President Obama has called for urgent action on climate change, to save the environment for our children and grandchildren.
We are not likely to hear him call for massive reductions in government spending so that our children and grandchildren do not have to pay back the $18 trillion debt the last two generations have accumulated.
This problem is arguably more urgent than climate change.
We’ve been hearing a lot about Greece recently. The country has some serious financial problems. Now Puerto Rico is in default.
“Puerto Rico’s outstanding debt of $72 billion is far bigger than Detroit’s $20 billion bankruptcy two years ago but a fraction of Greece’s $350 billion in obligations. But unlike Detroit, there’s no law allowing Puerto Rico to declare bankruptcy….. ’There’s no big daddy to rescue Puerto Rico,’ says Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics.” (“Puerto Rico defaults on $72bn debt”, USA Today, Tuesday.)
As everyone with a credit card knows, eventually you have to pay the balance.
It’s no different with countries.
How are we, or our grandchildren going to pay off $18 trillion of national debt? How long before it’s $20 trillion? Will that be the psychological barrier that prompts the rest of the world to say “Enough!”?
What’s happening in Greece could also happen here.
In Athens, the Stock Market reopened yesterday after a five-week shutdown due to the financial crisis. Shares fell dramatically, with some investors losing 25% in one day. Shares of the Greek National Bank, once trading as high as $27.50, dropped to $0.09 Monday.
The general feeling is that the worst is yet to come.
It could also spread to other countries with a heavy debt load.
Our economic woes are certainly increasing. One reason is the drought, which is severely affecting some parts of the country and has been for four years. This has led to many of the uncontrolled fires we are witnessing on the nightly news.
The drought stricken land reminds me of God’s warning to the ancient Israelites, that if they did not obey Him, there would be some serious consequences.
One of those consequences would be drought. Note: Deuteronomy 28:23 – “The skies above will be as unyielding as bronze, and the earth beneath will be as hard as iron.” (New Living Translation)
Is God trying to tell us something?
I haven’t been able to post any articles for a few days. This is because all eight grandchildren were staying with us last week. The four oldest, all girls, are aged 8 to 10; the four youngest, all boys, 2 & 3. Needless to say, I spent the week pre-occupied with little time to think, let alone write.
But it was fun having them all and we’re looking forward to the next time — over the Labor Day weekend. Family get-togethers are so very important!