Gambling Our Way Out of the Recession
With unemployment hovering above 8% and a “new normal” which means expensive gas prices and less bank loans, will gambling be the lucky answer to our stumbling economy?
According to the American Gaming Association, the commercial casino industry supported $125 billion in spending and nearly 820,000 jobs in the US in 2010. Gambling accounted for 1% of the US economy. Gambling also translates into jobs – the average salary in the casino industry is higher than other recreation and retail segments.
Gaming is a growth segment. The industry is growing faster than any other recreation sector in the US economy. And then there are taxes. The industry paid $16 billion in taxes in 2010 – including an effective 32% tax rate (a lot higher than many of our politicians!).
With most US states cutting basic services – health, schools, police and even prisons, the growing gaming industry is filling holes in many states. Can anyone imagine Florida, Nevada or New Jersey without gambling? Besides gambling and gambling tourism, what other growth industry can help replenish state budgets?
When gambling comes to “your neighborhood”, the stakes are high. Online Casino Archives is aware of the complexity of the issue. We suggest that politicians from both sides get together with respected gaming business leaders to flesh out the issues state by state. Eventually, Miami and other tourist cities will have casinos.
The real question is, how do we implement responsible gambling? For that to happen, the adults need to sit down and work out adult policies.