Super Bowl of Welfare

Sep 2014
4,508
1,332
South FL
#1
Super Bowl of Welfare


Taxpayers were forced to donate more than $700 million to the owner of Atlanta's football team, billionaire Arthur Blank, to get him to build the stadium.

Interestingly many teams actually made a profit on stadium subsidies. Literally they received a subsidy greater than the cost of the facility they built.
 
Likes: BigLeRoy

Southern Dad

Former Staff
Feb 2015
39,868
8,299
Shady Dale, Georgia
#2
The city of Atlanta wanted the stadium to stay in Atlanta. The city lost the Braves stadium to nearby Marietta, which is in Cobb County. It is a benefit to businesses all around the area to have the stadium where it is. The city makes money from these businesses in taxes and fees.


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boontito

Future Staff
Jan 2008
103,252
91,744
Most Insidious
#3
I don't know if I'd say they were "forced" to pay for it. They put the people in office who agreed to the plan and that's largely how democracy works.

Also, keeping the stadium is indeed a huge financial benefit. Not as big as is usually touted because they conveniently leave out things like the increased demand on things like police presence as well as the cost of building and maintaining infrastructure needed to cope with the extra traffic and pedestrians.
 
Sep 2014
4,508
1,332
South FL
#4
The city of Atlanta wanted the stadium to stay in Atlanta. The city lost the Braves stadium to nearby Marietta, which is in Cobb County. It is a benefit to businesses all around the area to have the stadium where it is. The city makes money from these businesses in taxes and fees.


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Then let them pay for it then.

Classic case of that which is seen versus unseen. The $700 million didn't come from nowhere. It came from taxpayers.

Arthur Blank - Wikipedia

Net worth: $4.7bn

Want a stadium? Go build one. His pursuit of happiness is not more important than other people's.
 

boontito

Future Staff
Jan 2008
103,252
91,744
Most Insidious
#5
Then let them pay for it then.

Classic case of that which is seen versus unseen. The $700 million didn't come from nowhere. It came from taxpayers.

Arthur Blank - Wikipedia

Net worth: $4.7bn

Want a stadium? Go build one. His pursuit of happiness is not more important than other people's.
It's on the people of Atlanta then to vote for people who won't approve that funding. And if they're outnumbered by others in the city who will support people who will approve it, then... tough noogies.
 
Likes: NightSwimmer
Feb 2010
33,470
23,171
between Moon and NYC
#9
In the end it was a business decision. Which isn't to say there wasn't some deceit, lying, and backroom dealing involved in the decision process.

Capitalism ain't perfect....




..
 
Sep 2014
4,508
1,332
South FL
#10
In the end it was a business decision. Which isn't to say there wasn't some deceit, lying, and backroom dealing involved in the decision process.

Capitalism ain't perfect....




..
Of course that isn't capitalism. If we had a genuine capitalist economy businesses would be free to make economic decisions and they would keep the rewards or suffer the losses themselves. Your role for government is to protect property rights and otherwise enforce contracts and if we accept welfare, at least where welfare is justified by the hardships imposed by genuine poverty. That's not what this is though, this is cronyism , a bad marriage of capitalism and socialism where a much larger role of government sees the government handpick winners. Of course here the government does many things from imposing regulations to taxing some to benefit others with subsidies which are designed to specifically encourage government-favored businesses. Arthur Blank happens to own Home Depot so if the government came along and simply took $700 million from Lowe's, well it would be pretty obvious that you couldn't countenance that. But with taxes and subsidies the government can play smoke and mirrors a bit and can impose small widely dispersed costs and bestow concentrated benefits, in this case on a person who already is worth over $4bn dollars. He has the wherewithal to finance the stadium himself and even if he didn't, let's say he only had 500mn, you have to then ask why he couldn't form a corporation that could raise equity by selling stock, or raise cash by selling bonds or some combination thereof to voluntary purchasers.
 

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