I can't help but look back to the commonwealth games and see the benefits that Manchester still enjoys.
The investment into infrastructure is one that would otherwise not be made, and will be hugely beneficial to a huge number of people. Sponsorship generates such a massive amount of revenue for the games, and they are paying for exposure on the worlds biggest stage. No opening or closing ceremony (which are both watched by millions) wouldn't be an option. The more exposure generated, the more money is invested.
If that is true about the village being sold to the Qatari royal family, I imaging they've paid a pretty penny, and won't leave it dormant afterwards.
And in terms of national debt, we are seen to be in a stronger position than a lot of our counterparts as our debt is serviceable. We aren't defaulting, nor in a position whereby a default is likely. Cuts to the budget ensure that our position is maintained. If this money wasn't being spent on the games it wouldn't be invested in health services or social payments - they are funded by an entirely different system and budget. And Sports England have to contribute to the games. How can they not, and maintain their position of investing in sports for our youngsters???
And arguing about the cost of the games is a moot point as none of us know the breakdown of costs in terms of exactly who is liable for what.