Crazy question, I know, but here’s the breakdown: the Jackpot is approximately 1.4 Billion dollars. There are approximately 322,815,285 people in the United States where the lottery is being held. Forget the fact that not every state participates in it, although nearly all do, 44 including the U.S. Virgin Islands and Puerto Rico. Not to mention all the tax payments the federal, state and local governments would get for the winners.
Each ticket costs $2.00. If each of us were to purchase a ticket including newborns that their parents would then have to place those funds in a trust for them until they’re 18, you would be guaranteed to win! There would be not “Grand Prize” per se, but each of us would receive approximately… ready?….. $4.33! Now yes, that number would be reduced by around half due to taxes (let’s not think about that) but who would be poor? Yes, benefit programs that help the poor could actually be eliminated or substantially reduced. If you spent the money unwisely (like on a Big Mac), then you would have to suffer the consequences, I mean, can you tell me that you can’t live responsibly with at LEAST $4.33?
You would still have to work simply because the government does require our contributions, read taxes, to maintain our safety and security, but you would not be fearful of switching jobs. Except for that fact that your winnings don’t even cover half of the minumum wage in some states! Before you would be able to access your funds however, you would have to attend a class on how to budget and invest your money (I think a Saturday of cartoons should do it). Doesn’t sound like a Constitutional Republic, does it?
In this imagined reality, you or your children’s college is paid for, unless of course, you or they choose some school that costs the entire amount (not hard considering it won’t even pay for your lunch). They would be able to purchase their first home and car (A sheet of paper and a pencil should do). They would have plenty of money left over (maybe a couple of cents)!
What would this do to our society? Initially, create great disruptions to our society. Why? There will be many that will break the rules and just as there are criminals, there are cheaters. Productivity will slow down because people will not appreciate just how far money can and can’t go (dollar store and menu are your best friends). Since productivity will be down, there will be a slowdown in domestic production and an expansion in importing goods. There will be high job losses because some industries will be heavily impacted by this change. People will spend like there’s no end to the flow of money, which will then cause some to run out of their funds sooner than others. Once some run out, since there would be a moratorium on social welfare programs, the majority that abused what they had will then cry about needing the government to help. This will then lead us, once again, into the loving arms of debt! Time frame: maybe an hour.
As much as I would love to win the jackpot and share it with the world, I’m not telling anyone that I won! I’ll have all of the safe guards lined up prior to making my claim. I won’t change my lifestyle but I won’t want for anything either. I may even take a 2 week vacation! After all, isn’t that what the lottery really is all about? Dreams?
If you hadn’t sensed the sarcasm it this piece then it’s sucks to be you! This was in response to numerous posts claiming that we’d each receive $4.3 Mil not a couple of bucks. In that world of dreams I guess that kind of math works! Good luck on your big payday! #MathMatters
Gina Olson 