So, the Olympics are coming to Los Angeles in either 2024 or 2028. Great, right? No. Not great. Hosting the Olympics is a crazy and expensive undertaking in the modern era and it will likely leave the residents of Los Angeles saddled with enormous debt.
Good move Donny.
- Brazil had to declare a financial state of emergency after hosting the 2014 Olympic games and the 2014 World Cup. They’re also stuck with a ton of useless amenities that have been disguised as “infrastructure.”
- Greece has gone into bankruptcy and is watching their 2004 Olympic sites crumble and decay.
- Let’s not forget about the disaster that was the Russian Olympics. Walls leaking water, slave labor, stray dogs and exposed electricity.
So, why does anyone host the Olympics? There’s a huge international ego boost involved with being awarded this “honor.” But, there is also a misguided belief or misconception that the games provide an economic boost that far outweighs the expense.
This might have been true in the 60’s, 70’s and even 80’s when we were transforming sleepy New York ski towns to host the Olympics. But, it’s not true in the 2017 economic climate. The rich will get richer off the Los Angeles Olympics through construction contracts, property sales and other schemes. While, the poor and middle class will shoulder the burden. There will be tax increases, people will be displaced from their homes for gentrification purposes and no common poor or middle class person will be able to comfortably afford tickets.
CNN: “Paris and Los Angeles are probably getting the Summer Olympics for 2024 and 2028. It’s just not clear which city will host in which year.
The International Olympic Committee voted unanimously Tuesday to break with tradition and award two games at once.
Paris and LA are the only competitors left for 2024. But it’s been clear since early this year that the IOC is leaning toward awarding the next two games at the same time, to streamline the selection process and provide greater financial stability to the games.”