By Art Spander
For RealClearSports.comIn Britain, where austerity is in vogue and government budget cuts affect the health system, schools and other vital services, Liverpool of the Premier League signed free-agent soccer star Joe Cole for four years at $7.4 million a year. Hardly austere.
On this side of the Atlantic, the New Jersey Devils, based in Newark, a city with an unemployment rate of more than 13 percent, happily re-signed Ilya Kovalchuk to a 17-year, $102 million contract. Even though rejected by the National Hockey League, it disturbed many citizens.
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