These troubles are not unique to Brazil. Despite exceptions such as the 1984 Olympics in Los Angeles and the 1992 Olympics in Barcelona, “in most cases the Olympics are a money-losing proposition for host cities,” the economists Robert Baade and Victor Matheson conclude in a 2016 paper. In recent years, many Olympic host cities have had to reckon with corruption, ballooning costs, underinvestment in public services in the run-up to the Games, and projects that don’t help—and sometimes harm—much of the population. Once the festivities end, cities are frequently left with a load of debt and a bunch of useless megastructures. It’s no wonder then that, according to one recent poll, 63 percent of Brazilians believe hosting the Olympics will hurt their country.
Given these realities, many of the governments jockeying to host the Olympics these days are autocratic. Since the leaders of Russia and China aren’t accountable to voters, they are free to spend as much as $50 billion on the competition. Meanwhile, in many democracies, support for hosting the Olympics is waning—especially amid concerns about economic stagnation and income inequality.
Baade and Matheson propose several solutions to today’s predicament, including a pretty profound change: Why not designate a permanent home for the Olympic Games?
I like one of the other suggestions: run all the events in the most suitable cities across the globe at the same time.