Monday, October 05, 2009

People are Happy Chicago Dodged the Olympics

Those people might not include the President the First Lady and Oprah but it seems to be a blessing in disguise.

Getting the games means a city sacrifices considerable control over its financial future. If your vacation turns out to be more expensive than you planned, you can always cut it short and go home. But if the Olympics run over budget, you don't have the option of bailing out. You spend what you have to spend, whether you have the funds or not.

Olympics do run over budget, as a rule. Montreal, which hosted the 1976 summer games, just paid off the last bills in 2006. Athens, the 2004 site, spent three times as much as it had planned.

Montreal just paid off the bills 30 years later? Now that is one expensive event. I hope Rio can handle to big costs. I would really like to hear what they will be doing about the Flavelas. The thought of a cross country track with the backdrop of shanty towns wouldn't be something Brazil would want to show off.

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