A lot of people are worried about the size of America’s debt. A financial planner has some advice.
A worried taxpayer wrote to Chuck Bently of Crown Financial Ministries asking if it’s as bad as some claim.
Bently wrote: America’s federal debt has recently swelled to twenty-two trillion dollars. Those are numbers that were once used only in the field of astronomy.
This is a confusing topic because it is impossible to accurately predict a tipping point for our national debt. The danger lies in our ability or inability to respond to a future crisis. It is my opinion that regardless of our government’s debt, believers should manage their finances in a way that honors the Lord: prepared for a crisis and not living dependent on the government.
Some make the argument that our debt doesn’t matter because America has an advantage over many nations. We have abundant natural resources, one political system, one monetary system, one primary language, fairly peaceful neighbors, and a population that all grant confidence for foreign investors. All true.
Our government debt is not an immediate concern for many because interest rates are low. However, if our lenders ever lose confidence in the good faith and credit of the U.S., then our debt could actually become a real threat.
So regardless of whether our government ever stops piling on more debt or will one day reign it in, we need to manage our personal finances in such a way as to reflect the wisdom of God.