Money’s Too Tight

so I'm pinching pennies

Hi all,

Thank you for joining me for today’s song from 1982, “Money’s Too Tight to Mention”, by The Valentine Brothers, John and Billy Valentine. If you’d like to hear the song before you read about it, I’ve included a YouTube video below the article.

Below, you’ll find my interpretation of the lyrics (written in italics). Comments and questions are welcome. For Japanese students, vocabulary words in bold are provided in Japanese below. TOEFL (PBT) 450+, Eiken 2, CEFR B1. 

Pinching pennies?

(614 words)

Does it seem like you’ve been “pinching pennies” (trying not to spend as much as usual) recently? You’re not alone. People in many countries are finding that prices are going up while income is staying flat or going down. Sometimes our financial situation is so tight limited that we don't even want to talk about it. When money is “tight”, it means that people are struggling to buy the things they need every day.

Ronald Reagan (Photo: Paul Laxalt, Wikimedia Commons)

Today’s song is from 1982. At the time, the U.S. president was Ronald Reagan. Reaganomics refers to the economic policies that were approved during the 1980s. His government created tax cuts, deregulation, and a focus on reducing government spending. The main idea behind Reaganomics was that if you could lower taxes on individuals and businesses, the economy would grow, leading to more jobs and more wealth.

However, the tax cuts ended up for the wealthy and corporations. The reason given was that these tax cuts would allow companies to hire more people. The benefits to the wealthy would "trickle down" to the rest of society.

Reaganomics also promised to reduce government spending, especially on social welfare programs. These programs included helping low-income families with food support, medical insurance, and public housing. 

People who did not agree with Reaganomics said that the wealthy got the most benefit. There was a wider income gap during the Reagan era. The policies did not benefit the middle and lower classes very much.

In addition to tax cuts, Reaganomics also intended to reduce government regulation, particularly in areas of finance, energy, and telecommunications.  The people who designed the policies thought that if you didn’t have strict regulations in these areas, competition would increase. That would mean the development of new products.

In the song, the singer has lost his job and can’t pay the rent. He asks the bank if he could get a loan, but they refuse, saying he’s just had some bad luck.

I've been laid off from work, my rent is due

My kids all need brand new shoes

So, I went to the bank to see what they could do

They said, “Son, looks like bad luck

Got a hold on you”

In the U.S., if you are laid off (the company fires you as a result of downsizing), you can apply for unemployment benefits. That means that the government will give you money each moth for a certain period of time. If you can’t find a job in that time, you will run out of unemployment money. Here, the government won’t extend the period so that he can receive further benefits.

Money's too tight to mention

I can't get an unemployment extension

Money's too tight to mention

.

I went to my brother to see what he could do

He said, "Brother like to help you but I'm unable to"

His brother can’t help him, so he starts to pray to the Father (God).

So I called on the Father

"Father, oh, my Father"

He said…

.

Money's too tight to mention

.

I can't even qualify for my pension

In most American companies, you have to work for a certain number of years before your can receive (qualify for) a pension.

We’re talkin’ about Reaganomics

Oh lord, in the Senate and the Congress

They're passing all kinds of bills

Up there on Capitol Hill, now they tell me

.

Money's too tight to mention (Cut-back!)

Oh money, money, money, money, money

Dinero, money, oh yeah

.

== ₹ ¥ ₱ € ௹ £ ₩ ฿ $ ₺ ₨ ₤ ﷼ ₣ ==

.

Oh, and if you’re wondering what Simply Red are repeating at the end, it’s:

Did the earth move for you, Nancy?

If you’d like to discuss that, leave your thoughts in the comments below.

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Question

• Which words from the article do you think you would find in a newspaper report about economics?

• Do you see any similarity between what the songs talks about in the 1980s and our lives today?

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Vocabulary

deregulation 規制緩和

trickle down economics （大企業や高所得者が富むような経済政策を実施すれば、投資や消費が活発になり、低所得者にも恩恵が及ぶとする考え方です。）

welfare 福祉

low-income 低収入

public housing 公営住宅

income gap 所得格差

regulation 規制

telecommunications 電気通信

downsizing リストラ

unemployment benefits 失業手当

pension 年金

dinero (money - Spanish)

Simply Red version:

Sources

Zinn, H. (2003). A people’s history of the United States 1942-present. Perennial Classics.

わかりやすい用語集 解説：トリクルダウン理論（とりくるだうんりろん）. 三井住友DSアセットマネジメント. https://www.smd-am.co.jp/glossary/YST3101/#:~:text=%E5%AF%8C%E3%81%8C%E5%AF%8C%E8%A3%95%E5%B1%A4%E3%81%8B%E3%82%89,%E5%8F%8A%E3%81%B6%E3%81%A8%E3%81%99%E3%82%8B%E8%80%83%E3%81%88%E6%96%B9%E3%81%A7%E3%81%99%E3%80%82 . Accessed 1 May 2024.