2002 Salt Lake City Olympics cost US Tax Payers $1.3 Billion
"The Olympic Games remain a shining symbol of man's continuing quest to test the limits of human endeavor. More so, the Olympic spirit embraces the valuable tenets of fair play, the importance of teamwork, of diligence, commitment and hard work. All these are part of the Olympic Ideal which seek to create a better world by inspiring the best in mankind. In the past few years, we have seen an increase in conflicts motivated by racism, xenophobia and intolerance. The Games and the spirit of the Olympic Ideal, are intended to promote friendship, mutual understanding and cooperation between the nations and the peoples of the world." - Patricia Durrant, Representative from Jamaica at the 54th General Assembly of the United Nations
Economically speaking the Olympics generates and redistributes billions for dollars worldwide. Hundreds of nations vigorously compete for the prize of being the host country. The lucky city chosen for the honor of being the host site of the Games will be in the worldís sport light for fourteen days. The regionís economy will sky rocket directly and indirectly because of the Olympics. If the host country and city give a good presentation of the area, then businesses and tourists will be attracted in the future.
Years before the Olympics even come to town, the host country will spend millions of dollars in preparation for the event, which will only last for fourteen days. Large arenas, fields, swimming pools and other grand facilities will be built for this one time use. However, this is a good investment because the Olympics will pump millions into the local economy in the short run and millions more in the long run.
Similar to the nationsí utilizing the media influnce of the Olympics, companies desiring to get their product or service out to a massive consumer audience world-wide pay astronomical money for advertisments. The Olympics is a great tool of commerce of millions of people. However, the host city and country must already be relatively wealthy in order to be selected because they must build sufficient facilities to hold the Games. To this effect, so-called Third World countries in dyer need of the economic stimulations are not given their rightful pieces of the pie. Nonetheless, a present legacy of the Olympics is the economic impact that it has on the world.