Mayor Daley has been promising the public that no taxpayer money will be spent on the Olympics.
A new group, No Games Chicago doesn't believe the Mayor. They are organizing a protest against the Olympics on Thursday, April 2nd. The protest starts at 5:00 pm in Federal Plaza (50 West Adams).
No Games Chicago is citing facts and figures showing major cost overruns in previous Olympic venues. This means, they argue, that Chicago taxpayers will be soaked too. The group points out that it took the taxpayers of Montreal 30 years to pay off their Olympic debt.
No Games Chicago points out that while the Mayor promises no tax money will be spent, in fact he is moving to provide financial guarantees. The City will promise to use tax money to cover cost overruns. The overruns would paid largely by tax assessments against homeowners and renters.
The City has floated various cost estimates for the Olympics. The Huffington Post recently revealed that organizers estimate $4.8 billion dollars will be needed. London's 2012 Olympic cost was estimated at $4.3 billion. That figure has now mushroomed to $16.6 billion and is still growing. By that metric, Chicago will have to come up with $18.5 billion. Mayor Daley's guarantees mean that there will be no legal way Chicagoans can avoid paying the bulk of the costs.
Although the US is mired deep in energy and financial crises, in the last 25 years, less than a quarter mile of new track has been laid for Chicago's struggling transit system. In addition, Chicago's residents are losing their homes, the health care system is struggling, and the schools are receiving failing grades.
Many Greens question why money should be diverted from vital projects to support the Mayor's dreams of Olympic glory.
Note: The orginal story carried the wrong time for the event. The correct starting time is 5:00 pm. at 50 West Adams, Chicago.
