NASSAU COLISEUM BOND ISSUE - VOTE NO

If you care about Nassau County, VOTE NO!

Nassau County is currently in a $53 Million budget hole and its finances are being controlled by NIFA a state  financial watchdog. The absolute last thing we need is another $400 Million of long term debt piled onto the backs of the hard working, over taxed residents of the county, especially at a time when the county is cutting important services left and right.

In order for taxpayers to be paid back the entire $400 million as promised today, one has to be willing to believe that the new arena will magically generate more than $13 million in PROFITS every year for the next 30 years when Wang admits that he currently loses “millions” each year. How exactly are they going to do that with an aging population and shrinking economic base? Young people are leaving the island in droves due to the high cost of living, scarcity of reasonably-priced housing, and lack of jobs outside of the low-wage retail services sector.

Economists have proven that taxpayers NEVER get the promised return on investment for publicly-financed sports stadiums. Let Mr. Wang put up his own money and bear the risk if the Islanders are such a good bet or take his team elsewhere.

Mr. Wang should pay for a new building with his own money. Oh wait, he can't because in this economic environment he either does not have the cash, does not want to incur the risk or he can't secure the necessary  private financing. No wonder he has turned to the county. The problem is, the county's pockets are empty.

Well then, I suppose he can always seek public financing elsewhere being that there are so many states and localities out there who would jump at the chance to incur another $400 Million of long term debt. Oh wait, local and state governments across the nation are massively cutting back on spending as they are more or less broke as well.

Despite Mr. Wang's threats, he is not going anywhere, anytime soon. Where would he go?

Yes the project would generate some short term jobs but only at the cost of more long term debt for the county. The math here as is indeed fuzzy, and intentionally so. Mr Wang as he has so often in the past and Mr. Mangano are trying to pull a fast one. The theme song for the taxpayers of Nassau County should be "Won't Get Fooled Again."