The Olympics haven't made financial sense in decades. Host cities spend billions preparing for the games, inevitably suffering massive cost overruns and going deep into debt, with a lasting legacy of little more than a group of buildings ill-suited to any other use.
Why it matters: This year, the games' physical location is more of a liability and less of an asset than ever. The Tokyo competition risks spreading COVID-19 in a country with a very low vaccination rate, while bringing no glory (or tourists) to a city that has banned spectators from all events.
