Chicago 2016 Update: London may end up worse after 2012 Olympics

2016 Update

Perhaps the Chicago Tribune and the Chicago Sun-Times can learn a lesson from the U.K.’s Daily Telegraph in its coverage of the London 2012 Olympics.

According the the Telegraph article, a new study done at the University of East London cites lost money and lost jobs – 70,000 of them – for Athens after the 2004 Olympics. (To be honest, I haven’t read this study yet.)

To be balanced, here’s a report by an economist at the University of Nottingham that came out in 2005. The author, Adam Blake concluded that the 2012 Olympics would be good for London and the rest of Britain.

Of course, that study was funded by London’s Department of Culture, Media and Sport, Greater London Authority Economics and the London Development Agency. And it was written before the costs quadrupled to £9.3 billion (about $19.5 billion).

I’ll link you folks to the new study once I can get my hands on it.

5 comments

  1. Gino

    Thanks for this. Yeah, the assertions being made by our city’s fearless leadership, as usual, do not line up with reality. But the real question is why did the city press not point this out sooner. Perhaps the same reasons why they did not bother to hammer the Mayor and city council on a whole host of issues. . .perhaps people don’t read the news anymore.

    I think the smartest thing said about this whole autocratic process is, do not even think about making money on the Olympics. Think of it as throwing a party, and parties cost money. I’m not opposed to throwing a party. Just don’t make it seem like we’re doing this as a public service to benefit you, the taxpayer, in the forms of jobs, infrastructure improvements, and econ dev for the blighted neighborhoods, yet more city beautification for the nicer ones.

    Especially with the city’s track record on official graft, waste, spending on capital projects being what it is. I’m even less confident with the Mayor’s friends involved.

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