Economists Critical of Museum Study
By: WMBD/WYZZ News Staff
Updated: March 27, 2009
WMBD/WYZZ - Peoria - Citizens for responsible spending are hoping to help voters decide whether to build the block, with economic critiques from Illinois State and Knox College, saying the project might not deliver what it promises. How much is enough is enough is enough? That's the question citizens for responsible spending chairwoman Karrie Alms says prompted her to seek critiques on the study compiled by economists at Bradley Universtiy, which claim the musem project will create more than a thousand jobs and pump nearly $600 billion dollars into Peoria's economy over the next two decades. "And if it had been favorable to the museum, whatever, we would've released that", Alms said.
Economists with Illinois State and Knox College crunched the numbers in the study and say the number of jobs created and potential revenue generated are inflated. They say the study fails to look at key factors, one being the county's current operating debts and surpluses, which the project will be built on. "Clearly if it runs an operating deficit then it will require tax funds that might have been used for something else," said Knox College economist Richard Stout. Bradley University economist Robert Scott, who conducted the original study, counters by saying Stout forgot to do his homework. "He sounds to me like a very bright guy, but like the other folks he never contacted us for our data. Why don't the tell you by how much they think there was an exaggeration and then in the spirit of what citizens for responsible spending have told you, then voters have the opportunity to say gee...their numbers are different."
But for Alms, she just wants to keep taxpayers from hearing this from those who are behind the project, "We built it. Oops we're sorry, we thought we were going to make projections, we didn't. Now we've built it, don't you want to see it be successful, we need more money." When asked why he didn't look at the data used to compile the Bradley study, Stout says just pointing out the report didn't include current surpluses and deficits is good enough.
Economists with Illinois State and Knox College crunched the numbers in the study and say the number of jobs created and potential revenue generated are inflated. They say the study fails to look at key factors, one being the county's current operating debts and surpluses, which the project will be built on. "Clearly if it runs an operating deficit then it will require tax funds that might have been used for something else," said Knox College economist Richard Stout. Bradley University economist Robert Scott, who conducted the original study, counters by saying Stout forgot to do his homework. "He sounds to me like a very bright guy, but like the other folks he never contacted us for our data. Why don't the tell you by how much they think there was an exaggeration and then in the spirit of what citizens for responsible spending have told you, then voters have the opportunity to say gee...their numbers are different."
But for Alms, she just wants to keep taxpayers from hearing this from those who are behind the project, "We built it. Oops we're sorry, we thought we were going to make projections, we didn't. Now we've built it, don't you want to see it be successful, we need more money." When asked why he didn't look at the data used to compile the Bradley study, Stout says just pointing out the report didn't include current surpluses and deficits is good enough.
