Obama Says 'No' to Mega Millions With Lottery Skepticism

[ellisonz]

By Devin Dwyer | ABC News – 23 hrs ago

President Obama is not tempted to buy a Mega Millions ticket, White House spokesman Jay Carney told reporters today.

And a newly resurfaced archival video of Obama from 2000 might help explain why.

Appearing on the public TV program "Chicago Tonight," then-State Sen. Obama argued that the lottery is not a good way to spend money, especially for the poor.

"One of the concerns that I have, obviously, is that a disproportionate number of people who consistently buy lottery tickets tend to be lower-income and working-class people who can least afford it," he said. "Even if they're not compulsive gamblers, they are probably spending money that they don't necessarily have."

More: ABC News via Yahoo News

[enlightenment]

1. Hope and Change.

When you're trapped in a paycheck to paycheck life you spend a lot of time hoping for something to change. Playing the lottery isn't a whole lot different then playing the stock market - you're hoping for a big pay-out for a small investment.

[brooklynite]

4. You stock market analogy fails horribly...

I don't invest in the Stock Market for a "big payout", I look for growth and return over time; and like most people I don't "gamble" by randomly picking stocks or mutual funds.

[sudopod]

10. Then you're not "playing" the stock market.

Also, this:

[Johnny Rico]

6. Not a good analogy.

Playing the lottery isn't a whole lot different then playing the stock market - you're hoping for a big pay-out for a small investment.

The vast majority of people who invest in the stock market are looking for long-term gains.

[Arkana]

18. I don't make anywhere near what Obama does and I think the lottery's a scam too.

It's a matter of personal opinion, not a 99% vs. 1% thing.

[raouldukelives]

21. That doesn't really jibe.

Investments in the stock market make money from exploiting our environment, slave labor, military contractors and cause massive advancement of climate change in the hope of some good returns.
When you play the lottery there is actually a chance someone might benefit besides yourself.

[enlightenment]

27. Good point.

Play the lottery!

[lunatica]

2. I disagree with him.

Give the poor a helping hand by creating opportunities for them to lift themselves out of poverty. With incentives to keep kids in school and with training to get adults into the workforce and with raising the minimum wage so they can actually live on it. There's no need to 'protect' them against the only hope they have of ever getting out of poverty.

But I'm not throwing President Obama under the bus either. Against the present set of potential Presidents he's our only and best hope. He really does stand between us and the world they would create.

[ellisonz]

3. In fairness...

...the odds of winning the lottery are dismal. It's a false hope and it is regressive taxation.

[Johnny Rico]

5. More of a form of voluntary taxation than anything else.

The best kind, yes?

[ellisonz]

7. Ahh - the pro-choice argument...

I guess we should just allow all sorts of deceptive financial practices since the person volunteers to be scammed - yes? I mean where does this everything goes argument end

"This bill would allow companies to advertise virtually unregulated stock offerings on television or on billboards," said Sen. Carl Levin, D-Mich. He said the House bill would let large companies with many shareholders avoid regulation by the Securities and Exchange Commission.

This bill is on the way to the White House BTW. It will be interesting to see what Obama does in this regard. They should have removed those clauses before passing it - that would have been the responsible thing to do, since their interest is in the general welfare and not pushing loose regulation of interstate commerce to the max.

[Johnny Rico]

9. I'm pro-choice when it comes to all sorts of things.

Would you characterize the lottery as a "scam", given that it advertises the chances of winning?

[ellisonz]

11. Would you object if a state passed a law restricting it's advertisement?

I do think that the way it is advertised is deceptive. I would support a law doing to it what is done to cigarette advertising, and frankly, I'm against it on principle because it is regressive taxation and is not in the interest of the general welfare.

Do you support or oppose the anti-restriction clauses of the JOBS bill?

[Johnny Rico]

14. All things being equal, I'm against restictions on advertisments.

Not completely, mind you...I'm certainly in favor restrictions on false advertising. And speaking of that...

I do think that the way it is advertised is deceptive.

How so?

frankly, I'm against it on principle because it is regressive taxation and is not in the interest of the general welfare.

Are you against all gambling? Would you prohibit casinos?

Do you support or oppose the anti-restriction clauses of the JOBS bill?

I will freely admit to not having heard of it until just now. Just at a glance (if I'm reading it right), I would support such clauses.

[ellisonz]

16. So cigarette companies should be able to advertise in sight of schools?

The lottery is advertised as a get-rich-quick option or as a public service. The small print is super small or non-existent, for example here is a Michigan lottery billboard:



I am not against all gambling, but I support strict regulation thereof and think currently the deck in terms of advertising is stacked in the favor of the house.

So you support deceptive financial offers because participation is voluntary? Some progressive you are...

[Johnny Rico]

20. That's not exactly the biggest issue on my radar, but...

Sure.

The lottery is advertised as a get-rich-quick option or as a public service. The small print is super small or non-existent, for example here is a Michigan lottery billboard:

Shrug. It's not lying (I presume) so big whoop.

I am not against all gambling, but I support strict regulation thereof and think currently the deck in terms of advertising is stacked in the favor of the house.

Given that the "house" is paying for the ads, what else would you expect?
As for "strict regulation" I would certainly support laws requiring honest games. Beyond that, though...you pays your money and you takes your chances.

So you support deceptive financial offers because participation is voluntary? Some progressive you are...

I wouldn't support allowing them to lie, but I think allowing voluntary participation at the discretion of the individual is a very progressive value, yes.

[ellisonz]

25. "allowing voluntary participation at the discretion of the individual is a very progressive value"

It's also how the housing market crashed...

[lumberjack_jeff]

23. No. "Voluntary taxation" is the worst kind.

It's inherently unfair.

We may willingly pay our taxes, but we shouldn't individually decide what our fair share is.

[Johnny Rico]

24. How can it be "unfair" if no one is requiring you to pay?

It's entirely voluntary, and there are no negative consequences to not paying.

[lumberjack_jeff]

28. It no one is requiring you to pay, it's not a tax.

I think you should pay for all the stuff I think is important. Sounds fair to me.

[izquierdista]

8. In fairness...

...the odds of winning the lottery are better than the odds of the Kochs croaking and mentioning you in their will. Or the odds that lightning will strike your boss, leaving you in charge of your company.

It may be regressive taxation, but that 1 in 175 million hope is greater then the hope people get at the ballot box.

[ellisonz]

12. Touche.

Such pessimism - have you considered emigration?

[izquierdista]

19. Yes

But there are a lot worse shitholes than here. So for now, I stay.

[slampoet]

22. Why would I leave myself vulnerable to being victimized by US foreign policy?

[Johnny Rico]

13. If you feel that voting is virtually pointless (and I don't see any other way of reading your post),

do you plan on voting?

[tanyev]

15. It's okay, Prez. When I win, I'll donate a lot of it to your campaign.

[Nye Bevan]

17. I just hate it when I see obviously poor people buying lottery scratch-off tickets (nt)

[lonestarnot]

26. I will never win dat lottery!