6. The economic boost is fool's gold
Long-term, there isn’t much economic benefit from hosting huge sporting events like the Olympics or World Cup, according to very smart people who study this sort of thing.
Take Victor Matheson, an economics professor at Holy Cross. He told The Washington Post back in August 2013, “My basic takeaway for any city considering a bid for the Olympics is to run away like crazy.” Matheson’s research bluntly states “Unfortunately, the academic literature has not been able to link hosting an Olympics or World Cup with economic growth."
Smith College professor Andrew Zimbalist recently cast doubt on whether a Boston Olympics could be pulled off with the proposed $4.5 billion budget and financed solely from private sources as proposed. Nothing says prudent public spending like funding a velodrome in Malden.