Rising Income Inequality for the Texas Rangers. So?
The chart above is based on data from the USA Today Salaries Databases and reveals significant and increasing income inequality over time for the Texas Rangers, measured both by the payroll share of the top 20% and the Gini coefficient of statistical dispersion. Over that time period, the average inflation-adjusted Texas Ranger salary has gone up almost 8 times, from $412,350 in 1988 (measured in 2011 dollars) to $3.18 million in 2011.
So what's the problem? We hear all the time that rising income inequality is harmful and damaging, so why isn't that the case for professional sports?
Also, the minimum salary for the Texas Rangers is $414,000, which is the MLB salary minimum, putting every MLB player in the top 1% (based on $344,000 minimum to be in the top 1% for 2009, the most recent year available). Where's the outrage? What about Occupy MLB Stadiums?