Saturday, June 27, 2009
The Olympic budget for Chicago has been all the buzz as of late. Daley keeps going back and forth on how much the taxpayers are going be responsible to pay for. It seems that we will be stuck with a $500 million tab for something most people I have spoken to don't really want. The city happens to be in debt $420 million, but I will leave that for another rant.
Here are some highlights from the Olympic plan for Chicago:
-$500 million will have to be paid by taxpayers
-$4.9 billion is the proposed budget
-$2 billion or so is already secured (for now)
-There was much more secured but a lot disappeared with the failing economy
That is all great, solid numbers, we should know what to expect, right? Well, how about we take a look at the upcoming 2012 Olympics. They face the same economy as us right now, similar building costs and London is a dense, urban environment.
Here are some highlights of what is going with the 2012 budget:
-1 pound is about $1.60 (for reference)
-Original budget was proposed to be 2.35 billion pounds ($3.76 billion)
-The new expected cost is around 9 billion pounds ($14.4 bilion)
-Construction is expected to cost 3.3 billion pounds ($5.28 billion)
-Increased costs with Olympic projects has increased the amount being funded by public money
Now, factor in the recent actions by Daley (flip-flopping), the reputation Chicago has with politics and large amounts of money that needs to be spent and Daley at the reins of this corrupt dog sled. Why does anyone think Chicago getting the Olympics is a good idea? Daley and most of the people behind the companies that say they support the Olympics will be dead or retired in Miami by the time the billions of debt that is going to pile up catches up with the taxpayers. The already poor youth, getting paid less to work more, will be the taxpayers supporting the city in 2016.
Repent... or move soon.