The event has been projected to operate at a loss of about £500 million ($977 million). This is in a country where the belt is being well and truly tightened, with public sector spending recently slashed.
The Olympics running at a loss only worsens the short-term economic position of a country that, according to reports this week, has had three consecutive quarters of contraction of its Gross Domestic Product..
Despite it being easy for organisers and government officials to wax lyrical about the monumental growth in tourism or the enhancement of our nation on the global stage and the subsequent unbelievable long term growth history suggests those benefits don't accrue as we would like to think.
The 1976 Olympics, for example, left Montreal in a far worse state than it began, saddled with debt and little, if any, extra future tourism revenue.
Whether it's the media or the public who are highlighting these controversies, let's hope the British make up for that financial loss with spirit and camaraderie, just as New Zealand did for the Rugby World Cup.
James Penn is deputy head boy at Wanganui High School and was a member of the New Zealand team that competed in the World School Debating Championships.