JLF?s longtime friend David Tuerck, who directs a think tank similar to ours in Boston, has become a well-recognized expert on the economics of political conventions. His econometrics students at Suffolk have built some of the best regional and state economic models you can find, and they?ve been putting them to work on the rosy predictions of convention hucksters:
Before the convention, the Beacon Hill Institute at Suffolk University, an economic research organization, predicted the economic benefit would be $163 million, more than $100 million less than the official New York prediction.
“It was a mistake to have these in Boston and New York,” said David Tuerck, executive director of the institute. “They both took a big chance with protests and threats of terrorism.” Plus, the conventions will not bring either major city any more long-term exposure, he said.
The Democratic convention in July brought Boston’s economy $14.8 million, far less than the $154 million predicted by Mayor Thomas M. Menino, according to the Beacon Hill Institute. While the convention raked in $156.7 million, the city lost $141.9 million in lost tourism and commuter spending as well as from two canceled events.
David has been quoted in a wide variety of newspaper and broadcast stories on these issues. The dose of realism is welcome.
Still, convention-center building continues across North Carolina, even though the taxpayers footing the bill are skeptical and demand more of a say.
