"Those who pay the bills might argue that it’s not.
If that lesson was learned anywhere, it was in Greece – where seven years before the Games, the cost to host the Olympics was estimated at $1.3
billion. When the actual detailed planning was done, the price had jumped to $5.3 billion.
By the time the Games were over, Greece had spent $14.2 billion, pushing the country’s budget deficit to record levels. Athens got some new roads
out of the deal, but now finds itself stuck with world-class venues that have largely been gathering dust since the Games.
Anyone need a rowing facility cheap?
The cities bidding for 2012, of course, say that can’t happen in their hometowns. Their operating budgets are mostly projected to be in the area of
$2.5 billion to $3 billion, and in New York, city and state taxpayers are on the hook for only $250 million of any shortfall.
From there, the accounting gets a bit more tricky. New York is forecasting spending another $7.6 billion on infrastructure costs."
the new york state legislatures, over the years have managed to set up this nice little scheme to skirt the state constitution through various venues
like the port authority and rack up an amazing amount of debt through is has been referred to as "sluch funds", I've tried to track down just how
much that stadium they wanted to build in NY would have cost, as well as other projects that is wouldn't have been contingent on....
and well, where this money was coming from. it would have easily racked up about a billion in debt, funneled through these barely legal if they are
legal slush funds....
I am glad we didn't get it!
[edit on 6-7-2005 by dawnstar]