Yankees and Hank Steinbrenner Unfazed by Struggling Economy

$161 million is a lot of money, in case you were wondering.

It's especially a lot of money in these days of a struggling economy that's only getting weaker.

There are so many reasons why the signing of CC Sabathia to the Yankees ($161 million in a 7-year deal) is terrible on so many levels. Here are the people and things effected, directly or indirectly, by this frivolous spending:

1) the tax payers of New York - Not only did the Yankees get rid of the mystique of their long-time stadium (which had just been renovated, costing tax payers money) but they've now built a brand new stadium right across the street that will also cost tax payers more money.

2) the other baseball teams - Now that the Yankees have forked over so much money for Sabathia, other pitchers will begin to ask for more money based on Sabathia's performance. Though his body of work is very impressive, someone who isn't as good as Sabathia could easily make close to his salary by winning a few awards. Additionally, struggling teams will never be able to find a big-market pitcher because money is short with the economy and other teams simply don't have the budget that the Yankees have.

3) the economy - This has been an overall theme of my rant so far, but here's the scoop: in order to pay for the new stadium and the huge contract to Sabathia, the Yankees have had to raise ticket prices. Seats behind home plate will now come at the price of your soul $2500. If you're hoping to sit anywhere within eyeshot of the baseball field, get ready to put down a second mortgage on your house...and don't be surprised if one of the Steinbrenner's come looking for your first-born child.

4) other baseball players - Especially pitchers. Imagine being a player half as good as Sabathia. Is the asking price now $80.5 million for a 7-year deal? Not even Josh Beckett makes that much money to pitch (he signed a 3-year $30 million deal back in 2006), and Beckett is clearly on par with Sabathia. The huge questions arise next season and the season after that, when some great pitchers such as Beckett will become free agents. Even Johan Santana, who signed the largest contract ever by a pitcher, looks dwarfed with his measly $137.5 million 6-year deal. Will every team be expected to fork over the kind of money given to Sabathia by the Yankees?

5) The Yankees - Yes, the Yankees have duly done themselves in on this one. As if their farm system hadn't faced enough negligence through the previous decade and a half, the new Steinbrenner forwent making any sort of noise in the draft again. Although he's not the grizzled veteran the Yankees usually pick up in free agency, he's going to have a little bit of tread on the tires after pitching 3 consecutive games at the end of last season. That's not change, that's more of the same (just ask Joe Biden).

As if the Yankees didn't already hold the image of being the evil empire of the MLB, they have now mortally screwed up the economy of baseball as well as the checkbooks of thousands of New York taxpayers who may or may not even care about baseball.

Perhaps a few years down the road, Hank Steinbrenner will make an appearance before the Senate to ask for a bailout?

Sources:

ESPN - Red Sox sign righty Beckett to 3-year extension: http://sports.espn.go.com/mlb/news/story?id=2524247

ESPN - Yanks, Sabathia agree to deal: http://sports.espn.go.com/mlb/news/story?id=3759182

YouTube - Joe Biden DNC speech part 2: http://www.youtube.com/watch?v=8jop31YLxF8