Actually, the funding of the Summer Olympics are paid for with sponsor donors and private money. The US Olympic Committee raises private funds for the Olympics. So, that really isn't an apples to apples comparison. If the Olympics is a waste of money, then it is not US tax money that is being wasted.
Here is an article on how the US Olympic Athletes are funded: http://www.america.gov/st/washfile-e...0.9387018.html