Sunday, March 22, 2015

(Related Update) Cronyism, NFL style...

Reminder: Due to illness, I am forced to modify my posting schedule ending, hopefully, by June 1st. Consequently, I am reducing the number of posts to two per day and will be relying on audio, video, and re-posts to a much greater extent than normal during this period.  Thank you for understanding and for continuing to visit – and recommending! -- On Liberty Street! Now on to the post:

Related update: The year's version of the Super Bowl has already past, but this topic never gets old because it so thoroughly appeals to common sense: it just seems reasonable to assume that the Super Bowl, and other large social events, must produce economic benefits for everyone involved. After all, there's a tremendous amount of consumer spending going on, right? And if that's true, then spending zillions of dollars on sports stadiums must ultimately be a good invesment strategy, right?  Well, regular OLS followers know better, as do the folks at who bring you this recent, short video:

Original post 2/2/14:  With the Super Bowl deciding the 2013 NFL champion tonight, I thought a post on the NFL's well established corporate welfare asset might be in order.  Previously I've posted on research showing that sports teams are actually a net negative for their host cities.  Here I link to a post at that suggests it's unwise for cities to fight over hosting the Super Bowl.  Here's an excerpt:
“The NFL is good at fleecing taxpayers,” says ESPN columnist Gregg Easterbrook, author of The King of Sports: Football’s Impact on America. “It’s about a billion dollars a year I’ve calculated in public subsidies to NFL owners and this is a group that consists almost entirely of billionaires and yet receiving significant public subsidies every year.”
There's also an embedded 7-minute video from exploring this topic as well.  And by the way, I predict the Broncos win 31-19.