Audit: Problems With Lottery Funding
BUT THERE’S A BIGGER ISSUE … By FITSNEWS || A legislative audit has found problems withYou must Subscribe or log in to read the rest of this content.
BUT THERE’S A BIGGER ISSUE … By FITSNEWS || A legislative audit has found problems withYou must Subscribe or log in to read the rest of this content.
20 comments
I’m sorry, but am I the only one who isn’t shocked and just doesn’t give a sh*%? The lottery has some problems keeping track of their money: you just described every single state and federal agency in this country. This audit report is a joke and if this is the kind of crap the legislative audit council spends their time doing, I say we give their funding to a more deserving agency that may actually put it to good use.
What a wonderful idea – screwed up by idiot bureaucrats.
I talk to high school students all the time about the Life Scholarship program (actually there are several different scholarship programs referred to generally as the Life Scholarship). A student who wants to go to college will have between $2,800 and $7,500 a year available to them based on their academic achievement. Most could easily earn an associates or tech degree and not pay a dime out of pocket. Those pursuing a four year degree will need more than just the Life or Palmetto Fellows scholarship but $5,000 – $7,500 is a big dent in the average $25,000 per year needed to attend college.
The money that is slated to go to high schools is supposed to be paid out under a relatively simple formula and our bone head bureaucrats can’t even manage that. Wanna fix education at the “state level” – start here.
It’s taken the Commission on Higher Education 10 years to finally get the web site organized in a useful manner – if you have a student looking to go to college and wondering what monies are available to them refer them here: http://www.che.sc.gov/Students,FamiliesMilitary/PayingForCollege/WhatFinancialHelpIsAvailable/ScholarshipsGrantsforSCResidents.aspx
What I like about it is most of the money comes from uneducated, unemployed, worthless dirt bags like Tango and friends.
Man, you were on quiet a drunk last night in the “barnyard”.
had me confused for a moment. Quite, I think you mean. And it was good also. What do you prefer ?
Man, you were on quiet a drunk last night in the “barnyard”.
Well them, and the disgusted, overworked middle/upper mgt like myself that at the end of a week are either looking for a miracle, a good drunk, or to be struck by lightning.
I tell you, when I’m in line buying a 12 pack and powerball shot, I ain’t the only one who looks just like me.
Lotteries, and for the most part, college spending, are both marketed to people who are tragically bad at math.
According to a recent study, “Compared to high school grads, workers with bachelor’s degrees earn about $1 million more, and workers with associate’s degrees earn about $325,000 more over a lifetime.”
Then consider this:
“In its most recent survey of college pricing, the College Board reports that a “moderate” college budget for an in-state public college for the 2013–2014 academic year averaged $22,826. A moderate budget at a private college averaged $44,750.”
Now let’s plug those numbers into a basic future value calculation and see what that same money would earn between the ages of 20 and 65, invested at an average rate of return of 12%:
4 years of in-state public college, $91,304 invested for 45 years at an average 12%* rate of return = $14,972,724.18.
4 years of private college, $179,000 invested for 45 years at an average 12%* rate of return = $29,353,781.09.
So spend the money on college and earn $325,000 to $1 million more, or invest the same money and earn $15 million to $29 million more?
*Spare me your “You can’t count on 12% returns!” objections. Study it. I have. The average returns over a 45 year period are actually higher. 12% is actually quite conservative.
The past is not a true indicator of future performance, especially anything related to the US economy.
True. My investments are earning 18.5%. Over 30% since Obama took office (thank you Quantitative Easing!)
“…college spending, are both marketed to people who are tragically bad at math.”
Did I misread your intent in this?
That depends. How are you math skills?
What is the average high school grad, who has absolutely no marketable skills, going to do that he can invest (not earn, but invest) $22,826 per year net(remember..you negated any tuition assistance the student may get)?
And since I’m not going to be working and will be borrowing a majority of that that money to invest..have you taken into consideration my lack of spending power due to payments and a lower salary, inflation, and the simple ability to sustain myself (and a family on a high school diploma)at a lower earning rate when figuring how much money I will have when I’m 65?
My point is: Sure..by your calcs (and I’ll take them at face value, but if I average my last 17 years or so of investing, I’m closer to 7-8% ROI), I might live better when I’m 65, but the first rule of finance is more money now is always better than a promise of more money later. There are a lot of “what if’s” in your plan, and you completely negate the ability to make more money now (well, 4 years from now) as a higher paid college graduate.
College isn’t for everyone. But telling everyone not to go to college for your reasons is pretty stupid IMO.
I’m sorry, where did I tell everyone not to go to college?
If a child graduates from high school with “absolutely no marketable skills” then their parents and every educational institution they have attended are complete failures.
Where would they get the money to invest? If the premise is that they’re attending college, the money is coming from somewhere. If they’re borrowing the money, then they’re simply compounding their problems by foolishly plunging themselves into debt.
Yes, there ARE a lot of “what ifs” in my plan: What if schools taught basic personal finance? What if parents taught their children how to handle money? What if people learned math? What if people realized how stupid debt is? What if people saved a portion of every dollar they ever made instead of spending it all? What if parents invested for themselves and their children’s future? What if people who didn’t know anything about math, finance or investing weren’t so proudly ignorant?
But then, I suppose that’s why wealthy people in this country are “1%”.
The entire state government is run by crooks, liars, cheats, and felons.
Let organized crime and/or the Republican Party administer the lottery. That way we know the funds will be properly used.
Interesting, they found nothing (or didn’t care to look) wrong with the shady dealings of the SC-based games under Paula Harper Bethea’s watch?
Nothing much to see here, folks. Please move along.
The government has been in business as worse than the mafia for many many years. If you tangle with the mob you might get something broken. If you tangle with sc government you’ll wish you’d only gotten a broken bone
The sc government wants a poorly educated population (take that democrats) because they know they’d all be voted out of office if the electorate were well educated…
If South Carolinians wanted to truly change, they’d vote November 4th and get rid of the rabble from the Harrell’s on down.
Unfortunately. Dumb people do not know they’re dumb. Thanks South Carolina public edumacation system
And by allowing legalized theft (a/k/a education lotteries) you’re actually taxing dumb people in to thinking they will win money. I laugh in your general direction. South Carolinians are losers. Losers to the elected politicians and their corruption !!!
OH, the State does it’s own Gambling “Number’s Running,” game and it’s not done legally?? History Repeats itself again and again.
Just like all the other State Run Lottery Schemes that were shut down in the late 19th and early 20th centuries in the USA. This one is crookedly run too, paying 6 figure salaries to people who couldn’t make 10% of that on their own.