Tuesday, January 15, 2008

On Olympic overspend

It seems blackly humorous that as economists everywhere warn us of the impending credit crunch or 'economic perfect storm' that we are told again today of the spiralling costs of the London Olympics. The average Briton is estimated to be around £33000 in debt. We might expect a responsible government to be alarmed and urge caution but rather it leads by example in raiding every spare penny (and some not so spare) in ratcheting up the cost of the games to over £9 billion, four times the original estimate for an event few Londoners want. Paris doesn't know how lucky it was.

1 Comments:

At 8:33 pm , Anonymous a. nonymous said...

Would it be churlish of me to suggest that, had Paris won the games, then the cost might have worked out lower..? I can't think of anything paid for with public money that hasn't ended up horrifically over budget...

 

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