In Your Debt

One of the hottest political potatoes presently before the United States Congress is the debate over the so-called debt ceiling. The Constitution places within the Congress the sole authority to authorize spending of the federal government and, in cases when there is insufficient income with which to finance that spending, the Congress must also authorize the U.S. Treasury to borrow funds and how much. The current statutory limit, or, maximum amount the Treasury is allowed to borrow, is an unimaginable $14.294 trillion. This limit was reached on May 16, so the Congress must now decide whether to increase the limit and if so, by how much. Opponents of an increase argue that the deficit spending of the past decade has placed the nation on an unsustainable course and only drastic measures will preserve its viability. The Secretary of the Treasury, Timothy Geithner, however, is warning of unpredictable and potentially catastrophic consequences if the federal government is not authorized to borrow additional funds within the next couple of months. In my humble opinion, I think they’re both right.

Without delving into the pros and cons of the political considerations, though, perhaps it would be helpful to evaluate this issue in the light of Scripture. The Bible clearly speaks to the issue of national and personal debt, and the wise observer of current events does well to put the loquacious arguments of his fellow man in the context of God’s Word. Against this true plumb line, it is often easy to see what is out of balance or erroneous.

Consider the promises of Deuteronomy 28 – that familiar passage where God outlines the blessings of obedience and the consequences of disobedience. If the country is aligned with Godly principles, than the nation will be in a position to lend to many other nations, and not have to borrow. But if the nation is disobedient, the alien will lend to instead of borrow from the nation. Today, the United States is currently borrowing at least $10 billion from each of 53 foreign nations and many smaller amounts from dozens of others countries, plus nearly $2.5 trillion from various individuals and investors. Furthermore, although the U.S. gives billions of dollars of aid every year, it does not lend to anyone. Clearly, having to borrow money is not an indication of God’s blessing and, clearly, the United States is coming down on the wrong side of that equation.

But why is debt a bad thing? As Solomon pointed out in Proverbs 22, it introduces an unhealthy dynamic into the relationship between the borrower and lender, and as Jesus further clarified in Matthew 6, it handicaps the relationship between the borrower and God. One who borrows money is subject to the demands of his creditor; he “becomes the lender’s slave.” God did not design money to be a tool for gaining social leverage in this way, and we do well to recognize – and avoid – its impacts. Furthermore, when the borrower is servant to the lender, he is unable to fully devote himself to being God’s servant. He is then forced to navigate the impossible task of serving two masters. Again, we do well to recognize – and avoid – this handicap to our relationship with our Savior.

So what ought we – and the United States – to do? We need look no further than Romans 8:13: “Owe nothing to anyone except to love one another.” Interestingly here, the original Greek includes an emphatic double negative (In Greek, unlike English, multiple negatives are used to increase emphasis.). One should not allow indebtedness to develop with anyone, for any reason. It is also worth nothing that no economic exceptions are given; not for governmental or commercial enterprises, neither for large expenditures or those outside of one’s price range. The only exception is the debt of love we owe each other in fulfillment of the requirements of God’s law.

The solutions to our national fiscal problems are complex, but the problem is clear: we should not be in debt. Let us pray for our country to be realigned with Godly principles and thereby warrant the kinds of fiscal prosperity promised in Deuteronomy 28. And let us make sure our own fiscal houses are in order, owing nothing to anyone except the unconditional love of Christ.