Friday , 1 December 2023

NFL Commissioner Goodell Knows It – And You Should Too!

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The conventional wisdom seems to be that the economy will quickly recover once governments open things up again but..NFL Commissioner  Roger Goodell isn’t so confident. 

On Wednesday, Goodell announced deep cost-cutting moves for the league, including employee furloughs and pay cuts, stating that:  “the economic effects will be deeper and longer-lasting than anyone anticipated”…[suggesting he’s] expecting a lengthy and deep dip in league revenues.

It makes sense when you really think about it. It will take a long time for things to restart. Over 30 million people have filed for unemployment in just six weeks. That represents about 18.6% of the U.S. labor force. Businesses have been shut down for weeks and many small businesses will face significant cash-flow problems. There are high hurdles to jump before the economy returns to “normal.” Goodell knows this. Thus, furloughs and pay cuts.

You don’t have to be an economist to realize that the damage done to the economy is deep and will take a significant amount of time to recover from. It will take time to rehire millions of workers. People will be hesitant to start spending money again.

Reuters recently ran an article…[in which] the writer pointed out that the 9/11 attacks shut down airlines for three days but that it took three years for the industry to recover and that, after the housing crash, it took five years before the balance between builders and buyers was healthy enough to revive the construction industry. The damage done to the economy over the last six weeks is far deeper than the 2008 financial crisis.

Goodell…recognizes that an economy doesn’t come to a screeching halt and then restart on a dime…yet the markets and the vast majority of the mainstream pundits seem to think things will quickly go back to normal. The stock markets may have rallied this month…[but] things aren’t going right back to normal. Goodell knows it – and you should know it!

Editor’s Note:  The original article by MICHAEL MAHARREY has been edited ([ ]) and abridged (…) above for the sake of clarity and brevity to ensure a fast and easy read.  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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