Geesh, how dumb do our elected officials think voters are?
REALLY DUMB. If you want to know the truth, in Miami, of this statement: just ask the folks living around the Miami Marlins stadium in Little Havana, how much they have benefited from the new stadium. It's a joke, to an exponential power.
BL: The argument in favor of public financing for ballparks and arenas is that the new venues create jobs. But you’ve presented the argument that having a stadium or a team in a particular area might actually reduce average incomes. How so?
PH: There’s a professor at University of Maryland, Baltimore County, Dennis Coates, who has looked at that question. He’s just an economist looking at the figures, he found that what he calls the "sports environment," which is basically having teams and arenas in a certain area, it actually correlates with reduced incomes of about $40 per family. Study after study has been done that shows that the overall economic impact of building stadiums is almost always negligible. Every dollar that’s spent in an area, going to a game, or going to a restaurant in the area, it would have been spent somewhere else in the community. So, you’re just sort of shuffling money around, you’re not actually accumulating new wealth.
From Let's Eliminate Sports Welfare:
"In Miami, a local politician who supported public financing for the Marlins’ new stadium says that taxpayers fronting an estimated $220 million for renovations to Sun Life Stadium is not a matter of “if,” but rather “when” and “how” -- never mind that Miami-Dade County residents will be paying off Marlins Park until 2049. The reason? The NFL insists that a stadium that already underwent $300 million in sprucing up over the last decade needs additional work in order to host future Super Bowls, and since the Miami Dolphins remain $230 million in debt from previous fix-ups, well, hey, someone has to pick up the tab."