Don't take that literally folks. Wasted within the scope of the research, yes, through poor theory, poor design, equipment failure, breakage or just plain blunders. Most often because the data does not match expectations and the theory at hand does not explain it. Data must be wrong, whether or not it really is wrong, that's another issue. (AGW anyone?) Professor says grad student did sloppy work when grad student did excellent work but doesn't have the experience, background or opportunity to recognize same and develop correct theory.f 1/2 your research money isn't being "wasted" you are not learning enough.
Wasted as in spent frivolously, no. Maybe a small amount goes to support people the research could easily get along without but that's not as common as many think. Good Managers make the most of their staff and poor producers are usually transferred to a more suitable position. I could go on at length but this is probably enough ...