Colleges, businesses, Wall Street, The U.S. Government, the entertainment industry and sports leagues all have one common problem, The Economy! Everyone in the United States has been affected by the current economy in some way. Typically, the big money industries are mildly affected by swings in the economy, but the current U.S economy is proving other wise. Graduating high school seniors aren’t picking the best college they can get into, but the college they can afford. Many businesses have made major cuts, and let’s not even talk about Wall Street. Even the sports industry has taken major losses, particularly the NBA.
Late February in the NBA is one of the most exciting times of the season, but the current economy has dictated the opposite. The 2009 NBA’s trade deadline wasn’t about NBA teams trying to acquire talent to win a championship, but rather to dump salary. Big names like Shaq and Vince Carter couldn’t be dealt because teams can’t afford to take on big contracts. The NBA has seen major drops in attendance, with the small market teams hurting the worse. The NBA’s economic problems have reached a point where they had to borrow 200 million dollars this week to help out the struggling franchises. The money will be split between about 14 NBA franchises going through economic woes.
The economy is bad, and everyone is being affected. President Obama says that we are going through the worst economic times since The Great Depression. If there is any indication that he is right, the NBA’s troubles may be the biggest sign.
By: Eric Benman
