Posts tagged with: economy

Mark Whitehouse reported in the September 25th issue of the Wall Street Journal that the living standards of average Americans will have to be adjusted downward in coming years because a larger share of our national debt is going to debt-service. He writes,

That means Americans will have to work harder to maintain the same living standards—or cut back sharply to pay down the debt.” Catherine Mann, a senior fellow at the Institute for International Economics notes, “Our net international obligations are coming home to roost. It’s as if on our personal MasterCards we have run up large obligations and never had to make personal payments. You can’t believe that is going to last forever.

I am not a professional economist but such news makes me wonder how we will really handle these things as a nation when the spend-spend-spend spigot is finally turned off. The pay day is coming, maybe sooner than later. Our prosperity is always one really bad cycle from a serious implosion and then the country will either adjust corporately, and grow stronger morally and spiritually, or it will begin to break down in ways that could be alarming over the long term. Let us pray that we learn how to adjust sooner than later. Churches that spend so much on themselves, and their upwardly mobile lifestyles, should take note. The kingdom calls for sacrifice and frugality, not lavish expenditures on empire building.

John H. Armstrong is founder and director of ACT 3, a ministry aimed at "encouraging the church, through its leadership, to pursue doctrinal and ethical reformation and to foster spiritual awakening."

Mortgage foreclosure rates soared 53 percent in August, compared with a year earlier, and many people who were eager to buy a house with low “teaser” interest rates and creative financing are in trouble. Acton Senior Fellow in Economics Jennifer Roback Morse expects new calls for goverment oversight of the mortgage industry, which is already highly regulated. A better idea, she suggests, would be for buyers to examine their motives for acquiring real estate with gimmicky loans and take some responsibility for their actions.

Read the full commentary here.

Nipsey Russell (1918-2005)

I was flipping stations tonight and passed the Game Show Network, which was showing reruns of Match Game ’74. Nipsey Russell, the so-called “Poet Laureate of Television,” began the show with this poem for prosperity:

To slow down this recession,

and make this economy thrive,

give us our social security now,

we’ll go to work when we’re sixty-five.