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Oakland has fired 80 cops, no money. San Diego is technically bankrupt. Teachers are fighting to hold their jobs.
But government loves building memorials to their incompetence and fiscal irresponsibility.
The best symbol for them is the building of sports stadium--total money losers, but look pretty.
"In sports, as in so many walks of life, economics has a way of vindicating its status as the dismal science. That shiny new baseball stadium must be good for the economy, right? Wrong. An appearance by the local team in the World Series, that has to be a boost for businesses, no? No. Isn’t there intangible value in being a “major league” city, and having a winning team? Well, maybe — but the emphasis is on the intangible.
It’s almost impossible to find an economic study — other than those financed by stadium boosters — that shows a positive impact from taxpayer investment in professional sports. As Oakland tries to figure out how to keep the A’s and the Raiders in town, and as Santa Clara works to lure the 49ers south from San Francisco, the mountain of evidence showing that stadiums are unreliable economic engines looms large."
Nothing looks better than a town winning a World Series in a stadium that will bankrupt the attendees. Do people lose their common sense when they get involved in government?
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But government loves building memorials to their incompetence and fiscal irresponsibility.
The best symbol for them is the building of sports stadium--total money losers, but look pretty.
"In sports, as in so many walks of life, economics has a way of vindicating its status as the dismal science. That shiny new baseball stadium must be good for the economy, right? Wrong. An appearance by the local team in the World Series, that has to be a boost for businesses, no? No. Isn’t there intangible value in being a “major league” city, and having a winning team? Well, maybe — but the emphasis is on the intangible.
It’s almost impossible to find an economic study — other than those financed by stadium boosters — that shows a positive impact from taxpayer investment in professional sports. As Oakland tries to figure out how to keep the A’s and the Raiders in town, and as Santa Clara works to lure the 49ers south from San Francisco, the mountain of evidence showing that stadiums are unreliable economic engines looms large."
Nothing looks better than a town winning a World Series in a stadium that will bankrupt the attendees. Do people lose their common sense when they get involved in government?
More...