Could a national lottery pay down the debt?
Powerball frenzy sparks debate
- Duration 8:56
- Date Dec 1, 2012
Powerball frenzy sparks debate
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Paul led a lot no lesson in how best can help solve -- yes.
An all out frenzy this reaches millions race to play the powerball lottery making some lucky Americans -- Including millions to several state governments.
Now someone here has gone -- -- -- national lottery to help pay down our nation's sixteen trillion dollar debt sound crazy.
Well Washington isn't coming up with any new ideas up we debate this -- -- hi everybody I'm -- a sunny and look at that.
-- -- -- I kept secret this week we have Wayne Rogers Jonathan Hoenig Tracy -- -- -- -- and we have Julian Epstein joining us this week so walk about all of the it will start with you on this one you know.
It is time for a national lottery and -- were millionaires and -- -- the federal debt at the same time.
Well let me let me start with a question why not.
I mean if it works all of the state governments in the states is doing -- why not the federal government sure why not make it a big boy now a huge -- and any any little.
Mitch that you -- that knocks down this did the deficit is is good.
OK but John-Michael what happens to the states I mean we're just finding -- the California is now signing up for our ball.
Because of the revenues that they get is as bad for state.
-- -- really bad percentage like wind does have something -- the lottery has as much chance of winning a lottery as he does most weeks of being -- comment without Jonathan and erupting so certainly I.
-- I had -- feeling we'll probably have a the problem you have with this this this -- could be billion dollar jackpot it's gonna be huge but it's gonna kill the state -- autos and -- -- state -- -- in the southern states were sold.
As a way of funding education surprise politicians -- that didn't happen when the general fund but they're dependent doubled in general fund so what you gonna do is he's cash strapped states -- -- -- -- Lotto.
You're absolutely kill or at least -- police funding for these states.
This a bad idea because it robs Peter to pay Paul.
Jonathan I guess I am gonna go to you because you wouldn't be cutting why not if you start talking.
Yeah inside and keeping quiet.
We've got to check -- calculator I mean he says why not the five -- eighty million dollar jackpot Cheryl would pay up about zero point 003%.
Of the national debt let's just forget that idea that's gonna do anything we are needed to play -- but after that we needed.
And -- new philosophy not to get into the debt not to give exacerbating that that I do think however that and a fully free society.
A lottery is a great way to fund the government because of the voluntary off taxes should be voluntary they tell -- people would gladly pay it.
If -- -- the money was going to Washington to actually protect individual rights.
No way that we can suddenly like come down on you know anybody's idea because it doesn't cover the whole bill.
Did -- the end of the day let's start somewhere and not act I love -- John.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Will play regardless of state national global you name -- you can create a lot of around the world people.
We'll play you can't you can't what do they don't play or -- -- -- Julian do you think that this is a good idea I mean that you know -- bit better about before that you know which does have a national lottery and now only seven states.
Are left that don't even do the powerball for instance.
Why I hate to agree with John I mean just on principle way.
He's absolutely right.
The the this is a rounding error when it comes to that and to the national that we're talking about sixteen trillion dollar debt.
This is a rounding error there is one way to reduce the national debt right now which is a combination of spending cuts and revenue increases.
Obama has put on the table two trillion dollars in spending cuts.
We're gonna need to find about another trillion in revenue increases and virtually every economists now is unanimous that the most economically effective way of increasing revenue.
Is going after that top 2% did this almost total unanimity in economic.
Well I don't know why I got a lot of ideas about spending coming up this way non union I need to truly -- -- Orleans after.
It's either runs a public golf it's because you have the perfect kind of guy who thinks that millions of dollars a rounding.
Yeah you know way yeah.
Answer and it's a fun when -- -- it's of really really fun rhetorical game he displayed there.
But in reality if you have the biggest largest lottery it did that the world has ever ever known you will not make ace -- -- the slightest.
Right in the debt so it is that if you.
