Thursday, April 10, 2014

Thomas Sowell: The Pay Differences Between Men and Women are Quite Trivial When Properly Corrected

(ht Mark Perry)


  1. Why doesn't Sowell ever harp on this?

    Atlanta Stadium for Billionaire’s Falcons Prompts Bond Fight
    Home Depot Inc. co-founder Arthur Blank, having bought the Atlanta Falcons, is getting help from the city to build a $1.2 billion football stadium to replace a venue that a skeptic noted is barely older than Miley Cyrus.

    The billionaire said his ambition to bring another Super Bowl to town rides on replacing the Georgia Dome, which opened in 1992, with funds including $200 million in taxpayer money. Neighborhood critics say a city-adopted plan unfairly burdens residents of two predominantly black neighborhoods. Vine City and English Avenue are areas steeped in the city’s civil rights history, and where the Reverend Martin Luther King Jr. brought his family to live in 1967.

    The project calls for demolishing the city’s first black Baptist church, and turning the street named after King into a dead-end for stadium VIP parking.
    Economically Obsolete

    Georgia law requires court approval before government general-obligation revenue bonds can be issued. The judge will weigh whether the bonds, backed by hotel taxes, are valid.

    “It’s not too hard to be skeptical about this, when you have a stadium only two months older than Miley Cyrus being declared economically obsolete,” said Victor Matheson, a professor and sports economist with the College of the Holy Cross, in Worcester, Massachusetts, referring to the 21-year-old singer. “This is the youngest stadium to be abandoned that I can think of in recent memory.”

    Blank’s wealth is an estimated $1.8 billion, according to Forbes magazine’s list of the richest Americans. He bought the Falcons in February 2002 for $545 million and owns the Georgia Force, an Arena Football League team.

    The stadium bonds would be issued by the Atlanta Development Authority and repaid through the hotel tax. The City Council also agreed to dedicate hotel tax revenue beyond the bond payments to operating the new publicly owned stadium.

    That might generate an additional $900 million over 30 years, the neighborhood challengers said in court documents citing the bond filing. Although the stadium will be state-owned through the Georgia World Congress Center Authority, the Falcons will operate it and keep stadium revenue under a licensing agreement that requires the team to pay an annual rent of $2.5 million.

    U.S. cities are on the hook for at least $10 billion of sports stadium bonds, with at least one-fourth for the NFL, according to data compiled by Bloomberg.

  2. Quite trivial? The pay gap is 4% when properly corrected.

    Man makes $100/hour and wage is adjusted for inflation as reported by shadowstats (7%/year).

    Woman makes $96/hour and wage is adjusted for inflation as reported by shadowstats (7%/year).

    After 10 years, man is making $196/hour and the woman is making $188/hour. The pay gap has grown from 4% to 4.26%, which is a 6.5% growth in the pay gap.

    We have a large pay gap and it's growing rapidly simply due to inflation.