The North Pole’s Response to the Economic Crisis
From the desk of Kris Kringle
Dear Jimmy,
Before you send me your Christmas wish list, I wanted to advise you not to get your hopes up.
For the better part of a decade, I’ve entrusted the elves with approving boys and girls for the nice list. Over this period, the number of children on the nice list has skyrocketed. Unfortunately, the number of children on the list has skyrocketed because the elves have approved kids–like your neighbor Kenny Colson, the cocaine kingpin of Sadlerville Elementary–who didn’t deserve nice list status. In my last audit, I found literally millions of Kennys on the list, and even thousands of adults, including Ricardo Montalban, Gene Simmons, and both T brothers, Mr. and Ice.
What I had failed to appreciate at the time I delegated nice-list decision-making authority to the elves was that they had a profound conflict of interest. The more kids on the list, the more toys that had to be produced. The more toys that were produced, the greater the elves’ year-end bonuses. Our labor costs exploded.
In a perfect world, I would have cut my workforce by firing the elves responsible for the reckless nice-list approvals. Unfortunately, every elf is a card carrying member of the elven union, Local Eleven. And, as any economist will tell you, there’s no economic force more potent than a union representing a workforce of highly skilled, geographically concentrated, and four-foot tall employees. Had we tried to fire anyone, we’d have faced a full blown work stoppage.
We’ve had zero luck breaking the union. A couple years ago we tried importing a bunch of tiny Mexicans, but they never adjusted to the cold. We considered using our massive toy warehouses to lure thousands of tween replacements for the elves, but the Pole’s crazed child welfare zealots, essentially an army of Carrie Nations, have vigorously enforced the laws that prohibit anyone under the age of thirteen from working more than 80 hours a week.
I had no choice but to curtail toy production, a move that decimated the North Pole economy. Tens of thousands of elves who had immigrated to the Pole and bought igloos thinking they would land high-paying jobs could neither find work nor pay their mortgages. Buyers defaulted. Igloo prices plummeted. The North Pole Hedge Fund, which had invested heavily in mortgage-backed securities, went belly-up. The crisis ushered in the hallmark social ills of economic devastation: prostitution, drug use, and Amway franchises.
In response, we are taking immediate emergency action. We are finalizing a merger with one of the most trusted fictitious icons in holiday gift delivery: the Easter Bunny. The merger will permit us to take advantage of economies of scale in candy confection and tiny plastic toy production. Although we’re in the early stages of due diligence and don’t fully understand the bunny rabbit’s business model–how does a rabbit, of all creatures, produce so many eggs and why does he bother to hide them?–eggs represent an incredibly a stable source of profit growth and the Easter Bunny has millions upon millions of satisfied customers. We well understand that compared with other potential suitors, such as the leprechaun with the pot of gold, this merger isn’t glamorous and doesn’t promise outsize returns, but it does bring a reliable revenue stream that will allow us over time to stabilize our operations.
What does all this mean for you the customer? Well, Jimmy, it means that even though you really, really deserve to be on the nice list, this Christmas even Santa can’t afford nice. I could lie and tell you the Easter Bunny will come through, but the truth is we won’t finalize the paperwork until May. There, there, don’t cry. We’ve done some outsourcing in the six-year old age bracket, so there’s a chance you might find a generous cash reward from the tooth fairy.
Sincerely yours,
Santa Claus