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Founding Fathers: NBA Free Agency & Independence Day
As we celebrate July 4th and our nation's independence, it's appropriate to also connect that celebration to the utter mayhem of this past week's NBA free agency. Individual rights, and the pursuit of happiness and freedom are defining hallmarks of our country. And, unquestionably, they are also the driving principles of professional sports unions.
This year's crop of NBA free agents signed for nearly $1.5 billion in the frantic 48 hours after midnight on July 1st. To many, the salaries paid to basketball players appears obscene, creating the impression that they are an overpaid workforce. Surprisingly, however, player salaries are artificially depressed due to the NBA's salary cap which restricts team payrolls, and therefore player salaries.