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Thursday, March 15, 2007

Chicago's olympic folly?!

BBC NEWS | UK | UK Politics | Olympics budget rises to £9.3bn

Yes, the mayor wants it - really badly. The politicians want it. So, do the business. Most people think it would be "cool". But, is it worth it? I don't think so. I am pretty certain that if Chicago gets it the people can expect their taxes to go up, construction to be pain for years, the temporary stadium to become permanent and the city to be in deep red for years.

So, why do these people who want the Olympics in Chicago want it? I think for the mayor it is to satisfy his ego afterall he runs Chicago pretty much the way Jayalalitha a.k.a "amma" (mother) or "puratchi thalaivi" (revolutionary leader) used to run Tamilnadu. For the politicians it is way to win elections - olympics will create construction and jobs related to that. For the business, construction is a great way to make money off the city and its people.

None of the recent Olympics effort have been anywhere close to the original budget. London is running at about 3 times its initial, Beijing is even higher (but they are closer to end line). So, if the city is expected to have $500million reserve on the original budget how much will it have to shell out if it actually lands it.

As far as I know none of the cities that have hosted the Olympics in recent times have made any money off it. Montreal recently paid off the last installment on the amount borrowed. Chicago is expected to make about $5billion, roughly 5 days worth of local economy if the budgetted numbers are going to be right.

I love Chicago and I hope the city does not get to host the Olympics.

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