Pro Sports Socialism for the Rich
Hey I have an idea. I want to open a business and have the government finance it. Then when it makes money I will pay income taxes but never payback the government money granted to me. You say good luck with that! But I must tell you that this is exactly what’s happening in professional sports today.
The construction of publicly financed stadiums in the NFL have cost taxpayers $7 billion dollars in the past fifteen years. When you add in all other professional sports the price tag exceeds $12 billion. What is the return to the public? The answer is nothing! Yet the players and owners enjoy higher salaries and profits. Professional sports has become a huge part of crony capitalism in this country.
According to data gathered by the firm Conventions, Sports, & Leisure International, since 1997, nearly $5 billion of public money has been spent on the construction or renovation of nineteen N.F.L. stadiums. That’s not counting the additional amount taxpayers spend indirectly when stadium costs are paid for with financing from tax-free bonds which can total an additional $2 billion. Bringing the total to $7 billion of public money used for NFL stadiums.
The time has come to say enough is enough. Taxpayer support for millionaire players and billionaire owners must stop. The insanity must end and the result will be tax relief or lower deficits for state, local and even federal budgets.