The wrong kind of bet with the wrong kind of money

posted by
December 20, 2016
Show-Me Institute
by Graham Renz  
Posted in Commentary, PND Commentary

"A group of local businesspeople (SC STL) is trying to lure a Major League Soccer (MLS) team to the Gateway City. The only catch is that SC STL is asking Saint Louis taxpayers to cough up an extra $80 million in new taxes to support the venture. In addition, as the Business Journal reports, SC STL is also asking for $40 million from the state of Missouri. Altogether, SC STL hopes taxpayers will pick up $129 million of their projected $405 million in costs. ... The state just cut $50 million (including $40 million from Medicaid) from its budget due to shortfalls. So how can it afford to chip in $40 million for a sports stadium? And what could justify placing a new burden on taxpayers for a project that Governor-elect Eric Greitens recently described as 'nothing more than welfare for billionaires?'" (12/20/16)

http://showmeinstitute.org/blog/subsidies/wrong-kind-bet-wrong-kind-money  

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