LONG-TERM LOTTERY
State governments watched the gambling phenomenon make certain cities rich and finally decided to claim some of the riches themselves. They started with some rather lucrative lotteries and continued to increase the winnings to compete with other states. Then they got smart and made it “sound” like the winnings were larger than they really were. They would announce the winnings as what they were worth after annuities accrued, rather than the amount of the actual payoff. But now there is word that states are taking this lottery gimmick a bit too far. One state is said to be offering a five million dollar prize, but on closer inspection, they are only paying five dollars a year for a million years.
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