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Reflect on Learning: Can you understand why addiction is so closely associated with poverty? Draining cash reserves, running up expensive credit card charges, fees and penalties, credit score problems, health care costs, job loss and rehab costs can result in homelessness and poverty for an addict and their family. Addiction at the National Level Not only are drug and alcohol addictions huge personal financial risks, they are a multi-billion dollar per year drag on the American economy . Each day in the United States, over 120 people die as a result of a drug overdose. Somewhere in America, 5 people will die of an overdose as you sit in this class today. Overdose deaths, particularly from prescription drugs and heroin, have reached epidemic levels. Since 2001, they have increased almost three-fold! This problem is not going away, so you need to be aware and protect yourself . Drug and alcohol use impact our safety, the nation’s productivity, and crime levels. In 2007, the economic cost of drug abuse in the United States was estimated at $193 billion. The bulk of these costs include: Lost productivity due to labor participation costs, participation in drug abuse treatment, incarceration, and premature death; Healthcare costs – for drug treatment and drug-related medical consequences; and Criminal justice costs, due to criminal investigation, prosecution, incarceration, and victim costs. Reflect on Learning: Imagine what could be different in this country if those hundreds of billions of dollars weren’t lost due to drug and alcohol abuse. If you had $185 billion to make improvements in people’s lives, what would you do? Would you use it to make college education free? Build better schools? What’s your idea for fixing this huge national problem? PRODUCT PREVIEW $11 billion $61 billion Source: The National Drug Intelligence Center III. Losing it All to Gambling Lottery, bingo, poker, football, horse racing… People will bet on anything. The National Council on Problem Gambling (NCPG) estimates that 2 million Americans, or about 1 percent of the population, are addicted to gambling. Another 4-6 million are problem gamblers meaning they are experiencing significant life problems due to their gambling. Any type of gambling can be addictive. Growing National Problem. Gambling addiction is a rapidly growing national problem. In fact, it is catching up to the drug problem in terms of severity. Gambling addiction impacts people of all ethnicities, ages, socioeconomic status and genders. Experts estimate that In 2007, gambling losses in the U.S. came to $92 billion! Why the increase? The rise in gambling addiction is attributed to the proliferation of internet gambling sites which can be highly addictive. The convenience of online gambling is hard to resist. It’s available 24/7 right from the comfort of home. There are thousands of internet gambling sites. In addition, many states now have lottery programs which, ironically, is state-endorsed and promoted gambling. Thou Must Not Wager On March 22, 1631, soon after they came to the New World, the Puritan settlers banned all forms of gambling in their settlements. Fin Lit Trivia Fin Lit Trivia Fin Lit Trivia $120 billion
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 335
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