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New Jersey to bail out Xanadu?

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New Jersey is dead broke, but that may not stop a proposal to give failed retail mall/mythical far eastern pleasure dome Xanadu a $180 million dollar taxpayer giveaway. Two years ago the Rutgers stadium expansion was not only denied $30m in state aid, but subsequently ripped to shreds by state politicians and some segments of the local media. That was in spite of the project being entirely funded by ticket bonds. I think we're entitled to a little righteous indignation here over the lack of shrieking outrage in opposition. At least Dick Codey had the good sense to jab George Zoffinger at a recent statehouse session over the latter's role in midwifing this monstrosity. Any fair commentator ought to measure their criticism of each project in direct proportion to the respective level of subsidy in both. Instead, the Bergen Record editorial board is merely "skeptical". Skeptical? If only the expanded stadium had been worthy of such charity. As the Xanadu project is completely superfluous, this idea would just be throwing good money after bad. New Jersey taxpayers have no vested interest in bailing out land developers for their foolish mistakes. While this proposal is being sold as a way to stave off an even worse situation, it's in reality a doubling down (in a classic example of the Gambler's fallacy) on a dumb idea with absolutely no hope for success whatsoever.

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