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Bryce Covert

Economic Policy Editor @thinkprogress, contributor @thenation, dog owner. Fantasy roller derby name: Ruthless Bader Ginsburg.

Disciple [?]

Bryce Covert started a new discussionSep, 02 2016

The Olympics Cost Cities Dearly And Rio Is No Exception

(https://thinkprogress.org/rio-olympics-economics-711b539d2517#.qmhl7nkl7) Past experiences don’t bode well for what will happen to Rio after the crowds and cameras leave. The cost overrun when Athens hosted the games in 2004, plus the debt it took on to cover it, played a role in weakening the country’s economy, which to this day is in deep crisis. It took Montreal 30 years to pay off the debt it took on to finance the huge cost overrun of the 1976 games.The benefits host cities can capture from broadcast rights, domestic and international sponsors, ticket sales, and licensing aren’t negligible: Vancouver got $1.58 billion in 2010 and London got $3.27 billion in 2012. Yet they’re dwarfed by the costs of hosting — $7.56 billion for the former and $11.4 billion for the latter.
(https://thinkprogress.org/rio-olympics-economics-711b539d2517#.qmhl7nkl7) Past experiences don’t bode well for what will happen to Rio after the crowds and cameras leave. The cost overrun when Athens hosted the games in 2004, plus the debt it took on to cover it, played a role in weakening the c

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