The Most Expensive Olympics Ever

[Midpack]

Not meant as geopolitical, just arguably very sad from a priorities POV. I enjoy the Olympics as much as anyone, but the cost per event and increase in cost is astonishing IMO.

More here Charts: The Most Ridiculously Expensive Olympics Ever | Mother Jones

 

[kgtest]

I always wondered what sort of economic effect the Olympics have. Would we be better off economically, as a world without the Olympics, or does it provide too much growth, too many jobs and too much competition ?

 

[ERhoosier]

Does seem like there ought to be some overall cost limit for the Olympics. I mean opulence & cost over-runs have never been Olympics sports......until now .
In all seriousness, the Vancouver games were relatively low-budget but seemed to go very nicely.

 

[Meadbh]

Does seem like there ought to be some overall cost limit for the Olympics. I mean opulence & cost over-runs have never been Olympics sports......until now .
In all seriousness, the Vancouver games were relatively low-budget but seemed to go very nicely.

Why thank you!

The economic legacy of Vancouver 2010 was mixed

Legacies of the 2010 Vancouver Olympics | Metro

.....for example, it did not significantly increase tourism. However, public infrastructure projects such as the Sea to Sky highway have lasting benefit. The Richmond Oval has become a well utilized community asset. The Canada Line from YVR to the city centre makes commuting a breeze.

There were also some negative outcomes, such as the impact of the 2008-2009 recession on the financing of the Olympic Village. The city took on the debt and has been gradually selling the residences, but still carries some of the debt. And of course there was the tragic death of Luger Nodar Kumaritashvili on the first day of the games, because the luge track was just too fast.

But I think the greatest legacy of the Vancouver games for Canada was the public engagement and support for our athletes, who did us proud. And that has fed into a more assertive confidence and national pride.

 

[ziggy29]

It's hard to tell, and it's hard to get an honest accounting. It's the same thing with building a new sports stadium for billionaires who own sports teams. Many folks in the region want the prestige and the presence of the events in their cities and are willing to do whatever it takes to get them built, even if it has to include making sometimes specious economic arguments that really can't be verified and may well not pan out.

The other question is -- where are these economic benefits derived, and who shares in them? I tend to think that from a strictly economic point of view it tends to be a bad deal for the average citizen even if it does provide a net economic gain.

 

[ERhoosier]

It's hard to tell, and it's hard to get an honest accounting. It's the same thing with building a new sports stadium for billionaires who own sports teams. Many folks in the region want the prestige and the presence of the events in their cities and are willing to do whatever it takes to get them built, even if it has to include making sometimes specious economic arguments that really can't be verified and may well not pan out.

The other question is -- where are these economic benefits derived, and who shares in them? I tend to think that from a strictly economic point of view it tends to be a bad deal for the average citizen even if it does provide a net economic gain.

Agree it's bad for ave citizen. However public support for these pro sports stadiums is almost never an independently demonstrable net economic benefit to the region either. Cities losing their major pro teams did not suffer the predicted economic calamities over following years (e.g. Baltimore, St Louis, Los Angeles, Houston, etc.), and having an uninterrupted full complement of local pro teams PLUS hosting Super Bowl sure did not keep Detroit from bankruptcy

Much the same can likely be said of recent Olympics. IMHO- Sochi will end up benefitting only a few already rich & powerful folks, but not the area's ave citizen.

 

[robnplunder]

... but if the organizer makes money at the end (profit from TV rights, tickets, ...), more power to them. I think Russians are thinking their investment in Sochi's infrastructure will turn it into a Euro vacation mecca. If that happens, the money they spent will be well worth it. But that's a big IF.

 

[M Paquette]

And just think how wonderful it will all be when the construction is finished in a few months...

 

[LoneAspen]

Never understood the appeal of the Olympics, myself. Maybe because I'm not that into sports. I'll watch a hockey game now and then, and maybe the Superbowl, but that's about it.

To me, the Olympics is an overpriced overhyped fiasco, and I really couldn't care less about them. So-an-so wins a gold medal? *yawn* I don't really care.

To think countries [-]spend[/-] waste that much money on that crap is just mind-boggling.

Oh well. To each their own I guess.

 

[ERhoosier]

And just think how wonderful it will all be when the construction is finished in a few months...

I canceled my Sochi trip 'cause I couldn't get my roller coaster rides

Not Quite Ready, Sochi Gambles on Future Gold - WSJ.com

 

[easysurfer]

I really haven't tuned in to the Olympics. One, too many spoiler alerts (tv, internet).
Two, Putin.

 

[ziggy29]

Never understood the appeal of the Olympics, myself. Maybe because I'm not that into sports. I'll watch a hockey game now and then, and maybe the Superbowl, but that's about it.

To me, the Olympics is an overpriced overhyped fiasco, and I really couldn't care less about them. So-an-so wins a gold medal? *yawn* I don't really care.

To think countries [-]spend[/-] waste that much money on that crap is just mind-boggling.

Oh well. To each their own I guess.

I prefer not to see things so black and white as to condemn anything as "wasting" if I don't agree with it. Or spend three paragraphs bashing something (and indirectly insulting the interests of people who don't share my view as shallow and misplaced), and then turn around in the last sentence saying I'm not being judgmental....

 

[clifp]

I have really mixed emotions about this Olympics. Like most people I am more in interested in the Summer games. I skied some when I was younger but basically have spent most of life avoiding winter.

I went the Soviet Union during its collapse in the late 80s, then to Russia in 1991 right after the failed coup. I developed a real soft spot for the long suffering Russian people who have suffered for centuries at the hands of some awful governments. But these are Putin's games and I find myself actively rooting for them to fail. (Although I certainly pray they are safe and bloodshed free)

 

[robnplunder]

But these are Putin's games and I find myself actively rooting for them to fail. (Although I certainly pray they are safe and bloodshed free)

Shhhh .... you may be indirectly insulting those who love Putin. But I hear you that this appears to be Putin's Olympic. And the worst thing about it is, the NBC hosts seems to be brown nosing Putin about this Olympic. Well, it could just be me. Anyway, I will stop here since I've had my hand slapped by moderators for posting politically charged posts before. One more and I may no longer be allowed to post here .