Don’t expect working class to pay for new Bills stadium
If one reads The News on a daily basis, one can glean an enormous amount of knowledge about society in general. A Jan. 20 front-page headline asked, “Who would pay for a new Bills stadium?” and another on page E-1 stated, “Richest 1 percent in world hold 48 percent of wealth.” The article noted that the world’s richest added $92 billion to their collective fortune in 2014, which will only grow as the economy expands.
If the new owners of the Bills are billionaires, one can surmise that all the other NFL team owners are at least billionaires. Ralph Wilson bought the franchise for $25,000 in the 1950s, and his estate sold it last year for $1.2 billion. Anyone with a financial calculator can readily ascertain that the investment earned in excess of 20 percent per year for 60 years.
So let’s put a new perspective on the issue. The 2015 cost-of-living increase for Social Security recipients was 1.7 percent. The News has frequently reported that income increases for middle-wage people average 2.1 percent per year, and minimum-wage workers have to fight tenaciously to try to get any increase in their wages.
So how much more should the overtaxed, working-class citizens of Western New York give to the billionaire elite class of NFL owners? The people who should pay for the new stadium are the ones who will receive the greatest reward from it. For billionaires to be asking the general public to subsidize their hobby-businesses is unconscionable, but then, maybe that’s why they are billionaires.
Daniel S. Kopec