By MARK DEVOLDER
Los Alamos

Reference: Tennessee Ernie Ford, “Sixteen Tons”
You load 16 tons, what do you get?
 Another day older and deeper in debt
 St. Peter, don’t you call me ’cause I can’t go
 I owe my soul to the company store)

For most of my career as a chemical engineer, I have been supportive of the extractive industries (that is, multinational oil and gas corporations and coal / other mining industries). Industry has proven itself particularly adept at extracting money from consumer’s pockets. This would not be so bad if it did not result in Appalachia USA (that is, an increasing gulf between affluent and less-affluent people in America) or balance of trade payments used to create and build military weapons in China. Keep in mind that America builds military weapons, too.

There is a tune by Tennessee Ernie Ford (reference) which I used to hear when I was a boy. I liked the tune, but it took me some time to learn about coal mining in Appalachia and company stores.

With inflation and the prospect of a recession in 2023, I worry about less-affluent people in America. I read an article on the internet which described Americans as being “resilient” through the inflationary periods of 2022. However, many Americans exhausted all of their savings or used credit cards to get through the inflationary period.

So, what needs to be done by consumers to make it through a recession? I suggest two things, a personal tax and what I call “severe thrift.”

“Ack!” you say – a personal tax. Yes, a personal tax.

The Bank of America started from very humble beginnings. It depended on less-affluent immigrant customers routinely depositing and saving small amounts of money (that is, 10 or 25 cents at a time).  Look at the Bank of America today. I suggest that less-affluent Americans invest in a savings account or a personal tax of 25 cents per month or $3.00 per year. And avoid the temptation to withdraw that money.

Albert Einstein once described compound interest as the “eighth wonder of the world,” saying, “He who understands it, earns it; he who doesn’t, pays for it.” Compound interest is when the interest one earns on a principal balance is reinvested and generates additional interest.

Severe thrift means that you find improved ways of being thrifty. The following are some examples:

1. Disconnecting electric cords which are continuously plugged into 110 VAC wall receptacles. (Note: De-energizing the electric cords reduces electric usage and reduces the potential for home fires.)
2. Try drinking water instead of soft drinks and consume less sugar. (Note: This helps to improve dental hygiene which in turn reduces the potential for all kinds of catastrophic diseases as we age.  It also helps to reduce personal weight which takes a toll on our joints as we age.)
3. Try cutting off the end of a toothpaste container, opening up the tube and extracting the remaining toothpaste from the tube. Use a wet toothbrush if necessary. (Note: This is the sort of mentality that chemical engineers and the extractive industries use to suck that last penny out of their investments. This thought process is what I spent time learning in college and later on in industry.  Remember, J. Paul Getty was successful because he focused on return on investment. If the return on investment is not greater than the prevailing rate of interest, don’t invest in it.)  
4. Phillip Armour worked to build his fortune in the meatpacking industry. Profit was measured in one thousandth of a cent (or a mil). Keep in mind that a mil of profit multiplied a million butchered animals begins to amount to something on the order of $10.00. And then you wonder why I became a chemical engineer. Remember what Abraham Lincoln said, “If you watch the pennies, the dollars will watch themselves. Also keep in mind that Abraham Lincoln came from Hodgenville, Kentucky – not too far from Appalachia. Try looking at some historical images of people living in Appalachia – a tough lot of less-affluent Americans. Also keep in mind the content of a sign which used to hang on the general store in Jemez Springs, NM, “When the Depression came to Jemez Springs, nothing changed.”) 
5. Stick deodorant is relatively inexpensive. The stick of deodorant is moved upward in the container with a plastic screw thread feature. The configuration of the container leaves some deodorant stick in the container. Using a small screwdriver, the last of the deodorant can be “extracted” and used.  Yes, it is messy and inconvenient – so what.)
6. “Empty” food containers always contain a little food residue. A slice of bread or a piece of bread can be used to wipe the last of the food out of the container. (Note: This helps to reduce the food contamination of containers going into recycle bins. It also helps to reduce the potential for bears to scavenge for a meal from Los Alamos roll-off bins.)
7. Bluegrass Music is a whole lot better for your mind than medical marijuana.

None of this is easy or fun (except for Bluegrass Music). However, it is a way to avoid owing your soul to the company store.