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Formula 1 and the American Grand Prix: Sucks for Poor Locals!

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Basquo:

--- Quote from: Buckmark on November 19, 2012, 12:36:41 PM ---
What I think I dislike most is being constantly told how wonderful this is for Austin's economy, and how much money it brings in for local governments.  Blah blah blah.  I'll believe that when my property taxes go down.  So let's just call this what it is:  a boondoggle for mostly rich folks who can afford to spend thousands and thousands of dollars on not just tickets, but hotels, parties, etc.  A giant supply-side trickle-down stimulus.  The State of Texas is giving them $25 million per race, for 10 years.  For that, I better see some fucking amazing economic benefits.  But most of the jobs created are temporary, and don't pay much beyond minimum wage.


--- End quote ---

OK well that pretty much sums up my slant today. If this is such a great great investment, I wish they'd show us the figures on our return. Yes, my property taxes have gone down each year since they announced it, but that's because my property value has gone down. Like 30%. At least I know where we're going to be living for a while, because we can't afford to sell.

mecch:
Monaco / Monte Carlo F1 is the biggest rat fuck of the trashiest superrich I have ever seen, and every car company in the world spending briefcases of cash.  And that web site says the direct benefit is a rather modest 100 million. 
Not sure Texas can realistically expect a huge direct profit.

This unique sport combines extreme glamor, technology, machismo and by association, sex sex sex. Locations are buying international cachet and bragging rights.  Thats why its dictators, sheikhs and princes, and aging douchebag Texan yahoo legislators forking out money for F1 circuits.

(And F1 races can be exciting and fun, for anyone. Anyone who loves car culture, or is into sport statistics. The locations can be great.  Monaco is amazing and all the cars speeding through the city its pretty surreal and sensual. If London has a street circuit it will be incredible!)

Reminds me of olympic game hosting.  Local citizens will invariably foot the bill.  Developers make money, as do organizing committees.  Cities or Nations get cachet and bragging rights. 

Everytime local developers and ego starved local politicians work up enthusiasm for a bid for Winter Olympics in french speaking switzerland, the citizens vote and tell them when hell freezes over will they be stuck with the tab.

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