Wednesday, September 3, 2008

Yankees to Blame for Sluggish Economy, Too

This appeared in the NY Magazine Blog (www.nymag.com), The Sports Section, picking up on a NY Post story and taking it another step. In a half-trillion-dollar economy, the impact of the Yankees isn't a big deal - the permanent NYC-based jobs created by the presence of the MLB are more important. But psychologically - when the Yankees ought to be in the Playoffs without question every year given their gold-plated budget - the team's performance seems to fit with the flat performance of Wall Street.

If you're running out of people to hold accountable for the tanking economy, NYU adjunct professor John Tepper Marlin has a suggestion: Blame the damn Yankees. In a study commissioned by the Post, Marlin found that when the Yankees advance all the way to the World Series, the city stands to make $141 million, factoring in things like revenue earned by sports bars. But just by making the playoffs, the team earns the city $26 million, and with the Yankees poised to miss the postseason for the first time since the strike season of 1994, this previously taken-for-granted cash can't be counted on.

But don't buy that house in Tampa quite yet. The Mets, who are currently two games ahead of the Phillies in the National League East, can make the city some money, too: $21 million for a playoff appearance, and $147 million if they win the National League pennant. (The difference in numbers has to do with the fact that Mets fans are more heavily concentrated in the five boroughs than are Yankees fans.) So no matter your allegiance, let's hear it on the unemployment line: Let's go Mets! Let's go Mets!
CITY WILL $TRIKE OUT IF YANKS MISS PLAYOFFS, NYPost

Cited also in The Yankees Missing the Playoffs Could Cost New York City Millions, FanHouse and Fate Of New York Economy Rests With Yankees, Mets, The Business Sheet. See all stories on this topic.