Monday, October 27, 2008

Kick it while it's down


With the economy crumbling all around us, thousands of jobs being lost on a daily basis, and more and more business going under every week, it's nice to see the Yankees kicking us when we're down.

I have a hard time justifying a $12 ticket to a Padres game; not necessarily the amount of money itself, but more so because of the quality (or lack thereof) of the product on the field. I can only imagine what fans in New York are thinking about the new Yankee Stadium.

According to this story in the New York Daily News, the new stadium got up to $850 million in taxpayer investments, but will leave little in return; just 15 full time jobs and a guaranteed increase in ticket prices.

Thanks, Hank!

I don't mean this to be a cheap shot against the Yankees; Yanks spokeswoman Alice McGillion does make several good points about the union jobs the new stadium will create, which is really all you can expect out of this type of business anyway. It's not like new Wal-Marts bring thousands of full time positions to communities in which they open, either. Ten years ago, this probably wouldn't have been a story at all (at least not from a financial standpoint).

What it should be is a wake-up call for those in favor of publicly financed stadiums. They cost hundreds of millions of dollars, always result in higher ticket prices, and always drain local economies. For more reading on the subject, check out the following links:

FromNCPA.org

From sportsline.com

From Coyote Blog

Google search results

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