-- loyal pal you gotta start somewhere.
When you got a little red chair and walked to the door you have to take the first step so you have to start somewhere every well I discounts -- This book about I just took about three trillion steps that you didn't take which is to identify specifically.
How we deal with this debt problem.
We put on the table that the Obama definitely don't does that really -- Give -- a lot of reasons why we should -- how we can deal with that you can study yes you can race -- did you -- -- -- good -- landing automatically -- husband and I said everybody.
Everybody take a 10% cut off the top I don't care how you get that do.
I think you know great discussion -- it I want to bring -- John Layfield again because I.
-- go back to -- -- -- all of us I agree with you dale Layfield -- you know the states.
Who were about to get socked with obamacare are actually gonna need the recruitment is moving forward and this would be horrible overstates what is that -- to be economy.
If that all the millions -- -- and it's taken a -- Yeah I think get hurt I disagree in my friend -- I don't think there's enough money to go people are gonna choose -- they have a billion dollar option and -- -- huge national Lotto.
I believe that's -- the gonna go.
These states have to balance their budget so unlike the federal government who can simply just keep Britain money.
The State's gonna -- cut services if you take away they'll play Lotto money right away in the first thing is there's gonna do -- there had to cut services and got employees.
And then yeah 19 and yeah -- -- you know I -- -- one make all government lottery funding their job I mean it makes big government -- -- federal government funded by the lottery winners of fundamental difference -- between taxes which are forced.
In a lottery which is voluntary and again I think of people fell like government wasn't simply flushing -- -- down the drain they'd gladly kick in weather was.
A 120 -- all of my -- and I don't know.
This government's -- yeah.
-- -- -- how did -- read my email address has voluntarily get here and I are not out of Baghdad.
But your point here is you've got to start somewhere -- -- any anybody comes up whether it's somewhat of a solution.
If it doesn't cover the full tab they slid it down and say it's not gonna work which is great all about -- steps with his country could or so screwed up.
We got it's the right up there and I you know 112 out.
They ticketed and that's that's that's ridiculous why did this -- yeah.
What have you because you're talking about raising a couple billion dollars when -- we got to race four trillion dollars.
There is only -- that we're going to -- -- -- it.
The only thing we're gonna the only thing I'm just think it's something it's much like you know what -- not -- any cooking today -- I'm trying to I found before the -- You were talking about such incident -- -- part of the problem here it's not funny.
The and the fact of the matter is not -- taking very big steps -- the middle of taking big steps in the negotiation right now and I think the likelihood is we'll get somewhere between two and truly.
Three trillion dollar debt reduction package by the end of the month and it does that candidate got to start with -- -- insignificant things.
Because we're not doing we're not dealing with serious issues right now yeah yeah bottom of the sugar throwing him.
Throwing big numbers out there -- three straight over how many years it's over ten years wanna make it a hundred yet let's just call it thirty party trillion McVeigh that's not realistic look when he got -- -- point five -- -- per year to be reduced.
And we're not making that did that look I don't problems would tax increases but just who tolerates this does not make it did either.
Wayne but president last -- -- I know that your peers and a congress and they'll Lama wow if they weren't given funding from a national lottery any unfortunate reality is they would probably.
Blow it now well well two point -- What about it this would rob the states that's not true because we know from example -- Vegas.
Had gambling and -- solely about themselves for a long -- than other states have had gambling.
Is this competition for gambling competition -- gambling is good solid national lottery would not necessarily impact the state lotteries.
Secondly every step that you can take to reduce the deficit is good.
I don't care what it is if it's small and you start out -- meg getting the small what you'll negate the large -- and that's why they had not able lesson.
The president of threat it is -- commission before you know -- Simpson Bowles right they have this man this better there forever.
None of them have grabbed it not -- my view -- it has been there for two years.
I would Tracy everybody grab a cookie or a doughnut in my case all right thank yeah.