Read, "The Waste and Corruption of Vladimir Putin's 2014 Winter Olympics" from Business Week. One quote, "Among Russians, the project is famous for a different reason: its price tag. At $8.7 billion, it eclipses the total cost for preparations for the last Winter Olympics in Vancouver in 2010", demonstrates the cost of the competitive event. You should ask yourself, would this even be a story if the same event happened here. If we build stadiums, it is heralded as a wonderful event that creates jobs, and creates sustainable economies both at the micro level and the macro.
What do you see as wasteful here? Where is the corruption and how does this trickle down to the average Russian person?