One of the stupider ways local governments throw away money is to build stadiums for billionaires. From John Stossel at townhall.com:
Sunday is the Super Bowl.
I look forward to playing poker and watching. It’s easy to do both because in a three-hour-plus NFL game there are just 11 minutes of actual football action.
So we’ll have plenty of time to watch Atlanta politicians take credit for the stadium that will host the game. Atlanta’s former mayor calls it “simply the best facility in the world.”
But politicians aren’t likely to talk about what I explain in my latest video — how 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.
In addition to the subsidies, the Falcons get all the money from parking, restaurants and merchandise sales. Sweet deal.
But not an unusual one. Some NFL teams collect even more in government subsidies than it cost to build their stadiums.
So taxpayers, most of whom never attend a game, subsidize billionaires.
Seems like a scam.