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jtnc

Charlotte Council approves plan to give Panthers $125 million

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Economist Victor Matheson, who has studied the economics of sports stadiums and has pushed back on the notion that the facilities drive so much economic growth that they pay for themselves:

“The basic idea is that sports stadiums typically aren’t a good tool for economic development,” said Victor Matheson, an economist at Holy Cross who has studied the economic impact of stadium construction for decades. When cities cite studies (often produced by parties with an interest in building the stadium) touting the impact of such projects, there is a simple rule for determining the actual return on investment, Matheson said: “Take whatever number the sports promoter says, take it and move the decimal one place to the left. Divide it by ten, and that’s a pretty good estimate of the actual economic impact.”

QFT

UBS: “Independent academic research studies consistently conclude that new stadiums and arenas have no measurable effect on the level of real income or employment in the metropolitan areas in which they are located. Feasibility studies for professional sports facilities often fail to account for the substitution effect. Individuals generally maintain a consistent level of entertainment spending so money spent on sporting events typically comes at the expense of cash spent in restaurants, on travel, and at movie theaters.”

The UBS study also notes: “…sports crowd out other types of economic activity. The physical infrastructure of a city, whether it’s a private hotel or a public airport, cannot abruptly increase capacity. As a consequence, sports fans tend to displace other visitors. As a case in point, Robert Baade and Victor Matheson at the College of the Holy Cross have examined the number of visitors to Beijing during the Summer Olympics of 2008. Tourist arrivals for the month of August did not fluctuate year-over-year and the number of visitors to Beijing actually declined on an annual basis. Similar results can be found for Olympic Games held in the US and for such sporting events as the Super Bowl.”

QFT x2

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yay I get to pay more taxes so a billionaire's private business gains in value

total scam just like PSLs but hey, at least he's not raping the city as much as some of the other NFL team owners are

The Federal Reserve is a scam, but few complain about that, happily accepting slavery en masse. Why should this relatively minor offense be any different?

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So when does Charlotte get a Super Bowl?

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WSOC interviews Charlotte man concerned that the new tax will affect not only rich folks eating out, but also his home furnishings.

wsoc.jpg

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Nothing screams financial wisdom quite like a man with a KFC bucket as a lampshade...

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Nothing screams financial wisdom quite like a man with a KFC bucket as a lampshade...

I think I saw this quote etched into the granite walls of a federal building somewhere.

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Now, officially, the North Carolina panthers. Funded by North Carolina taxpayers. Sweet.

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Now, officially, the North Carolina panthers. Funded by North Carolina taxpayers. Sweet.

Also funded by anybody that buys prepared food and drink while visiting Charlotte.

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once the earmarked has been met, what happens to the overage of revenue from said taxes?

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