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Tuesday, July 14, 2009

FromDC2Iowa: Gambling our way to economic prosperity

Excerpted from this post at FromDC2Iowa

Iowa: A Place to Grow (Your Debt) and Lose Your Green ... The
Press-Citizen has a good editorial this morning regarding the wisdom
of increasing the number of Iowa's gambling casinos. ... The problem, of
course, was the initial decision to get into the gambling business. It
was, after all, a business that was originally prohibited by the Iowa
Legislature in the same chapter of the Iowa Code that prohibited
prostitution. Once we have established 20 in-state casinos, as we have
-- like the 50 bars within walking distance of the campus in Iowa City
-- the net effect of prohibiting any more (while certainly better than
adding to the number) is to increase the "medallion value," the
oligopolistic profits, of an industry effectively protected from
competition.

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Andy Szal

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