Word: jackpots
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...government deceives the public in other ways about its "miracle money-raiser." Lotteries do not keep taxes low--unless the analysis is limited to the wealthy. It has been shown in numerous studies that lotteries act as a regressive tax. Poor people, chasing the dream of hitting the jackpot, throw away a significantly larger proportion of their disposable income, and often some of their nondisposable income, than do the middle and upper classes...
Virtue may be its own reward, but cold, hard cash never hurts. Moralcrat Bill Bennett wandered into a Las Vegas casino after giving one of his standard America-is-going-to-hell-in-a-handbasket speeches, when bingo, the Book of Virtues author hit the jackpot. A sheepish Bennett wouldn't say how much he won ($60,000, says a friend) or how long he played, but did want to explain: "I'm against state expansion of gambling, state advertising encouraging people to gamble, and gambling as a way to make a living. But adults on their own time...
Because Ball did not explain the way the jackpot would be distributed, some pool shoppers were concerned that he was skimming money off the top, according to Ball...
...such faddishness has a broader effect: it can soak up scarce investment funds that other businesses could sorely use and thereby reduce employment prospects. Established businesses can also be hurt when their talent walks out the door to join a start-up in the hopes of hitting the IPO jackpot. And some defectors may harm their old employers by cashing in on ideas conceived on company time...
...successful IPO can hit the jackpot not only for the start-up but for venture capitalists as well. Doerr and his Kleiner Perkins partners invested nearly $5 million in Netscape before it went public in return for stock now worth some $590 million. Some venture capitalists have even launched their own high-tech companies to ensure getting in on the gold rush. Kleiner Perkins joined forces with cable-TV giant TeleCommunications last year to create a firm called @Home; it plans to bring the Internet and its World Wide Web--along with programs like local news shows--to home computers...