I agree with your main point, but mentioning new construction is something of a non-sequitur because that funding usually comes from donors. We might be able t

I agree with your main point, but mentioning new construction is something of a non-sequitur because that funding usually comes from donors. We might be able to make the case that the donations don't cover the ongoing cost of operating the new buildings, but at least at my institution, the new buildings are usually energy-efficient replacements for old ones. But yeah, the whole thing is nutty: a few years ago at a Chamber of Commerce function, one of our extremely wealthy doners (you probably know of them) told the audience members that they should be providing a certain minimal level of funding to athletics, even if it meant reducing their normal contribution to the academic side.