[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

UN Says No Aid Distributed Yet in Gaza

Cash Jordan: Migrant Gang Destroying NYC… Before Trump Deports Them

5 white Police Officers werE hospitalized (3 shot & 2 beaten)

30 year old dies, Undertaker is Appalled

The two largest COVID-19 vaccine safety studies EVER conducted, spanning 184 MILLION people

DOJ Drops Bombshell, Reveals Extensive FBI Involvement In J6

Jewish Groups Openly Admit They Want Bitchute Shut Down For Posting Content Jews Dont Like

NOW PUBLIC: First-Ever Look Inside Epsteins Temple Reveals Celestial Ceiling, Bizarre Statues

Scientists discover an unknown bacteria that has NEVER been seen on Earth

IsraeI’s Detailed Plan To ELIMINATE Free Speech In America

Another Conspiracy Theory PROVEN TRUE

Biden's Late Cancer Diagnosis Exposes Democrats And The Media As Legitimate National Security Risks

A Former Climate Alarmist says the whole movement is a Scam

Japan's 40-year bond yield just spiked to 3.58%, the highest level since 2007.

"Macron doesn't see us, despises us and wants to send us to war":

Russian army in action: Explosion after explosion is heard in Ukraine

Dangerous But Dumb Thugs

Alberta's SEPARATION from Canada gains momentum, Canada facing calamity

INSIDE SECRET ILLEGAL ANTIFA-HEADQUARTERS

The 'Big, Beautiful Bill' Will "Massively" Increase Near-Term Deficits, Add $5 Trillion In Debt

World Peace: Far Better than Star Wars or Golden Dome

Mexico City aides killed in broad daylight shooting, mayor vows justice

"Israel is two weeks away from a Civil War" Marco Rubio just shocked the Senate

ELON INTERVIEW AT QATAR FORUM – FULL VERSION

Liberal women are the biggest obstacle women face

Experts Warn Trump's "Big Beautiful Bill" Could Codify Big Land Grabs

Sen. John Kennedy Obliterates Democrats’ HHS Narrative

Smart Money? Hedge Funds Are Massively Shorting The Record Nasdaq Rebound

Only five aid trucks enter Gaza as more than 9,000 remain stuck at border

Elon Musk Takes a Brutal Shot at Bill Gates


Business/Finance
See other Business/Finance Articles

Title: "Lotto Madness" Sweeps Across America As Powerball Jackpot Hits Record $1.9 Billion
Source: zerohedge
URL Source: https://www.zerohedge.com/markets/p ... billion-ahead-tonights-drawing
Published: Nov 7, 2022
Author: Tyler Durden
Post Date: 2022-11-07 17:48:30 by Esso
Keywords: None
Views: 4357
Comments: 39

Let's first get out of the way the fact that the lottery is a tax on poor people. Those who can do simple math understand the odds are against them, though it's widely played by low-income Americans hoping to break free from debt and poverty.

The lottery preys upon hopes and dreams. With a one in 292 million odds of winning tonight's $1.9 billion Powerball jackpot (yet another record), imagine all the people tapping their resources to play the silly game that most everyone will lose.

Advancing Time blog's Bruce Wilds said Americans are being inflicted with "lotto madness" as the Powerball jackpot continues to soar. He said, "for many people a Powerball ticket is a cheap trip down fantasy lane for the poor it is throwing away money they can't afford."

The Powerball lottery jackpot continues to grow after no winning tickets were sold for Saturday's drawing of an estimated $1.6 billion. The last winner was on Aug. 3 in Pennsylvania.

Tonight's Powerball jackpot drawing, at 10:59 ET, comes after 40 straight drawings without a winner. As the jackpot grows, so do the hopes and dreams of those who think they can strike it rich overnight.

The failure of anyone to win America's premier and largest lottery ever has caused the Powerball jackpot to soar creating a phenomenon that could be called "Lotto Madness." The fact this has spread like a fire and swept across America reveals something very significant about our culture. While this might not reach the level of needing a post-event "debriefing" a closer look at how these large lotteries affect our culture may be important and meaningful.

How people react to the idea of winning a large sum of money exposes more than a few flaws and insight into our values and the way we think. It seems that society has reached the place where it thinks the road to riches is not through the valley of hard work and savings and that wealth can be achieved without sacrifice. -- Bruce Wilds

Suppose there is a winner. The math works out that they can choose between 30 annual payments of $39.9 million after federal taxes or an immediate cash payout of $929 million.

Last week, we outlined (read: here) how the next Powerball jackpot winner should go with a lump sum payout due to a souring macroeconomic backdrop with elevated inflation.

Quartz pointed out, "the actual cash value of the Powerball jackpot, as a percentage of what Powerball advertises as the jackpot, is lower than it's been in a decade. And that's before adjusting for inflation," Quartz.

The current jackpot is the largest in Powerball history, surpassing 2016 one.

1. $1.9 Billion (Est.) - Nov. 7, 2022

2. $1.586 Billion – Jan. 13, 2016 – CA, FL, TN

3. $768.4 Million – Mar. 27, 2019 – WI

4. $758.7 Million – Aug. 23, 2017 – MA

5. $731.1 Million – Jan. 20, 2021 – MD

6. $699.8 Million – Oct. 4, 2021 – CA

7. $687.8 Million – Oct. 27, 2018 – IA, NY

8. $632.6 Million – Jan. 5, 2022 – CA, WI

9. $590.5 Million – May 18, 2013 – FL

10. $587.5 Million – Nov. 28, 2012 – AZ, MO

Here are all the Powerball jackpots in the last two decades.

The Powerball Jackpot's whopping size spreads like wildfire across all US media outlets. Here's a spike in news stories.

Americans are in a frenzy about the largest-ever jackpot. Google search trends are surging about "when is the next Powerball."

Bruce Wilds concluded: "During times of massive well-publicized jackpots, people use money that was intended to pay rent and even the food stamp money given to them by taxpayers to buy tickets. Bottom-line this is indeed madness."

Just remember, the odds of winning tonight are one in 292 million odds... You have better odds of being struck by lightning. (5 images)

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

Begin Trace Mode for Comment # 3.

#3. To: Esso (#0)

Whatever state that needs the most influx of cash to pay for their immigrant problems, will likely be the state that it is won in. California, Texas, Florida would be my guess. Anywhere but where I am at.

I would not waste money on this, as chances are whoever wins will die almost immediately after.

TommyTheMadArtist  posted on  2022-11-07   21:34:03 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 3.

#4. To: TommyTheMadArtist (#3)

The winner of Powerball is not determined by need, they are chosen by how much The Media can glom on to them and create a sensation. J101, Tommy, you know this material! :)

Dakmar  posted on  2022-11-07 22:38:15 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 3.

TopPage UpFull ThreadPage DownBottom/Latest


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]