I am generally not a fan of the Tea Party, but this might be time for an uprising. Vote the politicians out.
Chicago plans to spend $100 million (that's correct—million) to subsidize a stadium for DePaul University.
Meanwhile, Chicago will close 50 schools, largely in poor neighborhoods, for lack of funds.
The deal is justified, according to DePaul, as a way to hold down college tuition: "Any way we can keep the cost down so I don't have to put this on student tuition is a wonderful thing," said Rev. Dennis Holtschneider, president of the university.
A wonderful thing? Using this logic, why don't we tax even more to make tuition zero at this private college? One negative answer is—the select students getting the wonderful education at DePaul will earn hugely higher incomes, on average, than the taxpayers who are footing the bill or the displaced high school and elementary students. Entertainment for students and alums is not the responsibility of government. Most importantly, the economics of sports arenas have been studied to death—they do not promote economic development or generate government revenues anywhere near their costs.
This is public policy gone haywire:
"Taxpayers shouldn't be forced to subsidize a sports arena or any other private entity that they may never step foot in," wrote Brian Costin, director of government reform at the institute, in an email to The Daily Caller News Foundation. "Instead, these sports ventures should be self-sufficient and support their own operations without tax handouts."