From: NoPlainvilleRacino
"San Bernadino files for bankruptcy as officials admit to 'cash flow issue' "
San Bernadino, California has a casino right in the city. Mammoth Lakes, California — with a casino about fifteen miles down the road — filed for bankruptcy last week.
Detroit is headed for bankruptcy, and it has three casinos.
Stockton, California filed for bankruptcy last month. That city has a casino, "card clubs", ...and three other casinos from fifteen to fifty miles away.
Do you suppose the economic multipliers — the effects of consumer spending flowing through the economy — might have felt the impact of predatory gambling in those cities? When you lose consumer activity, when money is spent in casinos and slot parlors instead of buying food, clothing, cars, refrigerators, etc., the economy of a town or city is bound to slow. If $100,000 spent in slot machines results in $300,000 in economic losses, it only stands to reason that cities with predatory gambling facilities are having to turn to bankruptcy when they can't balance the books.
The gambling "industry" doesn't create wealth; it simply transfers money from the less well-off , poor people and seniors to the already wealthy. You can't build a healthy, vibrant economy on taking from the poor and giving to the rich.
http://www.guardian.co.uk/
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