A child (usually a bastard child) deliberately conceived for the sole purpose of acquiring monetary handouts and other unfair perks. Usually born to welfare queens, illegal immigrants and other parasites.
When the Jackpot Baby is not a bastard (which is rare), it is usually conceived for tax breaks.
Occasionally, a person with wealthy parents will deliberately produce a child when promised large sums of money in exchange for producing an heir. However, the previously mentioned bastard child is the most common.
Shameeka: "Work?? Girl please! I'm gonna have me a Jackpot Baby so I can get on the 'fare, fuck that workin' shit! I ain't gettin' my hands dirty fo' no motherfucker!"
Jackie: "Oh. Uh, ok. So who's the daddy going to be?"
Shameeka: "Whoever, don't matter, long as I get a baby so I can get that check is all I care about."
A generation of Americans which lived off the good fortunes inherited from the hard-work and success of their parent's generation, but squandered these good fortunes, thus, leaving their own children's generation nothing. (i.e. the baby boomer generation)
Young Person #1: "I heard that instead of fixing social security for all Americans, the baby boomers are going to vote to cut Social Security benefits for just the younger American's, so they can receive full benefits for themselves in their retirement years."
Young Person #2: "Yep!. Sounds like the Jackpot Generation is up to their old tricks--squander a social program for their benefit, thus leaving nothing for the future generations of Americans."