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I just counted 205 staffers who are likely to be both full-time and based in D.C., and I'm guessing that list isn't comprehensive.
Add in 25 players who make an average of $3.4 million and spend 6-7 months or more in D.C., and I'm guessing the Nationals' payroll dwarfs that of the best shopping mall in the D.C. area.
LOL, so now partners, scouts and "Florida Operations" employees are based in DC?
And "you guess" the list isn't comprehensive? So now you want to collect Peanut vendors who work less than 81 days a year, while ignoring that from my list there is a thousand+ full time lower level workers reporting to the hundreds of managers at a mall?
You can stop guessing. It's been researched, and unbiased economists (ie. the ones not paid by teams) have found that a single Nordstrom generates more economic value than an MLB franchise.
TARP is on track to lose $24B, so not totally repaid. TARP was a massive bailout of poor investment decisions, i.e. a subsidy of reckless investors so they could keep their companies and equity instead of being forced to refinance or reorganize in bankruptcy. Then execs at the bailed out banks paid themselves billions in bonuses made possible only by the TARP handouts.
LOL. One minute the anti-stadium people are arguing that a sports team is in competition with all other forms of entertainment in an area, and that such sports teams simply cannibalize other entertainment spending. The next minute, that same sports team is a monopoly with an iron grip on its fans' dollars.
Ludicrous. MLB's 30 teams generated over $7.5 billion in revenue last year; Nordstrom's 230 stores generated $8.5 billion
No idea how you're missing that this entirely proves my point--PRIVATE investment all but destroyed the world's economy. Government stepped in and for a very small fraction of the total, saved the day. How is that not an incredibly strong argument for the efficiency of government over private enterprise?
But if your town suddenly decides to eliminate a 10% surtax on hotel rooms, and your town has a dozen hotels. If 11 hold firm and try to trap the windfall, their plan is foiled by a single hotel slashing it's rates and increasing it's profits by minimizing it's vacancies. Once one lowers prices the rest of the dominos fall. If all 12 meet in secret and agree to hold the line, they can't stop the canny local businessman from building a new hotel on that empty lot to take advantage of the now much higher profits the hotel business offers in your town, and he'll likely undercut their rates to build his business, forcing the dominos down anyways.
Almost all of Nordstom's stores revenues were local.
Little MLB revenue is. TV money is over half of their revenues. Owners, players, GMs, scouts, the highest paid employees rarely live in the town.
Well, no, you couldn't. TARP has been fully repaid. That you don't know that tells us you're not looking at the evidence, then coming to judgment, but rather coming to judgment then throwing stuff out there that you want to believe supports it, but in fact doesn't.
The WSJ article was, of course, only the tip of the iceberg. The idea that people routinely invest their own money wisely is frankly absurd (no offense, truly. I've seen far, far too many preposterous choices to believe you're correct here). Most people are clueless when it comes to economic choices. Private enterprise is also extraordinarily wasteful. Think of all the failed companies that go into making one successful one. Think of the dozen failed restaurants standing behind every restaurant that lasts a decade. Voters rarely tolerate that level of inefficiency in government; at least, not for long. There's oversight in government spending that doesn't exist for private investment, and so on.
If the hotel tax is 10 percent, the most the rates can be cut is 10 percent without cutting further into the previous profit margin. Ten percent hardly constitutes "slashing" prices, and it's not the type of margin that sends developers scurrying to build additional hotels.
Little MLB revenue is local? GMs don't live in the team's city?
As for Nordstrom, they sell products that are made elsewhere and then send most of the profits back to Seattle. The guy who manages the Nationals' clubhouse almost assuredly makes more money than any Nordstrom store manager in the country, and probably more than any Nordstrom regional manager. (And he probably ranks no better than 50th on the Nationals' hierarchy.)
Do you really think hotels make even a 10% profit margin? Last I looked Marriott was under 5%. Dropping another 10% to the bottom line at least doubles profits, if not triples them. So yes, it will send developers scurrying.
Mine is in Africa on a safari right now, and rumour is still lives in San Diego.
And all the people above him live elsewhere. Rebut the report. You can guess all you want, but real economists wrote it without being paid to reach a predetermined conclusion. Whether you agree or not, you should get value from reading it, cause you dont' know much about business now, that's for sure.
Add in 25 players who make an average of $3.4 million
what a wonderful benefit that is when compared to the costs
That's the real benefit. Having a professional sports franchise allows a state or local government to tax income of highly paid athletes which is something they wouldn't get to do without the sports franchise. They're essentially turning national television advertising dollars into local taxes. Those ad dollars would otherwise go to reality television shows in Hollywood.
Florida doesn't have income tax.
the right one can make some difference in the livability of a city
Almost all of the "taxpayer money" being spent on this is coming from hotel taxes
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