The New Yankee Stadium: A Giant Pork-Barrel Project
I’m not in a position to say where the pork and the subsidies are coming from, but suffice it to say that the most valuable team in Major League Baseball ($1.026 billion), its owner (estimated personal net worth in 2004: $225 million, and certainly higher now), and its players (Yankees’ 2006 payroll: $194.7 million) are feeding at the public trough outrageously (NY Times link appears to be free for now):
Declaring the start of a new era for the Yankees and for the Bronx, officials from the state, the city, the team and Major League Baseball broke ground today on a, 51,000-seat replacement stadium, as throngs of police officers cordoned off protesters who have opposed the project because it will eliminate most of two popular parks and require $400 million of public subsidies, on top of the $800 million in construction costs that the Yankees will pay.
If you don’t understand why players salaries are a lot higher than they would be if it weren’t for massive public subsidies, go here (”Pro Sports Owners and Athletes: Supersized Welfare Queens”).
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UPDATE: Commenter #3 “cornfed” makes excellent points about party bias in the article, and yours truly elaborates a bit.









