Long after the Olympics are over, Vancouver will be paying for it. There was an article published earlier this week in the Vancouver Journal about the financial impact of the games on the city, and the outlook is not good. The costs of the games have far outpaced predictions, with security costs alone almost hitting $1 billion, up from an estimated $165 million. The article goes on to report that the taxpayers of the city have already had to bail out the Olympic Village development, another expense that will be almost $1 billion. Also, citizens of the city and throughout British Columbia will face provincial government budget cuts for programs like education and health care due to the costs of hosting the Olympics.Despite all these negatives, many in Vancouver and throughout the world see a benefit in hosting the Olympics. The mayor of Vancouver, according to the article, has defended his choice to pursue the games. Also, in the United States we had none other than President Barack Obama coming to Chicago's aid in their pursuit of the Olympic Games. Obviously the publicity that can be had by hosting the Olympics is immeasurable. For several weeks Vancouver has been seen on the television screens of billions of people worldwide and it is impossible to quantify that kind of exposure.
So the question I have to ask myself is, "do I believe that hosting the Olympics are worth it?" I would have to say yes and no. For Vancouver it seems it may not have been a great investment, but the Beijing Olympics were a valuable tool for presenting a picture of a free and united China to the rest of the world. Additionally, the Olympics of Rio de Janeiro could be a stepping stone to more global recognition for Brazil, as they are looking to transition from a regional power to a world power. So even though hosting the Olympic Games means taking on huge debt, many cities across the world still compete vehemently for the chance to do so. If that many people want it that bad, there has to be some real benefit. Right?
Photo Source: Tourism Vancouver, John Sinal via about.com
You also have to think about how much business it brings to Vancouver before and after the games. There are MILLIONS of tourists that come to Vancouver during the games, and then will be visiting the attractions from the Olympics for years afterwards. When I went skiing in Salt Lake City last spring break we went and skated at the Olympic Oval where they held the speed skating events in 2002. It was not only part of the Olympics in 2002, but is still being used, creating more income for the city.
ReplyDeleteGreat point mk I agree! Unfortunately it seems that a lot of the residents of Vancouver aren't too persuaded by the long term benefits. The debt incurred because of hosting the games may be the death blow for the current mayor. Right now it is looking like his chances of getting re-elected are dwindling.
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