Oh, great. New York City got the Olympic nod. In just 10 years, it may finally have the stadium it doesn’t want, doesn’t need, never asked for and can’t afford.

Pop the Champale.

While the mayor and his cronies were crying tears of joy at being chosen America’s entry into the global competition for Olympics 2012, my eyes were dry as day-old hot dog buns. For tucked into the giddy plan to host the three weeks of fun is a proposed huger-than-huge Olympic Stadium for the West Side of Manhattan.

Like our traffic flows so swiftly already, what’s an additional 85,000 people going crosstown? Like the city is in such great financial shape, why not blow a billion on a retractable dome? Like we were all so enthusiastic the last time out, when former Mayor Rudy Giuliani was trying to ram a West Side Yankee Stadium down our throats? Yeah, right.

This time, the Olympic planners are saying we’ll share the place with the Jets and the Olympics and the convention center. Maybe even the boat show!

But the whole thing is beginning to sound like President Bush’s tax cut rationale: First we needed the cut because we had a budget surplus. Then we needed it because we have a budget deficit. Similarly, the stadium rationale seems to be: First we needed it for baseball. Then football. Then javelin tossing and shot put. Frankly, it really doesn’t matter which sport uses the darn thing, just so long as it gets built!

While the Jets are willing to share the cost of creating this behemoth, that still leaves the little matter of perhaps $500 million for the city to pick up. Such a deal!

Oh, but it really is, insists Jay Kriegel, head of NYC2012, the nonprofit group promoting New York for the Olympics. He believes that by building the stadium ” and extending the subway to it (a $2 billion project) ” the area will become so attractive to developers that they will build great things. Then the taxes generated by those great things will pay for the stadium and the subway extension. It’s really free money.

Or is it? “In general, stadiums are not engines for economic development,” warns Ronnie Lowenstein, director of the city’s Independent Budget Office. “There are some studies suggesting that siting a stadium in a downtown area has the opposite effect ” can actually slow down development.”

“When you spend money on a stadium, what you get is a stadium, period,” says Amy Ellen Schwartz, associate professor of public policy at New York University. “You don’t get a huge impact on local employment or huge tax revenues or economic growth.”

But Kriegel believes the stadium will transform the West Side. “Just look out your window!” he exhorts. The New York Daily News looks out on the future home of the dome and ” he’s right ” it’s not a real thriving scene right now, unless you’re a rat.

But now I would ask Mr. Kriegel to go to Yankee Stadium and look out a window. And just how much economic development does he see? Rat heaven!

Hey, it might not be so bad to have the Olympics in New York. If we could build some pools and parks on sponsorship dollars, great. But a billion-bucks dome is a billion bucks dumb.

” Lenore Skenazy’s e-mail address is lskenazyedit@nydailynews.com.