We in Telegram
Add news
March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
News Every Day |

Won’t be fun to watch the White Sox this year, but the lies about The 78 should be amusing

Artist’s rendition rendering the necessary and no doubt ugly parking facility invisible, done by someone who apparently has never been to Chicago and thinks Clark is a super-quiet side street. | Related Midwest

The falsehoods from the team and developer are off and running

The second-biggest story related to the White Sox this week was that PECOTA gives them zero — that’s a true, 0.0 zero, not some rounding down — to win the anemic AAAL Central or get a wild card, let alone win the World Series. Fortunately for whoever has to sell tickets for this season, that news has been drowned out by all the fancy drawings and lies about a proposed new stadium in the South Loop.

“There are lies, damned lies and statistics.”

Never question the wisdom of Mark Twain. Especially about totally made-up statistics.

The latest release from Related Midwest, the developer of The 78, where this new White Sox ballpark would theoretically go, got lots of coverage due to the pretty pictures of some idyllic scene more fitting for the Field of Dreams than reality. But it was the claims from Related Midwest that accompanied the pics that should have drawn more attention, namely:

Included in the renderings is the “Project Impact” the stadium is expected to benefit the city of Chicago. In it, it projects five million annual visitors, a $9 billion investment in Chicago, $4 billion stabilized annual economic impact, 32,000 jobs, 1,000 affordable units, $200 million annual tax revenue, 10+ acres of space for the community and 1,300 residential units.

Allow me to be the first to call “Bull***t!”

It’s not unusual for the economic impact of a project to be greatly exaggerated in order to grab public money. But, at least in the case of sports facilities, the claims are never, ever true. Never. Ever.

There are many academic studies which go into great detail about how and why putting public money into a ballpark or arena is a huge waste of tax dollars that could be better spent elsewhere, but if you want to avoid academic prose, an article in a publication of the Federal Reserve St Louis office (Economics Of Subsidizing Sports Stadiums | St. Louis Fed (stlouisfed.org) while old (2001), puts it all together in an easy form to understand and makes you realize that politicians who put your money into the pockets of billionaires should be drawn and quartered.

But let’s break down the Related Midwest claims:

  • 5 million annual visitors Since the White Sox have never drawn close to half that many spectators in any year since 2008, and the theory is that it’s the ballpark that will lure people to restaurants and bars and whatever, apparently three million or so are coming to be amazed at how few cars are on Clark Street down there.
  • $9 billion investment in Chicago It’s hard to even know where to start laughing at that one. The owners of the Cubs may not be nice people, but after they tried to get public funding and failed, they plunged ahead with a massive set of improvements and additions to Wrigley and the surrounding area on their own, including pretty much all the things proposed for The 78, basically creating a neighborhood. And they did it for about one billion, not nine.
  • $4 billion stabilized annual economic impact Gee, owning a baseball team must be a lot more lucrative than Jerry Reinsdorf has ever admitted. This load of b.s. wouldn’t ever fool Penn and Teller. Or any sentient being. Unless you mean the impact going into Jerry’s pocket.
  • 32,000 jobs Gosh, that’s a lot of jobs. Granted, there would be a lot of short-term construction jobs, about the same number there would be if you put the same money into new schools. As for permanent jobs, well, there would be many seasonal jobs at the ballpark, for sure — the same number as there are at the GuRF now, or maybe not quite as many since a new facility is bound to have more automation, and Reinsdorf is famed as the most anti-labor of any baseball owner. Surrounding restaurants and such, should they ever actually exist, will need employees, which should be available from the nearby fooderies and bars that lose business to the new joints. All it would be is jobs moving a few blocks ... though, to be fair, Related Midwest didn’t claim these would be “new” jobs.
  • 1,000 affordable units Could be, I guess, though it won’t be a good look for the new place to have all those homeless folks pitching tents there.
  • $200 million annual tax revenue Of which both Reinsdorf and the even (much) richer head of Related Midwest’s parent company will be sure to weasel out of every single possible dime, something they’re both very good at. When they get done with all their (perfectly legal) tax dodges, there may not be much left. Or maybe Reinsdorf plans to trade for Shohei Ohtani and he’ll be paying the taxes.
  • 10+ acres of space for the community Could be. Of course, there are 62 acres of space for the community there now.
  • 1,300 residential units Yes, roughly the population of two South Loop high rises that would be built anyway.

All that sure makes the concept look really lucrative, so lucrative it’s amazing the White Sox and Related Midwest don’t want to go ahead on their own and reap all those gazillions in profits for themselves while paying taxes like good citizens and not even asking for TIF-type breaks.

Yeah, right.

Why is this man laughing?

Reinsdorf and his buddies have an incredible deal going now, paying a small fraction in rent compared to what they’d owe in property taxes if they actually owned the GuRF and its parking lots and were good citizens. He’s certainly not going to plunge into a worse situation. The city and state shouldn’t either.

