The state’s broke yet taxpayers will soon be asked to help fund an unnecessary stadium. We’ll be told that new stadiums pay for themselves, and then some, but that’s bullshit.
[W]hat they do is they use debt, public debt, to help build these stadiums. And, essentially, these are bonds that go out decades, if you will. And two things generally happen: either these stadiums don’t pay for themselves in many cases, which leaves taxpayers on the hook, or if the venue does happen to be successful — as in the case of the New Jersey Meadowlands — politicians can’t help milking these things. They take the revenues and they put them somewhere else and they don’t pay off the bonds. It’s kind of like the equivalent of not paying off your mortgage. And that eventually leaves taxpayers on the hook too.