Detroit Cronies Sucking Money out of City to build Red Wings’ Stadium

Source: Collapse.com and Reason

Though I am usually not a fan of infographics/datagraphics, Reason just published the below graphic which details the horrible deal that the city of Detroit is getting by building this new arena. We see these kinds of deals being struck all around the country as politicians think that any sports team will be a boom to the local economy. What really ends up happening is that the owners of the teams get richer at the expense of the taxpayer.

These programs rarely net a positive result to the local economy. Most economists recognize research that has been done that shows that teams and new arenas do not increase entertainment spending in the region but just divert it from elsewhere that it would be spent. Ultimately, Detroit, a city that is dying already, stands to lose jobs and lose money on this investment and it just might be the straw that breaks the Detroit camel’s back.

Detroit Redwings Stadium Infographic

Sources

The Risky Economics of Sports Stadiums

Pro Sports Stadiums Don’t Bolster Local Economies, Scholars Say

General information about the Stadium proposal

Debunking the Economic Case for Sports Stadiums

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This entry was posted in Corporate Crime, Corporate Welfare, Corruption, culture, Economics, Financial Crisis, Recession, society, wasted taxpayer dollars and tagged , , , , , , , , , . Bookmark the permalink.

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