Washington, D.C.’s bid to host the 2024 Summer Olympics continues to grind along. Yes, some folks think the nation’s capitol (and Northern Virginia, plus Maryland, and even Richmond would make a swell place to hold the Games.
Perhaps not surprisingly, Gov. McAuliffe has jumped on the bandwagon:
“I’m excited to join with leaders from across the region to support the Capital Region’s bid for the 2024 Summer Olympic and Paralympic Games. My top priority as Governor is to spur economic growth and build a new Virginia economy centered on innovation, and job creation. Hosting the 2024 Olympics can both create jobs and provide a lasting legacy in sport, tourism, and culture that will benefit our region in the long-term. Virginia is a critical part of the vibrant, diverse Capital Region and the Olympics will highlight the Commonwealth’s strength on the world stage. I look forward to working with Governor O’Malley and Mayor Gray to bring the 2024 Olympic and Paralympic games to the National Capital Region.
You get the idea. The Games would bring with them cascade of dollars and the sort of economic development that makes government officials giddy.
Or so the political class and those who stand to benefit most would have everyone believe. Reality is far less kind. The economic benefits — short- and long-term, are at best sketchy. And with the cost of hosting the games skyrocketing ($50 billion or so for the Winter games in Sochi), one has to wonder whether the District, Virginia, Maryland and their constituent governments could scrounge anything close to the funds needed to put on a show. That’s made doubly difficult for Virginia, which just went through the exercise of reducing its budget by a little more than $2 billion.
Debt is usually an answer. So are a host of special fees, new taxes and such. But even those won’t generate the up-front cash needed to build and maintain the necessary infrastructure.
A heavy reliance upon private funds — along the model of the 1984 Los Angeles Games — is a possibility. But recall that L.A. was just about the only bidder for those Games, after the economic debacles of the 1976 Montreal and 1980 Moscow games. And Los Angeles made it a point to keep public investment to a bare minimum. The L.A. Games are touted because they finished with a modest profit for the host city.
The DC area could take this approach. It is the only one that makes any sort of sense in an otherwise nonsensical effort.
Other U.S. cities are interested in the 2024 Games — Boston, Philadelphia, Dallas, San Francisco among them. Bully for them. But D.C. and environs?
If organizers want it on the public dime, no thanks.
