Money talks

Times are changing, and with them, many of the values Americans have held close and dear for generations. Money has become increasingly important, while traditional concepts such as patriotism, children, and religion are taking a backseat. 

A new poll I read over this weekend set me back on my heels. When asked about their values, 43% of Americans polled say money as a value is very important to them, more important in fact than traditional values such as having children, community involvement, religion, or patriotism.

The survey, conducted by a non-partisan research organization at the University of Chicago called NORC, and the conservative, Fox-owned, Wall Street Journal, revealed these eye-popping changes in the attitudes of Americans over the past twenty-five years.

For example, back in 1998, 70% of respondents said patriotism was important to them, while 62% felt religion was important. Those attitudes scores have plummeted with only 38% for patriotism, and 39% in favor of religion. The importance of community involvement dropped as well (from 47% to 27%), while the importance of having children and hard work has also fallen. The only area that saw an increase in the survey was the value of money.

If even some of these results are accurate (the margin of error was 4.1%), America is in trouble.

For many, that comes as no surprise. The division between Americans is wider than it has been in many decades. We have seemingly entered a period of hyper-polarization where people are becoming increasingly isolated. The Pandemic contributed to that isolation, severing our attachment and reliance on the community in many cases.

At the same time, trust in institutions is at all-time lows in the U.S., according to Gallup polling data.  Corporate America, the media, the internet, Congress and the presidency, organized religion, hospitals, and even schools can no longer be relied upon when you need them. You are on your own, which makes money that much more important.

Over the last twenty-five years, several gut-wrenching events have assaulted our value system. The list is long: the World Trade Center terrorist attack, the 2008-2009 financial crisis, recession, several wars, the loss of U.S. jobs due to globalization, growing income inequality, ongoing religious scandals, the rise of American populism, the fracturing of political parties into divisive camps, rising civil disobedience, and of course the pandemic. Since then, supply chain disruptions, spiking inflation, higher interest rates, and a weakening banking system have rounded out the list of disruptions that have changed our lives forever.   

 Is it any wonder that tolerance for others has fallen to 58% from 80% in just four years? Is it any surprise that community involvement has fallen off the cliff when the color of your skin or ethnicity is increasingly used to separate and segregate, rather than encourage what we have in common?

The very definition of some of our values is up for debate. Many are subject to new interpretations. Patriotism to the radical right means something altogether different from the patriotism that influenced my decision to join the Marine Corps and serve in Vietnam. I am sure organizations like Black Lives Matter, the Proud Boys, or Oath Keepers have very different views of what community involvement means to them.

And while all age groups including old fogies like me, saw their priorities and values change, younger Americans have even less attachment to the values that were (and still are) central to my life. I am sure that the rise of individualism and sense of entitlement that the media has fostered, and to some extent glorified, has impacted many of the values of younger generations.  Patriotism, religion, having children, and community involvement scored much lower among young adults under 30 years of age compared to seniors, while the value attributed to money was higher.

The value of money is measured by what people are willing to exchange for it, and how much of it there is. Today, governments print money by boatloads, and yet demand keeps increasing. It seems more Americans than ever are willing to sell the soul of their nation in exchange for it.  One can only hope that sometime in the future Americans can be convinced to buy back into the traditional values that made America what it was.

Bill Schmick is a founding partner of Onota Partners, Inc., in the Berkshires.  Bill’s forecasts and opinions are purely his own and do not necessarily represent the views of Onota Partners, Inc. (OPI).  None of his commentary is or should be considered investment advice.  Direct your inquiries to Bill at 1-413-347-2401 or e-mail him at bill@schmicksretiredinvestor.com .Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal.