Could March Madness Cause a Recession?
Mar 25th, 2008 | By William Patalon III | Category: Politics & EconomicsCompanies may lose up to $1.7 billion in productivity as more than 37 million U.S. workers – ranging from mail room employees to the executives who actually run the companies – will take part in NCAA “Final Four” basketball pools.
When you consider everything that American consumers have been through in the past year – the subprime mortgage Bear-Stearns-Troubles Nov-07 crisis, the collapse of the housing market, the ensuing global credit crisis, soaring prices for oil, gold and such daily household staples as milk and dairy products – wouldn’t it be the ultimate irony if it ended up being something as offbeat and insignificant as “March Madness” that tipped the U.S. economy into a recession?
Don’t dismiss the theory out of hand.
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According to a survey by the well-known consulting firm, Challenger, Gray & Christmas Inc., companies may lose up to $1.7 billion in productivity as more than 37 million U.S. workers – ranging from mail room employees to the executives who actually run the companies – will take part in NCAA “Final Four” basketball pools.
It’s not like the old days when employees would slip away from their desks a few times each workday to watch snippets of the game on a single TV in the office, take long, late lunches for the same reason, or just plain phone in sick.
Thanks to technology, times have changed. Read on to learn how the NCAA tournament could send the economy hurtling into recession.
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William (Bill) Patalon III is the Managing Editor and Senior Research Analyst for Money Morning, and is also the Managing Editor for The Money Map Report. Patalon's work has appeared in Kiplinger's personal finance magazine, USA Today, and The South China Morning Post, among other publications.
