[Cannon Shell]

Originally Posted by miraja2

That may be part of it, but I think that angle is overhyped a bit. The big problem is simply that almost every politician - regardless of party - is only ever interested in short-term solutions because most of them can't see past the next election. If some new spending can be spun as spending on "education," a politician would be commiting political suicide if he or she voted against it. Too many of them just lack any sort of political courage whatsoever.
Investing in an industry that does - as you say - raise large amounts of money for the state, never seems to cross any of their minds because there is no immediate political advantage gained from it. The fact that investing more money in horse racing - or a host of other things - could improve the product, and therefore raise even more money for the state goverment, seems to be a concept that most of them are unwilling to care about. They just spend, spend, spend....without ever really investing in future financial security.

Well said