Economic Pixie Dust

My kid recently remarked about a distant trip to Disneyland, saying one of the ‘fairies’ she encountered wasn’t a real fairy because there was no “pixie dust.”

Mike Sunnucks [@mikesunx] had an article in this morning’s Phoenix Business Journal under the headline:

Glendale Can’t Clear Away Economic Pixie Dust; OKs Latest Coyotes Deal

The entire article is instructive for those watching similar voodoo economics at work in Scottsdale. But particularly this line hit home:

In the end, subsidizing wealthy businessmen buying a hockey team that loses money, went through Chapter 11 bankruptcy and could still end up relocating after several years gave way to Glendale’s engrained emotional, economic and financial attachments to the arena and its surrounding area.

This strikes me as a much more pragmatic perspective on this situation than Pixie Paola Boivan’s “take a leap of faith” advice to the Glendale City Council in the Arizona Republic yesterday. But I would expect a more business-like analysis from the “Business” Journal.

At one time I would have also expected it from Mayor Jim “It’s a contract, not a gift” Lane, quoted by Mike Clancy [@MichaelClancy52] on AZCentral today. After double-digit millions of dollars in taxpayer subsidies to his cronies (especially the PGA and Phil Mickleson), I no longer expect a business-like approach from Lane.

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