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Chicago Avoids Fiscal Crisis

While there may be tears of sadness flowing all around the Windy City for being eliminated in the first round of voting for hosting the 2016 Olympics, tears of joy should be shed when thinking about the fiscal crisis that will be avoided courtesy of the IOC. The prospect of running up billions of dollars of debt and passing it on to Chicago taxpayers was so attractive to local politicians that they voted unanimously last month to put residents on the hook for cost overruns. As entertaining as it might be to see whether or not the city can survive a good game of multi-billion debt chicken, being a spectator for once probably won't hurt. For those that really wanted three weeks of the world's best in Chi-town in 2016, you can blame it on Rio. For those that didn't want to pay for it for generations to come, now you know who to thank.