Whenever the subject of publicly-financed ballparks and stadiums comes up someone always makes the distinction that so-and-so’s ballpark wasn’t paid for with taxpayer dollars but, rather, was paid for with municipal bonds.
Muni bonds, however, are not free. As Bloomberg notes, just because the money doesn’t come from a city or state’s general fund doesn’t mean taxpayers aren’t footing the bill. They are, because the interest paid to investors on such bonds are not taxable. The result:
Tax exemptions on interest paid by muni bonds that were issued for sports structures cost the U.S. Treasury $146 million a year, based on data compiled by Bloomberg on 2,700 securities. Over the life of the $17 billion of exempt debt issued to build stadiums since 1986, the last of which matures in 2047, taxpayer subsidies to bondholders will total $4 billion, the data show.
Stadiums which directly enrich millionaire and billionaire sports owners and their allied businesses.
Yankees second baseman Gleyber Torres was born on December 13, 1996. That year, Bartolo Colon (who turns 45 years old on Thursday) was wrapping up a season he spent with Double-A Canton-Akron and Triple-A Buffalo. He would debut in the majors the following April.
In a clash of generations, the 21-year-old Torres and Colon squared off on Monday as the Yankees visited the Rangers. Torres won the battle twice, drilling a two-run home run off of Colon in the second inning and a solo shot off of Colon in the fourth. Colon wound up giving up six runs in total on eight hits (including four homers) and a walk with four strikeouts in 5 1/3 innings.
Here is video of the first homer Torres hit:
Torres is the second-youngest Yankee in club history with a multi-homer game. Mickey Mantle was 20 years and 296 days old when he went yard twice on August 11, 1952. Torres is 21 years, 159 days old. Joe DiMaggio was 21-212 when he hit two on June 24, 1936.
So much for respecting one’s elders. We’re currently seeing a youth movement in baseball. 19-year-old Juan Soto hit his first major league homer on Monday against the Padres. 20-year-olds Ronald Acuña and Mike Soroka debuted for the Braves earlier this year. Could 19-year-old Blue Jays prospect Vladimir Guerrero, Jr. join them soon?