One of the charming features of Bob Herbert of the New York Times is that even when he is saying something sensible, he still gets it wrong. Today, he lets loose at New York's Mayor Bloomberg for putting up $300 million for a stadium for the New York Jets.
Last week Mayor Michael Bloomberg said the New York City Police Department "is doing a great job," and added, "I wish I had the money to pay 'em more."
Two days later he was at a press conference giddily explaining how anxious he was to fork over $300 million in city funds to help the New York Jets build a glittering new playground for the rich on the banks of the Hudson River in Manhattan.
I guess it's a matter of priorities. The mayor can't find the money to pay the city's cops or teachers what they deserve, but he can sure come up with the cash for a stadium.
The evidence that stadiums give any sort of return to the city is largely non-existent. Doug Bandow of Cato and Alan Krueger of Princeton offer a pretty good summary of the evidence. To the extend they generate employment, it is largely employment diverted from other activities. But Herbert, who has an obsession with rich people, can't let it go there.
One more thing. While the fattest of the fat cats can line up for a shot at the luxury boxes, ordinary New Yorkers for the most part will not ever be able to go see the Jets in their billion-dollar-plus palace by the Hudson. Jets games are already sold out to season-ticket holders.
Anyone else who wants tickets has to go on a waiting list. When I asked a spokeswoman how long the wait might be, she said, "10 years."
Sold out games? Waiting lists? That suggests that Jets games are underpriced. A poor man can compete on equal terms with a rich man on a waiting list or in a queue.
