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As people across America flock to their favorite convenience store in anticipation of a record $550 million Powerball drawing, on Wednesday "Piers Morgan Tonight" invited a host of financial insiders and economic experts to debate the drama and danger surrounding the game of chance.
Joining Piers Morgan for a live interview, Les Bernal questioned the way the masses view this week's event:
"A lot of folks have been calling this 'Powerball Fever.' A better name for it is 'The Swindle Flu,'" claimed the Executive Director of "Stop Predatory Gambling." "State lotteries represent one of government's biggest public policy failures of the last 40 years ... this is a government program that's based on pushing citizen's into deeper personal debt. It's a classic gimmick, and it's become the public voice of American government today, and it's a lie. When people say 'people don't play this as an investment,' according to the Consumer Federation of America, you have one out of five Americans who think the most practical way to build wealth is to play the lottery."
Terry Rich, meanwhile, described Powerball and other lotteries as a simple slice of fun, a relatively inexpensive investment that's hardly harmful: FULL POST
As America braces for Wednesday's record 550-million dollar Powerball drawing, this evening "Piers Morgan Tonight" welcomes a collection of guests all charged with helping the dollars make sense.
One of the country's foremost experts on debt, author Dave Ramsey returns to the program, joining Piers Morgan live from his studio in Nashville, TN. The host of the syndicated radio program "The Dave Ramsey Show," the 52-year-old is also a four-time "New York Times" best-selling author, whose previous visits to the show have seen him touch on everything from the volatile markets and 2011's 2.4 trillion dollar debt deal.
On Tuesday evening, 35 days before the "fiscal cliff", "Piers Morgan Tonight" welcomed experts Robert Reich and Carol Roth to the program where the two debated the statement by business magnate and investor Warren Buffett. As paraphrased by Piers Morgan, Buffett is of the opinion that "the combination of reduced spending and a few higher taxes for the wealthier people in America is the perfect answer."
"You're comparing apples to oranges," responded Roth. "The amount of tax hikes we're talking about here, Piers, are about three percent of the GDP."
"Having a three percent increase in taxes as a percentage of the GDP," continued Roth, "will throw us back into a recession."
"I don't think that's correct." argued Reich. "We have an almost record percentage of total national income going to the wealthiest one percent of Americans."
"They are paying a lower tax rate today," said Reich, "and effective tax rates that they paid in about 80 years and it will help solve the problem because that means more revenues into government. Almost everybody, everybody who has looked at this issue, common sense party people, will say that you've got to have some balance between spending cuts and tax increases, particularly on the wealthy."
Earlier in the program, chairman of the Republican National Committee, Reince Priebus emerged from "below the parapet", as described by Morgan, and talked about his thoughts on the election, saying "I think that what we can conclude is that we've got to be better, and that's something that we're committed to doing." FULL POST
Each day, we here at "Piers Morgan Tonight" put together the news you need to know – from what happened last night to what will happen today.
For November 28, 2012 – Twin car bombs kill dozens in Syria, Barack Obama takes his fiscal cliff plan to the people and you, win the $500M Powerball jackpot? It's not happening...