This article is from Salon, which has consistently shown itself to be a statist digital rag. However we do occasionally feature work from the site and this article is worth a view.
It seems that Scott Walker is putting the people of Wisconsin on the hook for half of the new Milwaukee Bucks stadium.
Seems a shame given his quite good track record on spending and cronyism elsewhere.
Herb Kohl, the former Democratic senator, sold the Milwaukee Bucks to two New York-based hedge fund managers, Marc Lasry and Wesley Edens, in 2014; and they immediately demanded a new arena, lest they abandon Milwaukee. Lasry and Edens are worth around $2 billion each, but under the purchasing agreement they would only put up $150 million for the arena, with Kohl kicking in another $100 million. The rest would come from city, county and state taxpayers.
The usual discredited arguments propped up this deal. Wisconsin lawmakers promised great economic benefits from a new downtown arena. Walker said repeatedly it would be cheaper to keep the Bucks in Wisconsin than to lose them to some other city. This ignores the fact that the alternate universe where Wisconsinites don’t have a Bucks game to attend in April is not necessarily to sit in their homes and contemplate the darkness of existence. They’d maybe go out to dinner, with the economic activity simply substituted.
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