In attempting to visualize and count each of the individual 1.65 billion US dollars in cost overruns for the Rio games, five decades would elapse and predictions from future climatologists as to the onset of the next ice age and incessant glaciation spurred by hybrid automobiles would effectively dilute the green movement.
Adhering to reality, results from a recent study focused on the historic economic impact of Olympic games showed that Brazil’s budget mismanagement was fairly standard in comparison with other hosting efforts. Obviously, the largest country in South America lacks a user-friendly climate conducive to business and the access to plentiful resources. Alarmingly, the Rio games defective practices pertaining to cost expenditures of only 51% can actually be construed as a success, due to the contrast with the fate of other Olympic projects. According to the study facilitated by Oxford, the blunder of London’s games at 15 billion and the Sochi Winter games exceeding 22 billions in corruption, qualify as the two of the biggest losers in recent history. While the Athen’s games did not endure extraordinary munificent and inflated project costs, the disproportionate investment risked against the Greek economy, weakened any notion of sustained growth in the aftermath of the event. The 2016 Oxford Olympic study concludes that the venture of an Olympic games poses extreme financial risks and ranks unfavorably within the realm of possible megaprojects.
While the economy of Brazil heavily influences commerce in South America and the GDP of the country ranks as a top-10 economy globally, why would a burgeoning giant gamble with a precarious and unyielding sideshow? The sole culprit may correlate to the flawed mechanism of economic multipliers used in predicting long-term economic growth. Quite possibly, Michael Dukakis is utilizing a similar methodology in planning and influencing the next great sequel to the Big Dig.
VIDEO: Summary of the 2016 Oxford Olympic Study