Mitt Romney 0p-ed: Limit Olympic excess

Are the Olympics worth it? Every two years, Olympic critics argue that the money should be better spent on causes such as fighting poverty and disease. I am a staunch defender of the Olympics, but I think it's time to draw spending boundaries. 

Reports claim that China and Russia each spent in the neighborhood of $50 billion on their Olympics. The London Games cost at least $15 billion. Greece's $11 billion Olympics pushed the country toward collapse. Arguably, the Olympics would be worth every penny if the spending were absolutely necessary. But it's not.

Atlanta and Salt Lake City each spent under $3 billion, including security and inflation. Necessity is the mother of frugality. In the United States, unlike every other host country, the money for the Games comes almost exclusively from private sources: sponsorships, broadcast revenue and tickets. The exception is government spending on security and transportation. But in every other host country, the government picks up nearly the entire check.

Too much self-promotion 

Why do governments spend so much? 

Public-sector inefficiency accounts for some of the gap, and corruption is surely to blame as well. But the big difference is that government personalities are promoting themselves and their country with someone else's money. Governments don't have to stick to a budget: If something costs more than planned, well, they just spend more. In privately financed Games, if something costs more than expected, you must cut something to make up the difference. You meet the budget or you meet the bankruptcy judge.

What's needed for Olympic sport itself is a fraction of what might actually be spent showing off the country and its politicians. The speed skating track for the Nagano Games is reported to have cost $300 million. It's beautiful, boasting a ceiling of decorative wood. The comparable venue in Salt Lake City cost $29 million — one-tenth as much. It wasn't as pretty, but the competitions were every bit as excellent.

Read the rest of the story HERE.

If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.