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Cincinnati Stadiums Prove To Be Too Much For Hamilton County 06:25
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The Cincinnati Bengals and Baltimore Ravens at the very expensive Paul Brown Stadium during an NFL football game , Sunday, Sept. 19, 2010, in Cincinnati. (AP)
The Cincinnati Bengals and Baltimore Ravens at the very expensive Paul Brown Stadium during an NFL football game , Sunday, Sept. 19, 2010, in Cincinnati. (AP)

Fifteen years ago, Hamilton County, Ohio officials agreed to the construction of Paul Brown Stadium for the Cincinnati Bengals and the Great American Ball Park for the Reds. A devastating national tragedy and a recession later, these once alluring stadium agreements have turned into a nightmare for Hamilton County. Reed Albergotti and Cameron McWhirter of the Wall Street Journal characterize these sports deals as some of the worst in history, and Albergotti talks to Bill Littlefield about the ramifications they've had.

In their Wall Street Journal article, "A Stadium's Costly Legacy Throws Taxpayers For A Loss," Albergotti and McWhirter outline the financial struggles that Hamilton County has been facing. While officials expected that they "could cover the cost of the debt service for the stadiums with a half percent sales tax," Albergotti explains that their predictions were way off.

"They based their projections on about a three percent sales tax growth every year," Albergotti said. "That didn't happen."

As a result of the extra financial attention being paid to the bonds for the stadiums, other programs and departments within the county are expected to face cuts. These deals have been called "the monster[s] that ate the public sector" because they have paralyzed Hamilton County's budget. While other projects have had to make cuts, the stadium construction bills have no such flexibility.

This segment aired on July 16, 2011.

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