Heavy Lifting - thoughts and web finds by an economist
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Saturday, August 14, 2004
Yesterday, the city posted the "cost-benefit" analysis for which we paid $25,000. The study predictably says that the city will gain $238m per year and over the thirty year expected lifetime of the stadium the city will gain $7B and the county will gain $12B.
Of course, the county is not expected to pay anything towards the new stadium.
The study reports all figures in 2010 dollars, which is somewhat self-serving because it inflates the numbers. The consultant assumed 3% inflation per year, which makes a dollar in 2010 worth about $0.76 today. In other words, all of the figures are inflated by 25%, at least.
All sorts of reports in yesterday's news about the "cost-benefit" study, but if you read the report it is all benefits. There is not a single mention of costs. So, the study is really a benefit study. When do we expect to see the cost side of things? Probably not until after the November vote.
The Star-Telegram editorial page and the Dallas Morning News did mention the fact that the study only looks at benefits, suggests that maybe we should look at the costs, but then strongly supports the referendum in November. However, just about every television and radio spot dealing with the study failed to mention this fact.
Here is the "benefit" report
Here is an article from today's Dallas Morning News. After talking to the DMN reporter for perhaps an hour or so, I barely made it in the article. However, the heavy hitters were in the main article - Andew Zimbalist, Dennis Coates, Mark Rosentraub - thanks guys, hopefully we will get this thing spiked.
Not to be outdone, the city council of Dallas wants the mayor of Dallas to get back into the running to pay for a new staduim - ostensibly to keep the Cowboys in Dallas, which I fully support. Mayor Laura Miller said that Dallas is ready if and when a deal falls through with Arlington. Moreover, Mayor Miller stated that Dallas was not in the mix at the moment because "there is another town willing to pay too much for a new stadium." Here is another story.
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