$60,000,000,000,000.00!! Can you believe that the world is in debt 60 trillion dollars? It is such an absurd amount of money and all you have to do is check out this world debt clock and see that every minute 4.5 million dollars of interest is added to the amount owed by the nations.
Federally, the government of Australia owes over $600 billion.
It isn't just a government overspending issue; it is a personal finance issue as well; especially in Australia where our households owe over $1600 billion. Australians seem to be overly confident in their ability to pay back loans and are amongst the world's greatest borrowers.
Debt is crippling our nation and our people but we don't even care.
Why are we in debt?
We are living outside of our means. We want to keep up with the Jones next door wanting the bigger house, the newer car, the newer TV, more clothes, books, videos, holidays etc, we are not living within how much God has given to us.
Basically, we are telling God that He isn't providing enough for us and that we are going to borrow to live the lifestyle we think we deserve. Isn't there a name for this- yes to covet and the last time I checked it is a sin.
Our nation is doing the same. Politicians try to buy our votes and/or stimulate our economy with building projects, pensions, educations, social programs, better health care, etc. The truth is that we can't afford them and we are borrowing money and accumulating a huge debt that is going to be passed onto our children.
Then for our country to pay back the interest and loans the need to borrow more money to keep up the same standard of living.
Why is debt bad
God is very clear about debt and it is sad that when our nations were being formed on Christian principles we forgot to include this one in the foundation of the nation. "The Lord will open to you his good treasury, the heavens, to give the rain to your land in its season and to bless all the work of your hands. And you shall lend to many nations, but you shall not borrow." Deuteronomy chapter 28 verse 12
Debt makes "the borrower is the slave of the lender." Proverbs chapter 22 verse 7 Borrowing money gets you into a cycle of owing people and then having to pay interest back so you have to borrow more to make those payments or buy the stuff you need. God did not want His people to be slaves to banks and other financial institutions.
There is also the risk associated with debt. Debt means that you owe someone something and that they can ask for that back at any time. We need to take a good look at what is happening in Greece and realize that they are an example of what is going to come to many nations when our lenders say enough is enough.
Greece is now being forced to put higher taxes on its people, has an unemployment rate of 25% and the people are only allowed to take out $60 a day from long queues from the banks.
Can you imagine having your life savings being frozen by banks so they can repay the nation's debt?
How do we fix it?
We need to remember that debt does not create jobs, it causes us to pay millions and billions of dollars to financial institutions in interest repayments. If that money was not spent on interest but went back into paying for our goods and service we would be actually able to afford more and would be better off financially.
Well there are two ways we are going to fix our problem of debt:
First we repent before the Lord and decide to drastically cut now and go through the tough pains of a tight budget but realize that it is for a season (yes with the amount of personal debt and federal debt that season could be many years) but it is our debt and our problem not a curse we are to pass off to the next generation.
It is time we stop living in the dream world and take responsibility for our actions personally and as a state. We are not entitled to anything and we need to stop living this way. If we don't change and change fast a crisis is coming.
And the second option and we will be told sorry no more money for you which is happening around the world right now. Look at Greece, Puerto Rico and Argentina. Financial agencies will tell us what to cut and what to tax and we won't have the option.
Not only that the economy will dive, unemployment will increase there will be less money to pay our interest back meaning even more tighter cuts, higher taxes(because borrowing causes a vicious cycle), rioting in the streets and food shortages to name a few of the chaos that will ensue.
Those we borrowed our money from want it back and they will do what they can to get.
We need to exhibit some self-control and take control of our spending and budget and bring it back into the black.
Genevieve Wilson is a happily married stay at home, home-schooling mum of 3, whose passion is to see people come to know Jesus. She worked 8 years as a missionary with Youth with a Mission(YWAM). She has a heart for justice and to see the abolition of the modern day slave trade.
Genevieve Wilson's previous articles may be viewed at http://www.pressserviceinternational.org/genevieve-wilson.html
