What would you think of me if I were to purchase a ten million dollar house and charge it to my children, my grandchildren, and my great grandchildren? I have no doubt that you would think I was both insane and immoral. And you would be correct.
No one has any right to pile up debts for other people to pay. To do so is to commit a form of theft.
Our federal government is completely out of control. With the encouragement of the executive branch, the Congress continues to spend with reckless abandon.
The inevitable result is going to be a runaway hyper-inflation that will destroy our nation's economy.
Our debt has become so huge that it is now beyond the comprehension of the mind. A recent article in World magazine illustrated this point in a clever way:
How much is $1 trillion? To get an idea of how massive this amount is, think of it in seconds. Going back in time 1 million seconds would take you back 12 days. One billion seconds would take you back 30 years, and 1 trillion seconds would take you back 32,000 years.
The U.S. national debt exceeded $12 trillion at the end of 2009 and is projected to top $20 trillion in 10 years!
Both individually and as a nation, Americans have become debt junkies, insisting on instant gratification through mindless borrowing. Our basic motivating force is greed.
In contrast the Bible exhorts us to be content with what we have (1 Timothy 6:6-8). The Bible does not prohibit debt, but it warns strongly against it: "...the borrower is the slave of the lender" (Proverbs 22:7 – ESV).
This truth can be seen in our relationship with Israel. They are our natural ally, sharing our values. And yet we are limited in what support we can give them because we are indebted to the Arab world for oil. In like manner, it is doubtful that we would come to the aid of another natural ally, Taiwan, should the island be invaded by China. The Chinese own too much of our debt for us to stand up to them.
Meanwhile, we continue to sell off our assets to foreign nations in an attempt to stay afloat. The days are clearly numbered for both the dollar and our status as a world power.