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Death by Debt
'WorldWatch' by Joseph B. BaityOn December 29, 2023, the U.S. government's total public debt outstanding surpassed $34 trillion for the first time, marking a historic milestone. This staggering figure represents the cumulative amount borrowed by the federal government that remains unpaid over the nation's history. Each year, when the government engages in deficit spending by expending more than it collects in tax revenues, it borrows additional funds, often through bond sales, causing the national debt to grow. Like any financed debt, interest accumulates, significantly increasing America's financial burden. America has carried a national debt since before its first national election, with George Washington's administration inheriting over $71 million, a figure that fluctuated until Andrew Jackson reduced it by over 99 percent to just under $337,000 by 1837. The debt has risen since, crossing the billion-dollar mark under Lincoln and the trillion-dollar threshold under Reagan, with the last decrease seen under Calvin Coolidge before the Great Depression in 1929. Significant increases occurred under recent administrations, with over $8 trillion added during Obama's eight years, nearly the same under Trump's four years, and almost $5.5 trillion in Biden's first three years, with no signs of slowing spending as the country strives to avoid economic downturns. Until 1971, the U.S. government was constrained by the gold standard, limiting borrowing and spending based on gold reserves, enforcing fiscal discipline. However, in August 1971, President Nixon unpegged the U.S. dollar from gold, transforming it into a fiat currency, allowing the Federal Reserve to issue unlimited dollars to fund government expansion, selling debt based solely on the nation's credit, leading to an uncontrolled spiral of national debt, accelerated by events like the War on Terror, the 2008-2009 recession, the green transition, and the response to COVID-19. Despite predictions of economic collapse, America has avoided catastrophe so far, but with rising debt and interest rates to combat inflation, interest payments now cost about $2 billion daily and may soon exceed defense spending. The rising cost of credit is impacting American businesses, with private companies facing shrinking profits and increasing bankruptcies, while total bankruptcy filings rose 18% in 2023 to 445,186, a trend expected to continue in 2024 due to higher interest rates, increased cost of funds, and historic household debt levels. Washington continues to spend as if resources are unlimited, but experts warn that adding trillions in debt yearly is a dire warning sign, with potential significant consequences looming if fiscal restraint is not exercised soon. America's economic future hangs in the balance as it faces the risk of drowning in a deluge of red ink and standing on the brink of unprecedented disaster.
An Incredible Debt
Sermonette by Ryan McClureBecause all people have sinned, we must all emulate the gratitude displayed by the woman who sacrificed the expensive alabaster bottle of fragrance for Christ.
The Money Has Failed (Part Four)
Commentary by Martin G. CollinsThe move to a cashless society will drastically drive up inflation, causing bankruptcies and foreclosures on a massive scale. The price of food rises 8% annually.
The Fear Has Shifted
Commentary by John W. Ritenbaugh (1932-2023)A family, a company, or nation cannot keep spending beyond its means without consequences. It is illogical that we need to spend money to get out of debt.
Skyrocketing Indebtedness
Commentary by John W. Ritenbaugh (1932-2023)47% of Americans are dependents of the Federal government, which, because of incompetency, is also cash poor. Most are ignorant about the causes of this demise.
A Prophecy for Our Time
Commentary by John W. Ritenbaugh (1932-2023)The 'change' that was promised has turned out to be national bankruptcy as we plunge into insurmountable debt, leaving us at the mercy of others.
Individual State Bankruptcies (Part Two)
Commentary by John W. Ritenbaugh (1932-2023)California, Illinois, and Minnesota, while levying confiscatory taxes for liberal programs, are hemorrhaging productive taxpayers to more responsible states.
Biblical Finance
CGG Weekly by Richard T. RitenbaughThe Bible is not an economic text, but it does include financial principles that all should know and follow as well as they are able. Here are a few.
Individual State Bankruptcies (Part One)
Commentary by John W. Ritenbaugh (1932-2023)Productive, middle-class Americans are emigrating from highly taxed, nearly bankrupt states to more tax-friendly and fiscally responsible venues.
