What were they thinking? “They” being the Obamas and the Chicago business and political establishment. The 2016 Olympics would have turned Chicago into a cost-overrun construction site. Instead, it’ll be Rio, that gorgeous crime-ridden city, which will go through Olympics anguish. The taxpayers will foot the bill for excess costs long after the short-term economic boost from sports-tourism fades from memory . Boa sorte, Rio! I enjoy the Olympics – from the comfort of my couch – and feel sorry for the residents of Olympic cities. “Try telling that to 180 million Brazilians,” says my DJN colleague Claudia Assis, who was born and raised in Rio. “All Brazilians are fierce nationalists in sports and oil, in that order.” Claudia cites a University of Sao Paulo study commissioned by Brazil’s Ministry of Sports saying the $14.4 billion Rio will spend to host the Olympics will – between 2009 and 2027 – have a $51.1 billion ripple-effect on the Brazilian economy. Specifically, each dollar invested in the Olympics will inject $3.26 dollars into supply chains associated with the event. We shall see.
3 Comments to Olympics Outcome: Good for Chicago, Not For Rio
Heloisa PaitOctober 2, 2009
I received the news in a bus in São Paulo. We all knew we, São Paulo tax-payers, would foot the bill. But we were happy. Smiling and complaining about the costs, already accusing the politicians for the diversion of funds we know will happen.
But life is not about cost and benefit analyses. So it’s great that the Olympics will be in Brazil. I will certainly be there!!! The Obamas will be there too, you bet!
sgoldOctober 2, 2009
elbow’s pain? esprit de cochon?
October 2, 2009
Gabriella, you missed the point. Rio will host the party, but not pay for it – São Paulo will. And we’re happy to do it!
Budget: $15 bi.
Cost overrun: 100 a 200%.
Final cost: 30 to 50 bi.
Fraction of the tab for the state of S Paulo: 1/2 a 2/3, at least $20 bi altogether.
Total cost for each S Paulo taxpayer: $500.
But it’s all fine because it keeps the cariocas happily busy. Otherwise they go into politics and that could be expensive indeed.