Posted by John McHale
The regulars at my favorite diner this morning are quite excited by the improved prospects of a casino in Massachusetts. A casino in an economic downturn? Seems crazy but ... they say hell yes, because it means more jobs. One gentleman says he thinks people are more likely to place bets when times are tough, in hopes of scoring the big pay out. Desperation pays I guess.
My fellow diners found hope when they learned the elected official who was blocking the slot machines the most -- Massachusetts Speaker of the House of Representatives Salvatore F. DiMasi -- resigned under a cloud of ethics allegations. It was the lead story in the Boston Heraldthis morning, hence the breakfast conversation.
Seems as if the hopes for employment in this liberal state may lie with casinos and defense contractors. Seems an odd paring, but residents are excited about the casino and experts forecast a steady 2009 for the defense industry. The state is home to Raytheon and other major primes have a large presence here as well, including BAE Systems just over the border in Nashua, N.H.
I'm all for the gambling. Maybe they could tax the casinos and leave our income tax alone -- wishful thinking in this state. My fellow commonwealth residents voted against lowering the income tax last fall.
Missing the no income tax, "live free or die" state...
Gambling produces no real goods or services, and is only marginally better than pushing drugs.
ReplyDeleteBoarded-up businesses that eventually surround casinos are a visible reminder of this phenomenon. Money that could be invested in productive companies is instead risked in a legalized gambling scheme.
To make mattes worse, the Organized Crime Section of the Department of Justice found that "the rate of illegal gambling in those states which have some legalized form of gambling was three times as high as those states where there was not a legalized form of gambling."
This is because state-sponsored gambling does not allow people to bet on credit, and it forces winners to report their winnings to the government. Illegal gambling does not have these "limitations".
Finally, gambling encourages greed instead of productivity. Is this good for us?