The economic boosts of political conventions are extremely exaggerated. Here's why.

Same goes for the Olympics

Big events may not boost the economy like many would expect.
(Image credit: AP Photo/Matt Rourke)

The Republican convention has already brought accusations of plagiarism, minor insurrections, and one very angry Rudy Giuliani to Cleveland. But according to its boosters, the convention will also bring between $200 and $400 million to the city's economy when all is said and done. A similar boon of $350 million is predicted to reach the Philadelphia economy with next week's Democratic convention.

This sort talk is now pretty standard fare whenever a city decides to host one of these conventions. Same goes for other big events like sports competitions, Super Bowls, the Olympics, and more.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.