“Detroit
this week became the most prominent example of this trend. Officials in the
financially devastated city announced that their plan to slash public workers'
pension benefits will move forward.
“On
the same day, the billionaire owners of the Detroit Red Wings, the Ilitch
family, unveiled details of an already approved taxpayer-financed stadium for
the professional hockey team.
“Many
Detroit retirees now face big cuts to their previously negotiated retirement
benefits. At the same time, the public is on the hook for $283 million toward
the new stadium.
“The
budget maneuvers in Michigan are part of a larger trend across the country. As
Pacific Standard reports, ‘Over the past 20 years, 101 new sports facilities
have opened in the United States — a 90 percent replacement rate — and almost
all of them have received direct public funding.’
“Now,
many of those subsidies are being effectively financed by the savings accrued
from pension benefit reductions and cuts to public services.
“In
Chicago, for instance, Mayor Rahm Emanuel recently passed a $55 million cut to
municipal workers' pensions. At the same time, he has promoted a plan to spend
$55 million of taxpayer money on a hotel project that is part of a stadium
development plan…
For the complete article, Stadium Subsidies Financed by Pension Cuts by
David Sirota, Click Here.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.