Saturday, January 29, 2011
Stupidity closes the fiscal deficit
You have to be stupid to play the lottery. Despite what you might hear on TV, the chances of willing millions are vanishingly close to zero. Buying a lottery ticket is like giving money away and getting nothing back in return.
Judging by recent lottery duty revenues, stupidity seems to be rising in the UK. Compared to three years ago, the Her Majesty's Treasury is picking up and extra £100 milion a year. While this is an impressive result, it is but a droplet in the great bucket of debt that the UK has accumulated over the same period.
Although stupidity is on the rise, it isn't growing fast enough to narrow the fiscal deficit.