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Can Poverty be Solved with Powerball Jackpot?

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January 12, 2016 · 2.2k Views

With the Powerball Jackpot recently surpassing a record $1.3 billion dollars, there has been significant buzz about what that money could be used for. The last few days a meme has been circulating various social media outlets and gaining popularity. The catch is, it contains a massive error.

The meme has since amassed 1.3 million shares and over 800,000 likes after rapper Livesosa shared it to Facebook.

While it’s certainly a “feel good” concept, there are two major problems. First, the math is completely wrong. Dividing the 1.3 billion dollar Powerball jackpot equally among the estimated 300 million Americans would actually come out to about $4.33 per person. So unless gifting everyone a Starbucks latte is the goal, we’re not coming anywhere close to achieving what the meme is hoping for.

Related Post: 5 Easy Hacks to the 52-Week Money Challenge

Also, hypothetically let’s say the math WAS right. If everyone was given $4.33 million dollars each, we’d still be right back where we started. The rich would get richer, the poor would still have the least, and everything would skyrocket in price as a result of inflation.

Another example for how important it is to always double check your work and think things through before mindlessly sharing social media posts.

So what do you think, colossal math error or genius troll job?

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sfgiantsfan8 profile picture
A lifelong Bay Area native, Matt Spillar graduated in 2013 from Fresno State with a Sports Marketing degree. He strives to combine his passion for sports marketing along with his interests in finance and budgeting. In his spare time, he writes for his personal blog, spillsspot.com

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