A payday loan for Iowa?
February 16, 2009 | alternatives, industry | Comments (0)At least that’s the comparison this editorial makes in discussing an idea to sell the state lottery to make money. From the Telegraph (IA) Herald:
Now, some state officials are kicking around the idea of selling the Iowa Lottery. The deal might bring $200 million plus a 22 percent annual tax on receipts — a mighty attractive prospect, considering state government’s current financial straits. That’s the offer Gov. Chet Culver had on the table. It came from Riverside Casino and Golf Resort CEO and Dubuque native Dan Kehl.
But wait a minute. The Iowa Lottery is worth $1 billion, according to State Treasurer Michael Fitzgerald.
It would be a ridiculously lousy idea to sell the lottery. The state should say no way, not even for $1 billion.
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