Labor Day reminds us not only of the value of our labor, but of the value of our “free” time
Dan Brawner
August 28, 2007
“People who know how much they’re worth generally aren’t worth too much.”–Nelson Bunker Hunt, 1980.
Texan, Nelson Bunker Hunt made a fortune in Libya oil. Wondering what to do with all that money, he and his brothers, along with some Saudi investors, decided to corner the silver market, buying up 180 million ounces by 1979, amounting to half the world’s supply. They started buying at $1.95 an ounce. The price peaked at $54 in January, 1980. Two months later, it plummeted to $10.80 and the Hunt brothers lost $1.3 billion. They day of their conspiracy conviction, when the Hunts walked out of the courtroom, no limo was waiting. They each paid a dollar and took the subway home.
Labor Day was not meant for the likes of Mr. Hunt, but began in 1882 as a day off for the overworked “working” people. By 1886, American labor, staggering under the exploitation of big corporations called a general strike and riots broke out. Labor won and the 40-hour week was born.
Working fewer hours during the week was liberating in one sense, but it poses the same question prosecutors asked Mr. Hunt: “How much are you worth?” Rich people can’t answer this. But “working” folks can accurately calculate how much money their time is worth every hour and every minute. Herein lies the problem. If you earn, say, $25/hour, you’re making about 42 cents a minute, not counting taxes. And since, as the late “queen of mean” real estate mogul, Leona Helmsley reminded us, “Only little people pay taxes,” let’s call it 31 cents a minute.
If you think about it too much, the knowledge of what you’re worth can begin to prey on your blue collar brain. Working just two or three minutes at 31 cents/minute, you have earned enough for a can of pop. But if you sit down in the evening to catch a half hour of Fox News, you are essentially losing $9.30. That burger and fries you gulped down after work came to $4.17. But, in effect, it cost you over eight bucks. You like playing catch with your son. But is it really worth $22?
In the time you spent asleep last night, you could have earned enough for a 14-inch color TV from Wal-Mart. The cucumbers and string beans you planted, watered and weeded this summer tasted pretty good. They better. They cost you $36 a pound! When you add it up, you’re losing about $50 a month by going to the bathroom. With a little self-discipline, perhaps you could cut that figure in half.
The meter is running every minute of your working life. Every activity you do, no matter how big or how small has a market price. Even when you’re not working, you are literally spending your time. If you were to spend this Labor Day earning cash instead of resting or going to the beach with your family, imagine what you could buy! In a way, it makes your “free” time seem even more precious. So maybe the best things in life aren’t free. But they’re worth it.
Texan, Nelson Bunker Hunt made a fortune in Libya oil. Wondering what to do with all that money, he and his brothers, along with some Saudi investors, decided to corner the silver market, buying up 180 million ounces by 1979, amounting to half the world’s supply. They started buying at $1.95 an ounce. The price peaked at $54 in January, 1980. Two months later, it plummeted to $10.80 and the Hunt brothers lost $1.3 billion. They day of their conspiracy conviction, when the Hunts walked out of the courtroom, no limo was waiting. They each paid a dollar and took the subway home.
Labor Day was not meant for the likes of Mr. Hunt, but began in 1882 as a day off for the overworked “working” people. By 1886, American labor, staggering under the exploitation of big corporations called a general strike and riots broke out. Labor won and the 40-hour week was born.
Working fewer hours during the week was liberating in one sense, but it poses the same question prosecutors asked Mr. Hunt: “How much are you worth?” Rich people can’t answer this. But “working” folks can accurately calculate how much money their time is worth every hour and every minute. Herein lies the problem. If you earn, say, $25/hour, you’re making about 42 cents a minute, not counting taxes. And since, as the late “queen of mean” real estate mogul, Leona Helmsley reminded us, “Only little people pay taxes,” let’s call it 31 cents a minute.
If you think about it too much, the knowledge of what you’re worth can begin to prey on your blue collar brain. Working just two or three minutes at 31 cents/minute, you have earned enough for a can of pop. But if you sit down in the evening to catch a half hour of Fox News, you are essentially losing $9.30. That burger and fries you gulped down after work came to $4.17. But, in effect, it cost you over eight bucks. You like playing catch with your son. But is it really worth $22?
In the time you spent asleep last night, you could have earned enough for a 14-inch color TV from Wal-Mart. The cucumbers and string beans you planted, watered and weeded this summer tasted pretty good. They better. They cost you $36 a pound! When you add it up, you’re losing about $50 a month by going to the bathroom. With a little self-discipline, perhaps you could cut that figure in half.
The meter is running every minute of your working life. Every activity you do, no matter how big or how small has a market price. Even when you’re not working, you are literally spending your time. If you were to spend this Labor Day earning cash instead of resting or going to the beach with your family, imagine what you could buy! In a way, it makes your “free” time seem even more precious. So maybe the best things in life aren’t free. But they’re worth it.
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