The Light’s Are On But Nobody’s Home
In his work “The Historie of Foure-footed Beastes,” Edward Topsell coined the phrase “penny wise and pound foolish.” Topsell couldn’t have imagined he was describing America’s overcharged consumer culture as he wrote this in 1607, but this observation of average folks’ penchant for penny-pinching at the expense of longer-term savings was right on the money.
Take the compact fluorescent lamp (CFL), for example. While on average one CFL costs more than a typical incandescent light bulb, CFLs last 8-10 times longer, use about 75% less energy and produce 90% less heat while delivering more light per Watt. One 20 Watt CFL could save a consumer $66 dollars over the life of the bulb. Using elemental math that I hope the average American can comprehend, that savings rate far outweighs the initial buck or two spent on the initial purchase.
The same character trait has contributed to the housing bubble. Consumers made their purchase decisions based not on what houses cost but what their initial payments would be. Even better, zero-down loans with low teaser rates made homes “affordable,” even if homes cost tens of thousands more in interest over the life of the loans (assuming those buyers can continue making the payments).
Penny-pinching can have far greater consequences than an unfortunate foreclosure on one’s record. Following the 2003 Cedar fire that devastated inland San Diego County, local officials vowed to take steps to mitigate the risks of another similar wildfire. Yet residents of San Diego County, a bastion of Republican purity, were unwilling to increase taxes to support a build-up of firefighting capacity. Not only were voters unwilling to use their own resources for this vital task, they fell short of the two-thirds majority needed to place the burden on sun-soaked tourists. Said San Diego Fire Chief Tracy Jarman early in last week’s scorching battle, “We’re stretched about as thin as we could possibly be.” Consequently, all of us now pay the cost.
Why, then, is it OK to pool risk after the fact when Republican lock-steppers refuse to expand health insurance to cover the uninsured? If we are on this journey together during the bad times, we ought to be working together at all times.
I remember when being conservative meant making wise choices that would deliver long- term returns on investments. Today’s inheritors of the conservative legacy have betrayed their roots and the orchards of democracy; instead of producing fruit that will feed our children, they’ve left us with a barren landscape.
