US Debt A gamble

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US Debt: A gamble?

The U.S. debt is creeping closer to the $17 trillion mark ($16.9) and current projections place it at $23 trillion by 2017 – a whopping increase of 36%. Today also marks the opening of the Nemacolin Woodlands Casino – dubbed the ‘Lucky Lady’. This casino cost $60 million in addition to a $50 million license fee. This fee ensures that another casino won’t be located within 20 miles.

Featuring 600 slot machines and 28 table games, the Lucky Lady will add to the $1.5 billion dollars of gambling revenue earned in Pennsylvania in 2012. Last year, there were over 54 million visits to casinos nationwide. The revenues are earned by Americans spending their disposable (after tax) dollars. There is an irony here. We’re using tax dollars to build facilities where we promote losing our wealth while our total debt has accelerated to the point of no return.

While pumping gas this morning, I was further struck by the sign at the top of the pump. “Got a gambling problem? Go to www.paproblemgambling.com.” Who pays for this service? Because it’s a program within the PA Department of Health, the answer is Pennsylvania Tax Payers. This website claims that gambling addiction affects only 5-6% of those that visit casinos.

The numbers speak volumes. We’re not doing the right thing here. And we’re definitely not focusing on what’s most important to America – financial survival.

Mark Schuster, Partner

July 1, 2013

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