Eugene David ...The One-Minute Pundit |
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Friday, July 23, 2004
The Olympics essentially are a unique industry demanding specialized facilities that take up valuable real estate and are rarely used, argues Rob Baade, an economics professor at Lake Forest College.
“When it comes to town it doesn’t mesh well with the economic system you already have in place,” he said. He dismisses economic analyses generated by bid planners, saying the benefits inevitably are overstated and many costs are overlooked. Economic forecasts omit the impact of the many people who either leave town or avoid going out during large sporting events for fear of getting caught in traffic, he pointed out. Years of construction in Athens have been more than an inconvenience for shopkeepers, some of whom have reported losing 90 percent of their business. Yeah but if you're a CEO or a top exec at Olympics parent GE Bancorp or you own a press pass, you get a paid ten-week vacation! Isn't that what THE GAMES are about?
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