Charlotte is in the news again for the still-birthed NASCAR Hall of Fame.
Charlotte, N.C., coughed up $154 million to become the home of the new NASCAR Hall of Fame — which employs just 115 people. Other communities build museums, convention centers and concert halls. It’s hard to measure, but it’s unlikely they all return equal value to taxpayers.
They don’t even make good tourist attractions as ruins afterwards.
It is emblematic of the money wasted on billion-dollar stadiums, amphitheaters, and the like. These projects are increasingly paid for with financial instruments designed to hide the cost to taxpayers and avoid a referendum on the debt.
State and local debt is now 22 percent of GDP thanks in part to these deals.
