Fiscal Irresponsibility of Olympian Proportions

It turns out governments can’t even get the Olympics right.

Security costs, first estimated at $165 million, are now headed toward $1 billion.

As for Vancouver’s municipal government and the taxpayers, the bad news is already in. The immediate Olympic legacy for this city of 580,000 people is a nearly $1 billion debt from bailing out the Olympic Village development. Beyond that, people in Vancouver and British Columbia have already seen cuts in services like education, health care and arts financing from their provincial government, which is stuck with many other Olympics-related costs.

Vancouver estimated its security costs at over six times lower than they really would be. The people of Chicago should feel lucky for dodging this bullet.

The real kicker, of course, was posed by a Canadian Public Policy Professor:

“The forestry industries have collapsed, so where is the money going to come from other than marijuana grow-ops?”

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