Sacramento officials have lost all ability to reason, and instead are letting emotions and delusions of grandeur drive their decision over a downtown sports arena.
Arenas are nothing more that fields of schemes, and the joke is on taxpayers. And Sacramento is hardly a bastion of economic splendor. Despite some of the highest unemployment in the country, escalating business closures, widespread home foreclosures and short sales, and declining tax revenue, arena talks are all the rage in Sacramento.
Judith Grant Long’s data on full public cost of stadiums and arenas is groundbreaking. “Where most ‘stadium cost’ charts just rely on self-reporting by teams, Harvard researcher Long has actually attempted to calculate the public and private costs of every major-league stadium and arena in North America, including hidden subsidies like free land, lease breaks, and tax exemptions,” Field of Schemes Neil deMause wrote.
It’s as if the Mayor is so enamored of the idea of driving away from the car dealership in a new Maserati, he’s forgotten he can’t afford… Read More