Greece, America—Whatever
CGG Weekly by Richard T. RitenbaughThe bigger they are, the harder they fall. If America wants to avoid following Greece down the economic drain, we must take action now to stop the money leak.
Economics in Prophecy
'Prophecy Watch' by Richard T. RitenbaughMany doubters think that the Bible is not sophisticated enough to comment on modern ideas, but God's Word factors economics into the end-time prophecies.
Money: A Gauge of Character
Sermonette by Richard T. RitenbaughIf God cannot trust a person to properly handle a small amount of money, He will not give him responsibility over more crucial matters.
Personal Finance
Commentary by Mike FordAlthough some installment buying (such as a mortgage) may be inevitable, most installment buying is counter-productive, putting us further into debt.
The Present and Future Crisis (Part Two)
Sermon by John W. RitenbaughThe United States' enormous debt, coupled with its escalating trade deficit, is inevitably leading to what economist call economic Armageddon.
No Need to Borrow
CGG Weekly by Ronny H. GrahamGod never intended Israel to have to borrow from anyone. How did a nation of modern-day Israel go from the greatest lender to the greatest debtor?
Be Content in All Things (Part One)
CGG Weekly by Geoff PrestonMoney or possessions are not the way to happiness. Yes, we can enjoy these things, but if that is all we are interested in, we will never be content.
The Handwriting is on the Wall (2008)
Feast of Tabernacles Sermon by John W. Ritenbaugh (1932-2023)We must allow God to change our lives. The blessings and cursing principle of Deuteronomy 28 remains unchanged, applying to all who have made the covenant.
The Shemitah: God's Year of Release
Sermonette by David C. GrabbeBecause we have spurned God's years of release, we have reaped a whirlwind of curses, including crop failure and devastating stock market crashes.
Lacking Nothing (Part Three)
Sermon by Martin G. CollinsWe should reduce expenses today in order to be free tomorrow. Debt is designed to bring people under subjection; the debtor is always the servant.
The Present and Future Crisis (Part One)
Sermon by John W. RitenbaughWe need to exercise diligence, acquiring economic stability by submitting to God's counsel, sacrificing now before forces usurp our economic substance.
Preparing for Bad Times (Part 1)
Sermon by John W. RitenbaughBoth the watchman and the one who hears have a responsibility to make preparations for bad times, helping themselves and others through the tough times.
Ditching Tithing? Consider Carefully
CGG Weekly by Richard T. RitenbaughIn tough financial times, some Christians reduce or cut out altogether God's tithe. They justify it with an excuse like, 'God wouldn't want me to starve!'
The Year of Release
Sermonette by John W. Ritenbaugh (1932-2023)The land Sabbath is a type of the weekly Sabbath, wherein the land is given time to regenerate, and all debts (and grudges) are forgiven and slaves set free.
Ending Your Financial Worries
Herbert W. Armstrong BookletEven with all the political problems hanging over us, Americans are most concerned about their personal finances. Here is how your financial problems can be solved!
The Tenth Commandment
Sermon by John W. Ritenbaugh (1932-2023)Coveting begins as a desire. Human nature cannot be satisfied, nothing physical can satisfy covetousness, and joy does not derive from materialism.
Should We Make Vows Today?
Article by John O. ReidWe can promise to change our lives in return for a request we ask from God, but should we do this? Although not forbidden, making vows is a risky business.
The Tenth Commandment
'Personal' from John W. RitenbaughEveryone is out to acquire as much as possible for himself. The tenth commandment, however, governs this proclivity of human nature, striking at man's heart.
Change and Responsibility
CGG Weekly by John W. RitenbaughAt Christ's return, people will be engaging in everyday life as if it would go on without change today, tomorrow, and forever. We, however, have been warned.
Habakkuk: A Prophet of Faith (Part Three)
Sermon by Martin G. CollinsHabakkuk was frustrated that God would use an evil people to punish Israel, yet he resolved to cease fretting and to become a responsible watcher.
The Tenth Commandment (1998)
'Personal' from John W. RitenbaughOne commentator said all public crime would cease if this one law was kept. Another said every sin against one's neighbor springs from breaking this commandment.