If exaggeration is a crime, this is a felony:
At first glance, the numbers look impressive.
Indiana University's yearly economic impact on the state: $4.9 billion. The impact of its health programs: $6.6 billion.
And, perhaps most jaw-dropping of all: For each dollar that state taxpayers invest in IU, they receive a return of $24.91.
[. . .]
Just one problem. Independent experts told The Indianapolis Star on Thursday that the numbers don't add up.
They're inflated, the experts say, and in the case of the $25 return-on-investment, they're misleading.
John Siegfried, an economist at Vanderbilt University who has written several academic papers on the subject, called the number "ridiculous to the extent of being really embarrassing for an institution supposedly dedicated to seeking truth and knowledge."
"Economic impact" statements should always be viewed with skepticism if not downright scorn. They're almost always self-serving piles of nonsense meant to show exactly what those pushing them want to show. Don't for a second believe the NFL's claim that a Super Bowl host city can realize an economic impact of $125 to $450 million.
