Promoters of Toronto’s bid for the 2015 world’s fair – like bid boosters everywhere in the world – claim that this particular mega-project will deliver a great deal more benefits than the tax dollars that are required.
Of course they do.
They say that the fair will cost taxpayers $2.8 billion, including a $700 million deficit. But don’t fear, they claim that the urban circus will deliver $13.5 billion in economic spin-offs.
So, it’s obviously a good deal, right? Hold on a minute!
To do a fair comparison, it’s important to calculate the economic spin-offs of investing that same $2.8 billion in something else, like health care, or housing, or public transit. After all, investing public funds in public initiatives generates big economic spin-offs and leaves a permanent legacy (better health, better homes, better transportation).
Bid boosters asked a carefully constructed question and are delighted with the answer. They asked Torontonians: “Do you support or oppose Toronto’s bid for the world’s fair?”
Fully 83% said yes.
But what if the question had been: “Do you support spending $2.8 billion in taxpayers’ funding, including a $700 million deficit, for the world’s fair?” Would 83% still say yes? I don’t think so.
Since it is federal taxpayers that will be expected to provide the big financial guarantees and cover big costs, imagine asking this question to taxpayers in Medicine Hat or Halifax: “Do you support spending $2.8 billion in taxpayers’ funding, including a $700 million deficit, for a world’s fair in Toronto?”
Fact is, there has been no meangingful public debate about the world’s fair bid, just the usual marketing campaign to boost the bid.
- Michael Shapcott
