NFL players and new NFL contracts are an fantastic way to stimulate the economy. There may be concern about the amount of money free agents are making in the last couple years like Haynesworth signing a 100 million dollar deal with 41 million guaranteed and 30 in the first year. Deangelo Hall receiving a 54 million dollar contract or someone like Matt Cassell who will definitely sign a contract worth over 10 million dollars a year. While I am aware that these guys are a select small group of Americans, but athletes are some of the few who are still pumping money back into our system. Sports are still working and the principal of someone who is extremely wealthy, spreading the wealth to men who will spread it even quicker is a great concept.Athletes are also paying back Uncle Sam at a blistering rate. I just got done putting my tax information together for last year and will be paying right at half my gross income of 2008 to the federal and state government. May be hard to imagine, but I can put the facts together for everyone. I first of all received bonus checks which are taxed on the highest level (through the last two and a half years I was paid in bonus, a gross of 14 million dollars - anyone can google that - the net of the checks will be just under 8 million dollars). I then received salary, but not only is the salary taxed by state and fed, it's also taxed by the state and sometimes the city we play in. Who doesn't want to file for Cincinnati or Philadelphia income tax? I also go ahead and pay a Medicare tax. Oh, and lets not forget our friendly car and home taxes - over 30,000 a year for me, fun times. So before I, or any other players think about spending money, we must consider that we will forfeit close to 50 percent of our earnings.
That being said, don't think for a second that taxes or the poor economy is causing football players to sit on the rest of their money. They're spending it! Cars, houses, clothes, food, women, jewelry and all of it at a rapid pace. This isn't just a guess, this information comes from five years of watching how lavishly players live and how much guys spend, myself included. Normally this spending pattern isn't condoned and by no means does it excite someone who has a hard time putting food on the table, but right now rich people spending an ass load of money is a big part of what our economy needs.
Let's also consider what the market needs for any type of a bottom, or a rebound. Well I guess I can't consider myself enough of an expert to start to explain that but, I'm thinking if we could get someone to stop selling off all their shit and start buying back in I think we would have a start. So if I was receiving a enormous contract this year I may figure it would be a great time to buy some 50 -75 percent off stock.
Huge contracts for athletes mean one thing. Shit tons of money will be poured back into our country. You think these guys are slow play investors who will sit on their money like a goose. Absolutely not, their money is being spent, no questions asked.
