10.26.2005 | "a tax on stupidity"

State lotteries are the subject, described in an interesting article today in the Wall Street Journal. The article starts with the idea that Harriet Miers' tenure on Texas Lottery Commission, although not worthy of an "inquisition", could be used as what our socially aware (read: guilty white liberals) betters might call a "teaching moment."

There are 41 states with lotteries, and there didn't used to be any. Somebody must think these things are good at raising money for the state coffers. And anyone who can think and do some elementary school math must know that playing the lottery is a really bad "investment." Hence, from the WSJ:

Lottery tickets are what economists call an "inferior good"--demand grows as you go down the income scale. They are also highly taxed: At least 40% goes to the state, unless you think a lottery ticket itself is a tax on stupidity, in which case the tax is 100%.

My view of lotteries is that they are, indeed, a tax on stupid people. Including, more than once, me.

But, hey, I can afford it, can't I? Unlike, for instance, the target audience for a radio ad heard the other day concerning the Powerball lottery in the District of Columbia: "Don't invest your rent money on the Powerball."

Stupid, indeed, those who actually need to be told this.