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Opinion
Lottery
revenue and loans an interesting comparison
August
10, 2004
News
item: “COLUMBIA (AP) – Large Powerball jackpots helped fuel
lottery ticket sales of $950 million for the fiscal year that
ended June 30, according to lottery officials.
“After
payouts of $552 million in prizes, South Carolina was left
with about $270 million – $17 million more than expected – to
help pay for college scholarships, according to unaudited
revenue statements the lottery released to The (Columbia)
State newspaper …”
________
News item:
“COLUMBIA (AP) – Bigger tuition bills are putting a pinch on
the pockets of many college students and their parents,
causing them to borrow more money through private loans to
help cover costs of their children’s education, school
officials say …..
“ ….. Tuition at the state’s public
colleges rose 70 percent from 1998 to 2003, from a weighted
average of $3,475 to $5,891, according to figures from the
state treasurer’s office.
“The increase in tuition has
funded a rise in loans taken out by parents, said Bill Mackie,
president of the South Carolina Student Loan Corp.
…..”
________
The state lottery is called the
“education lottery” since it was created to help pay education
costs in the state. So far, it has indeed been a successful
revenue-raising tool. In fact, as in the past fiscal year, it
has brought in even more than anticipated. That has helped
relieve the financial pressures in a number of
areas.
That’s a positive effect, of course. In that regard,
even those who opposed a state lottery would have to agree.
Something doesn’t seem quite right, though.
Comparing the
two news items above creates one of those
“what’s-wrong-with-this-picture” scenarios. Millions of
“extra” dollars are coming in, yet parents and students are
having to borrow more than ever to go to public
colleges.
It would seem that if the lottery is providing
money to pay costs in many areas of education, it would take
pressure off the “normal” state revenue and allow lawmakers to
fund colleges better. At least it should partially eliminate
some of the budget cuts that have become the rule instead of
the exception.
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