With the American economy on life support and thousands of people out of work, one must question the wisdom of multi millionaire owners and players arguing over a multi billionaire business. Believe. Just recently mayors from 14 NBA cities have penned down an open letter to the NBA commissioner David Stern, telling him to end the lockout and also stating that “ It has impacted negatively residents, and that it is taking a big toll on our cities, and our local economies.”
Believe it or not the NBA contributes enormously to the economy; it is no question that sporting goods and events generate sizable amounts of spending in cities. For example According to the Oklahoma City Chambers of Commerce, every Oklahoma City Thunder game they make up too $ 1.3 million into local economy. Also as the Atlantic recently posted, Spurs games generate 95 million for San Antonio, the Portland Trail Blazers made 2 billion between 1980 and 2004. So now that these games are lost in the lockout, it is obvious that NBA cities are losing out on big money. The lockout is also doing some more damage on a more micro level such as the arena supports staff, the vendors, the concession- stand operators, the security guards, the ticket takers all these people are out of job. And have no other source of income to provide for their families. It has gotten so bad that, public organisations are starting to open local food banks for those who lost their jobs.
At this moment the NBA unemployment rates are well above the national average of 9.1 percent, according to the atlantics Memphis and Orlando are holding steady at 10.3 percent, while Sacramento struggle at 11.9 percent. Memphis count 1,200 jobs in their Arena which is not so bad compared so Sacramento who hire up to 700 workers and 650 par-time employees. (Moneyland) It is even worst that the lockout has happened at this time, with the city trying to move forward on a proposal for a new arena that may not even happen for another 2-3 years.
Though several mayors and chambers of commerce have recently indicated, they believe most of the fans in NBA markets would come back once the players and coaches agree on a new collective bargaining agreement. We all hope that happens sooner or later.
http://moneyland.time.com/2011/11/07/the-nba-lockout-and-the-economy-an-overstated-impact/
http://moneyland.time.com/2011/11/07/the-nba-lockout-and-the-economy-an-overstated-impact/
Personally, I believe that America should not spend that much money on salaries of Basketball players. With the amount of money they spend on trading players and what not, they could end hunger in the states. They could also donate to more charities as well. The rich stay rich and the poor stay poor. It's not fair!
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