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While consumers cut back, MLB players see decline in salary growth
By Peggy Stillwell on Apr 5th, 2010
In an effort to try and pay off debt, some consumers may be cutting back on certain expenses.
In fact, many financial experts note that slashing costs associated with entertainment are some of the first cuts people should make when concentrating on their budgets. As a result, it may come as no surprise that professional sports are feeling the effects of a down economy.
According to a recent report from USA Today, the average salary for a player in Major League Baseball increased by 1 percent this year. That is the slowest rate of growth since salaries dropped 4 percent in 2004.
"The economy has affected all of us," Atlanta Braves president John Schuerholz told the newspaper.
Of course, it may be difficult for the average consumer to feel any sympathy for ballplayers, who on average make $3.27 million. However, the salary growth in the majors does serve to illustrate the point that consumer spending is what drives the economy.
Concentrating on budgets has driven some consumers to eliminate that trip to the ballpark last year. Others may have cut back on expenses like expanded cable television packages or eating out.
Still, cutting expenses in this way may not be enough to make up for an increase in consumer debt. Some consumers may consider further measures, such as debt consolidation, which can lower the amount of interest a person pays over time.
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