Crain’s Chicago reports that anew independent study of the 2016 Olympic plan debunks their inflated claims of economic benefits. The new study, by Anderson Economic Group of Michigan, estimates the games would generate $4.4 billion in total economic impact. Download the report.
Since the 2016 folks say the games will cost about $5 billion (No Games Chicago believes the true cost will be MUCH higher), the entire project will generate less impact then ot costs to produce and stage the games. We might as well just raise that money and give it directly to needy Chicagoans to pay their bills and purchase homes.
Crain’s further reports:
The firm also raises warnings about potential costs to taxpayers, estimating that the public could be on the hook for up to half the cost of the Olympic Village. Chicago 2016 plans for private developers to shoulder all of the $1-billion project cost. “There has, however, been some doubt that sufficient private funds will become available,” the report states.
Anderson predicts taxpayers could be exposed to cover $500 million in costs related to the village, or purchasing insurance for the games that is expected to total about $68 million in premiums. Those factors reduce the economic benefit of spending from the Olympic Village project and the overall economic benefit to taxpayers from hosting the games.
Chicago – please JOIN us to protest this scam! We are rallying in front of City Hall on Tuesday, September 29 at 5:30pm.