"We're Mortgaging Our Children's Future!"
A commentary by Ron Kelley
United Church of God pastor, Asheville, Hickory and Greensboro, North Carolina
Posted January 7, 2010
 "We're
mortgaging our children's future!" "We're passing
down a mountain of debt to our children and grandchildren!" These
sentiments are among the angry shouts of people who are furious with what
they denounce as reckless spending by government officials. This is not
only happening in the United States. Many other nations are feeling the
crush of enormous debt being heaped on them and the generations to come
after them by governments bent on trying to spend their way out of the
recession.
In America, all anyone needs to do to verify our runaway debt is to
take a few minutes to look at the display of the U.S.
National Debt Clock.
As of this writing, the current U.S. national debt stands at $12,136,000,000,
or $39,380 for every man, woman and child in the United States.
Brian M. Riedl of the Institute for Economic Policy Studies at the
Heritage Foundation, wrote: "The new budget spending estimates
are alarming and absolutely unsustainable—and are the true cause
of these appalling levels of deficit and debt. President Obama has proposed
massive tax increases that still cannot keep up with the historic spending
increases he has proposed. The result will be highest level of spending—and
debt—in American history" ("New Budget Estimates Show
Unsustainable Spending and Debt," Aug. 25, 2009).
What does this mean for our children? If we cannot pay this debt, it
will not simply go away. It will just be pushed into future years, with
billions of dollars in interest piled on top of an already mountainous
debt. If we can't afford it now, how will they afford it later?
How will they be able to maintain the standard of living their parents
and grandparents enjoyed? The simple answer is: They won't. Our
children will suffer the consequences of the reckless, out-of-control
spending of their parents' generation.
The apostle Paul matter-of-factly states the commonsense wisdom that
has been the norm throughout history: "For the children ought
not to lay up for the parents, but the parents for the children" (2
Corinthians 12:14).
But, sadly, in our world today, it seems our children are destined
to endure pain because of the selfishness and greed of the generation
preceding theirs. Our generation has had no hesitation in passing along
to our children a financial nightmare that will take great personal
sacrifices to repair—if it can be repaired.
Responsible parents should be willing to prevent the suffering of their
children and make those personal sacrifices today. Apparently, many
are not. How about you? Are you concerned about the consequences of
our growing debt? What can you do for your children and grandchildren?
 You can help your children and grandchildren by reducing or eliminating
your personal debt and managing your finances wisely. Begin by taking
a look at your responsibilities as described in the chapter "Financial
Security and Peace of Mind" from the free booklet Making
Life Work. This article is based on biblical wisdom that is
the only real source of financial peace of mind and the hope that we
and our children need.
Related Resources
Managing
Your Finances
What advice does the Bible offer about wealth and our attitude toward it? Is
money really the root of all evil? Do you know what God thinks about bankruptucy?
What does the Bible say about charitable contributions? How much should we give?
The
Debt Trap: How Do I Get Free?
How can you escape the debt burden? The solution isn't hard to understand,
but it takes effort.
Family Finances: a Biblical Guide
Does Scripture tell us anything about how we can better manage our money?
Do
You Know How to Use A Credit Card?
What tips do financial experts recommend on using credit cards? In principle,
does the Bible offer advice on this modern practice? Understanding and
practicing the keys revealed in this article can help your family bolster
its financial security.
Coping
With a Growing Economic Crisis
2007 was the worst year for U.S. home foreclosures since 1932, at the
height of the Great Depression. The economy may be in trouble, but you
can take steps to prepare for the growing downturn.
Beyond
Today: Surviving an Economic Crisis
How can you get control of your life, behavior and money? The answer
comes from a surprising, yet very wise source.
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