Why the Olympics cost so much
The Indicator from Planet Money
NPR
4.7 • 9.5K Ratings
🗓️ 1 August 2024
⏱️ 12 minutes
🧾️ Download transcript
Summary
Today on the show, why the Olympics almost always costs host cities much more than they anticipate and what we can learn from the Olympic Games' original economic sin.
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Transcript
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| 0:00.0 | NPR. Here on the indicator we've been keeping a very close eye on the Olympic |
| 0:15.8 | medal tables. Yes but a special type of medal table. Which city had the most |
| 0:21.4 | expensive summer Olympics ever? |
| 0:24.0 | Because we want to know why the Olympics are so costly and what can be done about it. |
| 0:29.0 | Look, this is a multinational competition for the ages. |
| 0:33.2 | You've got Tokyo coming in. |
| 0:35.3 | Third place, it's $14 billion, that's in 2022 dollars, |
| 0:40.2 | which we'll use for the rest of the show. |
| 0:41.5 | So Tokyo, you have a bronze. |
| 0:43.7 | London 2012 was 17 billion dollars that's the silver. |
| 0:48.0 | Congrats London. |
| 0:49.6 | And for gold Rio 2016 at 24 billion dollars. |
| 0:56.8 | Wawang is a disastrous amount of money |
| 1:00.6 | for that gold medal. |
| 1:02.3 | It is $1 for every eight that was earned in Rio de Janeiro |
| 1:06.3 | that year. Costs were equivalent to roughly $1,800 for every adult and child living there. |
| 1:13.4 | CBS covered this in 2016. |
| 1:15.5 | Rio has cut spending on health care and education. |
| 1:18.6 | The police have gone unpaid for weeks at a time. |
| 1:21.4 | And 20% percent of my $1. |
| 1:22.1 | So you're telling me they spent so much on the Olympics |
| 1:24.6 | they had to cut basic services? Yeah and they were asking the Brazilian government for a |
... |
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