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Time to “Kick” Corporate Greed Out of Industrial Football? Image Courtesy Of: http://www.dailymail.co.uk/sport/football/article-2924895/Eric-Cantona-wish-d-hit-harder-Manchester-United-legend-shows-no-remorse-Crystal-Palace-kung-fu-kick.html

 

Business Insider recently published a piece with the headline “Manchester United is blaming Donald Trump for the club’s half-year loss of £29 million — here’s why”. Considering that the piece garnered almost 5,000 hits in just under 24 hours I might need to consider using sensationalist headlines myself, but I digress. According to the article, Manchester United FC had to write off £48.8 million ($67.9 million) and “because of US tax cuts imposed by Trump, United posted a half-year loss of £29 million up to December 31, 2017”.

Given that the club’s chief financial officer noted that “It should be beneficial to the club in the long-term”—which should not be surprising, seeing as how Mr. Trump’s tax cut was designed to favor corporate entities like Manchester United—the sensationalist headline was surprising. Indeed, it is so surprising that it is worth delving into. While the headline follows the tendency towards one-dimensional thought in the media—anything negative about U.S. President Donald Trump sells—it also does nothing to further the traditional “watchdog” role of the media. In the past, the media acted as a counterweight to the state/government/dominant narratives; now it seems as if the media merely trumpets out the same old familiar lines day in and day out. It is one-dimensional enough to turn one off from even reading the news—which would be a feasible course of action were it not so dangerous!

What is most disturbing about this headline, however, is that Business Insider (and other outlets who carried the story with nearly identical headlines such as The Daily Mail, Bleacher Report, and The Telegraph) conspicuously ignored the much bigger—and more concerning—picture for football fans and normal citizens alike.

Who, honestly, really cares how much Manchester United loses? Does a £29 million loss really mean a lot to Manchester United, the most valuable team in Europe according to UEFA, with a value of 689 million Euro and a yearly growth of 169 million Euro (32%)? The question journalists should be asking is just why we care that a football team—that is supposed to be for the people (just like our countries used to be)—needs to make such obscene amounts of money. It is this kind of corporate greed which has led the world towards a tipping point; capitalism cannot—and will not—be able to sustain continued growth to infinity. Just like the club revenues of football teams in Europe that have tripled this century according to UEFA, it is inevitable that the upwards trend will end. The question, of course, is when. And it is a question which journalists are clearly not willing to touch.

 

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Where Does it End? Image Courtesy Of: http://www.uefa.com/MultimediaFiles/Download/OfficialDocument/uefaorg/Clublicensing/02/53/00/22/2530022_DOWNLOAD.pdf

 

This kind of greed has had negative effects on working classes and middle classes all over the world, and that is why it is something—one would think—that journalists would make note of. In national terms, this has led to a “bloated” and “unaccountable government” in the United States; as the (conservative!) Washington Times notes

bureaucrats in the information business flout the law, as though they’re above it. While those in charge of our money use it like a never-ending water stream, that is unending and belongs to them [. . .] When the government views the citizen as the servant, we get weaponized law enforcement agencies to be used against us, and law-breaking agency bureaucrats and politicians who see our democracy as an inconvenience to be subverted.

This is why the issue of corporate greed goes far beyond the faux “left” and “right” dichotomy that, clearly, journalists love to underline in order to (you guessed it) sell more news!

Indeed, the United States—like much of the world—is facing absurd amounts of equality even though there is more than enough money to go around. According to the United Nations, the poverty and inequality in the U.S. is “shockingly at odds with [the United States’] immense wealth and its founding commitment to human rights”. Similarly, the Economic Policy Institute found in 2017 that “in 2016 CEOs in America’s largest firms made an average of $15.6 million in compensation, or 271 times the annual average pay of the typical worker”. As the report shows, this is “light years beyond the 20-to-1 ratio in 1965 and the 59-to-1 ratio in 1989”. Indeed, “the average CEO in a large firm now earns 5.33 times the annual earnings of the average very-high-wage earner (earner in the top 0.1 percent)”. Clearly, the jump in discrepancy between CEO’s and average workers since 1989 (not coincidentally, the end of the Cold War) is not sustainable. What is more alarming, is that this absurd gap is not just confined to the United States; as Bloomberg notes (https://www.bloomberg.com/quicktake/executive-pay many European countries also have large discrepancies between CEO and average worker, even if they are not as astronomical as in the U.S. (Indeed, in Manchester United’s home country, the UK, the ratio is 201 to 1).

 

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Its Not Just an American Problem. Image Courtesy Of: http://www.epi.org/files/pdf/130354.pdf

 

The scariest part of these figures is that while CEO pay has increased from 843,000 USD in 1965 to a projected 15,636,000 USD in 2016, the annual average wage for private-sector production/nonsupervisory workers increased from 40,000 USD in 1965 to a projected 53,300 USD in 2016. That is an astounding 936.7% increase in CEO pay between 1978-2016 and a mere 11.2% increase in average worker pay during the same time period. Needless to say, the issue is not that there is not enough money to go around; the issue is corporate greed. And it should be clear that this system is not sustainable, it will—quite literally—lead to the end of world civilization as we know it. And the solution will certainly not be found if the media continually ignores inequity in the favor of furthering their own bizarre sensationalist agenda based on the imagined “left” and “right” divide.

 

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It Is A Sad Sight Indeed. Image Courtesy Of: http://www.epi.org/files/pdf/130354.pdf

 

Here, French sociologist Emile Durkheim is quite relevant. I quote from George Ritzer’s The Development of Sociological Thought (8th ed.), the text I use in my class:

In Durkheim’s view, people were in danger of a “pathological” loosening of moral bonds. These moral bonds were important to Durkheim, for without them the individual would be enslaved by ever-expanding and insatiable passions. People would be impelled by their passions into a mad search for gratification, but each new gratification would lead only to more and more needs. According to Durkheim, the one thing that every human will always want is ‘more’. And, of course, that is the one thing we ultimately cannot have. If society does not limit us, we will become slaves to the pursuit of more (Ritzer 2008: 81 [Emphasis mine]).

We would all do well to keep Durkheim in mind given the massive amounts of inequality we see in the world. It is our responsibility—as citizens—to keep our journalists aware that they exist to serve the people, and not their corporate sponsors. Their job is to print news that keeps business and government accountable, not sensationalism that panders to the zeitgeist of the day.

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