Some Short Examples and Comments About the Five Dimensions

Critical thinking: A few weeks ago a furniture company was advertising 20% off or 0% interest until Jan 2024, which was about 40 months away. If you take the delayed payment offer and pay full price, you sacrifice the 20%-off bargain. That is the equivalent of paying over 5% in annual interest – not exactly a no interest deal after all.

 

Responsibility: It seems fine to harass, shame or even arrest people who don’t wear a face covering, yet in the case of a person who has children without the means to support or feed them, there is unlimited sympathy and generous financial support from the government and others.

 

Economic Understanding: Recently Subway lost a court case in Ireland. They tried to avoid paying tax on their bread, but the court ruled that their bread contains too much sugar to qualify for the “staple food” exemption. The media reported mockingly on the unhealthiness of Subway bread. 

 

One newscaster closed with “now it will cost Subway more” – wrong! It is really a hidden tax on the Irish Subway customers as they pay more for their sandwiches. I doubt if it will cost Subway any business as they raise the price a bit. Newscasters and most of the people who listen to them don’t understand economics or business.

 

Note: A recipe on Food.com for homemade white bread uses at least as much sugar as the Subway recipe. 

 

Perspective: Does anyone else find it odd that football players celebrate every time they make a good play? These people are highly paid to play a game. They are expected to throw the ball or catch it or tackle an opponent or keep him from catching the ball. When they do what they are paid to do, they make first down signals, high-five each other, do dances and mug for the camera. Try doing that in your job and see where it gets you!

 

Discipline: Consider those on-line sports betting ads. It’s initially risk-free as they promise to match your losses up to a certain dollar amount. Aren’t they counting on enough people getting hooked, even if it’s only a bet or two a week? As the saying goes, over the long run the house always wins. 

 

Here is some evidence of that. This source “estimates that New Yorkers bet $837 million on sports in New Jersey. When subtracting the payouts for wins using a conservative hold percentage, it’s an estimated $57.1 million in revenue for the operators and $6.2 million in tax revenue lost by New York to New Jersey.” With it not yet legal in New York, total losses to the state in taxes on the profits could be over $203 million.

 

Discipline (alternate): Despite being told for years to build a six-month emergency fund, most Americans were dependent on government enhanced unemployment and stimulus checks immediately after the pandemic struck and complained when they were delayed.

 

Other miscellaneous ideas: 

Three useless words – “go ahead and.” Every time you hear them “go ahead and” replay the sentence in your head with out them. It’s shorter and means exactly the same thing!

 

The only way to be an optimist these days is to have extremely low expectations. 

 

“Some free black people in this country bought and sold other black people, and did so at least since 1654, continuing to do so right through the Civil War.” (Source: Article by Henry Louis Gates, a black historian)