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Nothing’s for nothing

By Ed Stack, Brentwood - thepress.net, on April 15, 2010

In Bill Sumner’s response to a recent letter to the editor, he manifests the concern that the letter focused upon. That is, that many in our community think you can get something for nothing. People like Mr. Sumner simply don’t understand how the economy works. The interrelationship of economic activity and the quality of life we all enjoy is obvious but, nonetheless, remains a mystery to some people.

Mr. Sumner is right that housing prices fell when people defaulted on their loans. The question he evades is why did they default on their loans? The reason is clear. As the economy slowed, those least able to pay lost their jobs, defaulted first and the vicious downward cycle began. Those poor credit loans were the first of a seemingly endless chain of dominos. The results are widespread and devastating.

Whether Mr. Sumner likes it or not, much of our economy is related to growth. As growth occurred, so did job creation, which drove our housing prices higher. This is factual and unambiguous. It’s when growth contracted that our economy spiraled downward, resulting in job losses, increased crime and falling home prices.

I support Measure F for multiple reasons, including the fact that it will bring jobs and investment to Brentwood. These are the key elements that have left our community in the last few years. Measure F is a step in the right direction.

Ironically, Mr. Sumner mentions the Bypass and suggests that it be widened before development occurs. Sounds great, right? Something for nothing. Evidently, he is unaware that more than 88 percent of Bypass funding came from development fees – fees which can only be collected as housing moves forward.

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