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November 5, 2008
Exclusive: Less is the New More
The people have spoken and we have a new president-elect. For months we’ve watched the longest running political soap opera in American history. We’ve sat on the edge of our seats throughout the primary season, and watched candidates come and go. This has been an historic election by every measure – made even more so by Sen. Obama’s victory.
But now the dust has settled. The year-long national diversion is over. We can turn off the cable news shows, forget about the latest media rock stars, and get back to our normal lives. Office politics will replace national politics, Monday night football will replace Chris Matthews and Wolf Blitzer, and we’ll go back to carpooling the kids to soccer games instead of driving to political rallies.
Now that we’re back to real life, what do we have? Like Dorothy in the Wizard of Oz, we know we’re not in Kansas anymore, but we’re not quite sure where we’ve landed. Our home values have plunged, and our 401K plans have just become 201K plans. Neighborhood yard sales now feature flat screen TVs and speedboats along with old Cuisinarts and baby cribs. The prices on eBay are half of what they were just two months ago.
You actually know people who have lost their jobs – and who have few prospects for new ones. A year ago the best businesses to be in were real estate and construction. You could borrow cheap and easy money, build a house – for yourself or as an investment – and be guaranteed to sell it at an enormous profit. It was like shooting fish in a barrel. But Home Depot and other construction related companies are laying off employees in droves. Those for-sale signs in front of McMansions are starting to rust, they’ve been up so long. And the real estate section of the paper starts out every listing with “recently reduced.”
We’re in a Recession and those expert analysts you see on the business channels say they have no idea how long the recession will last or how deep it will go.
So, let’s admit it – we are sailing in rough seas without a map. No one knows what the future holds for the American economy, but no one thinks it holds good news anytime soon.
Think of it this way – do you know anyone who has recently had a heart attack? He has two options – go on living the way the same as before – overweight, no exercise, junk food, constant stress – and not last long. Or he can undergo a complete transformation – start exercising, substitute veggies and fruit for a Big Mac and fries and lose weight. His cholesterol will come down, he won’t be out of breath every time he climbs the stairs, and he will spend more time outdoors. Guys like him not only live longer, but seem to live better lives. It’s just hard to get from here to there, and to get your head around the idea of delayed gratification. It’s not easy to pass up the donuts and reach for the grapefruit.
So, what happens next? The only thing we know for certain in these uncertain times is the values that have guided us for the last decade or so – borrowing, consumption, instant gratification, greed – won’t work in the new era. We should probably dust off some old-fashioned values and give them a try.
Our parents and grandparents worked hard, saved money, and often did without so their children could have a better life. They bought one house using their savings as a down payment, and spent 30 years paying off the mortgage. When the kids were grown, and the house paid for, they sold it for a great profit, bought an apartment and put what was left over in money market funds. Eventually they retired, moved to Florida, and lived on their savings.
We used to think that sounded quaint. But it sure looks good right now. Turns out that paying off your debts isn’t just for suckers. Neither is putting savings away from a rainy day. Spending quality time with the family is a better investment in the long run than jetting off to exotic vacations. The new reality is we need to make do with what we have and be happy about it. Fulfillment isn’t a new car or the next shopping spree or the outdoor grill you only use twice a year.
Let’s face it. The era of Gordon Gecko and Greed is Good is Gone. Less is the New More. And, like the guy who feels better once he loses the weight, exercises and gets his cholesterol down, we might all find the new reality isn’t so bad after all.
FamilySecurityMatters.org Contributing Editor KT McFarland is a former top Pentagon official in the Reagan Administration and a frequent commentator on national security issues and foreign affairs. Feedback: editorialdirector@familysecuritymatters.org.
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