Economic benefits of 2010 Winter Olympics remain question for Vancouver and BC

As the 2010 Winter Olympics get into full swing, questions remain about the economic benefits of the games for Vancouver and BC, particularly given the steadily increasing multi-billion dollar price tag.

While many are proud to be hosting the Games, British Columbia also has the ignominious distinction of being home to the highest poverty rates in Canada, the lowest minimum wage, and cuts to community services. These contrasts cause many to question our public policy priorities.

"If we are capable of the kind of focused and sustained effort required to stage the Olympics, surely we can make headway on the serious social and environmental challenges this province faces," says Seth Klein, BC Director of the Canadian Centre for Policy Alternatives.

The CCPA is Canada's preeminent independent progressive public policy research institute, and one of the country's leading social justice voices. The Centre has published numerous studies dealing with issues such as poverty, working conditions, healthcare and the environment.

"Our economists have been investigating and tracking the economic impacts of the Olympics since the Vancouver bid was approved," says Klein. "We published a detailed cost-benefit analysis of hosting the Games in 2003. Quite frankly, the promised economic and social benefits have always been greatly overstated, while the costs have been consistently low-balled."

Source: CANADIAN CENTRE FOR POLICY ALTERNATIVES (BC)