."
I've often said you have a better chance of being struck by lightning twice in the same day than winning.
But how else am I going to be able to retire? Certainly not while my retirement packages depend on responsible management by financial advisers. I've already watched fifteen years of 401k contributions disappear into smoke thanks to JP Morgan in 2008.