The Texas Lottery was sold to the people of Texas as a way to fund public schools. Most folks did not want it because it is gambling and most religions in Texas are anti-gambling. It turns out, most of the money goes to the folks who run the lottery. The ‘workers’ for the lottery. Primarily the folks on top, I suspect.
Perry touts lottery sale, gets mixed reviews
By W. Gardner Selby
AMERICAN-STATESMAN STAFF
Friday, February 09, 2007
Gov. Rick Perry, hunting support for selling the Texas Lottery, told a Capitol crowd Thursday that the state might get more than $20 billion for selling a 40-year concession — with the option of buying back the lottery after that.
The figure is $6 billion more than what Perry pitched as his conservative estimate for selling the lottery in his State of the State speech on Tuesday.
The GOP governor wants proceeds from selling the lottery to establish three endowments. Interest from one fund would be devoted to cancer research, interest from another would help low-income Texans purchase health insurance, and interest from the third would go to public schools, which would need to replace $1 billion a year they now get from the lottery.
Perry has said the state will earn 9 percent a year on the invested funds, raising more money for the designated projects than could be generated other ways.
"Look, the numbers work on this," Perry told members of the Texas Public Policy Foundation, a conservative think tank.
"And I happen to believe that the governor who sold the lottery plan to benefit education, Ann Richards, would look with pride upon us for what we're doing to find a cancer cure that's out there in the future."
The proposal received mixed reviews from those in the audience.
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