Perhaps an earlier suggestion I made on a referendum for the use of tax dollars (and/or breaks) for a new stadium was too complicated. Maybe a simple yes/no ballot question would be better.

How about: Instead of going to schools, police, parks, roads, and other usual government functions, Chicago and Illinois should take hundreds of millions of tax dollars to build a stadium for the benefit of billionaires who will get to keep the profits from its operation.

PECOTA would give that as much a chance of passage as it gives the White Sox to win the World Series.


This was written before the Tribune’s front-page article on the claims came out on Friday. At first it looked like the Trib was buying the b.s., but then they corrected the picture by talking to Allen Sanderson of the University of Chicago, who studies sports economics, and who pointed out that whenever claims like these are made, you should move the decimal point a column to the left. Of course, the grifters now know that rule of thumb and adjust their claims accordingly, so you probably now need to move the decimal point two columns to the left.

The Trib also pointed out the current hotel tax levies to pay most of the public share of the GuRF have fallen short by tens of millions, and the city is having to cough up the difference every year.

But that’s a whole other story of Reinsdorf’s grifting.

News Every Day

Beautiful Outdoor Garden Furniture, Garden Library Interior, Hidden Book Nook Garden Design

Beautiful Outdoor Garden Furniture, Garden Library Interior, Hidden Book Nook Garden Design

Reliving the Past through Old Photos

Amsterdam Stunning Sunny Hour Winter 2024 Amsterdam Walking Tour 4K

Top 10 Animated TV Series of 2023


Read also

Bayern set to test Liverpool’s resolve as they look to prise Champions League winner away

3 bedroom Apartments for sale in Atalaya – R4655668

Economist Paul Krugman: Here’s what’s driving 'white rural rage' and 'the MAGA narrative'

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Top 10 Animated TV Series of 2023

Today24.pro — latest news 24/7. You can add your news instantly now — here

News Every Day

Top 10 Animated TV Series of 2023

Sports today

Новости тенниса

Рублёв победил Чжана и пробился во второй круг турнира ATP-500 в Дубае

Спорт в России и мире

Тверские хоккеисты победили команду из Белгорода на ГУМ-катке в Москве

All sports news today

Sports in Russia today


Собянин: В этом году в Москве открыто около 400 лыжных трасс

Новости России

Game News

A Halo co-creator who was working on the next Battlefield has seemingly left the franchise and EA



Коммерсант: Экс-глава НПО "Космос" Черняков умер в Москве от инсульта

Губернаторы России

Армия Армении ЛГБТ+


Андрей Бочкарев: Реконструкцию ТРЦ «Мега Теплый Стан» завершат в 2024 году

Доля повторных клиентов МФО рекордно выросла

«НДВ Супермаркет Недвижимости»: квартиры евроформата остаются лидерами по спросу

Совместный Дуэт с Певцом. Запись совместной Песни.

Арбенина возмутилась отменой концертов во Владивостоке и на Сахалине

«Были и другие времена»: жена Джигана раскрыла секрет, кто в их семье зарабатывает больше

Диана Арбенина сначала извинялась перед соседями за Россию, а теперь возмущена отменой концертов!

Хачанов обыграл чеха Меншика в финале турнира ATP в Дохе

Теннисистка Калинская поднялась на 16 строчек в обновленном рейтинге WTA

Селиваненко считает, что Калинской для победы в финале не хватило опыта

Медведев признался, что легко пережил поражение от Синнера в финале Australian Open

ENERGY дарит тур в Мексику на выступление Джареда Лето

На «Юмор FM» продолжается игра «Это МНЕ?!»

«Атомайз» вручил киберспортсмену первую NFT-награду

Армия Армении ЛГБТ+

Распространение Клипа, Выступления, Концерта или Песни в Интернете.

Уральская ТПП в рамках сотрудничества с «Институтом Адизеса» провели первое обучение

«Приятно выигрывать в Москве»: Квартальнов о победе над «Спартаком» в преддверии плей-офф

Экс-форвард ЦСКА Масалитин назвал игру "Краснодара" и "Зенита" главной в РПЛ

Ефимов: инвестора для развития незастроенной территории Фили-Давыдкова выберут на торгах

На участке в центре Москвы перекрыли проезд в связи с прощанием с председателем Верховного суда России Лебедевым

Бастрыкин: покинувшие Россию артисты ответят по закону, когда вернутся

В голосовании на благоустройство в Новгородской области будут участвовать 55 территорий

Путин в России и мире

Персональные новости Russian.city

Концерт ко Дню Защитника Отечества

News Every Day

Top 10 Animated TV Series of 2023

Friends of Today24

Музыкальные новости

Персональные новости