Originally aired on March 13, 2019 on Faith Radio with Carmen LeBerge, Bill discusses the corruption and greed revealed in the recent college admittance bribe scandle. We also discuss Trump’s 10-year budget that adds $10T to our national debt.
Here are the notes we used to air this spot:
Trump’s proposed 2019 budget calls for the addition of $7.5T of debt over the next 10 years.Two kinds of debt at the Federal level:Public debt – $16.2T (today)Intragovernmental debt – $5.8T (today)
Trumps budget calls for an increase of public debt to $23.6T by 2028 (Table S-1)Calls for the shrinking of our deficits to 1.1% of GDP by 2028 – Today: 4.4%Calls for national debt to be 72.6% of GDP by 2028 – Today: 78.8%We pay $389B each year just on interest for our national debt. – projected to grow to $914B in 2028. Our entire budget in 1984 was only $851B. In just under 45 years, our Federal budget will have ballooned from $851B to over $5.5T by 2028Deficits = amount of debt we incur in one fiscal year; Debt = total summation of our deficits since the inception of our countryOur 50 states have a combined debt of $7.7TUnfunded Medicare future liabilities plus Federal Employee and Veterans Benefits total $87TTotal personal debt is $19.5TLiability per tax payer has exceeded $1MAs a society, we are happy to fund most of what we want from government, but not all of it – so we borrow to pay for the services and goodies we get from governmentEvery President since I can remember has campaigned against the growing debt and then added to it once in officeWhich is more responsible? To take the wealth of future generations to pay for our government services today or full fund our government today?In business – which is more responsible? To continuously borrow against future earnings to pay for today’s expenses or to fully fund today’s expenses?
What can you do personally?
Stay out of debt AMAPDiversify your
investments – if all your savings is in paper – probably not a good ideaDevelop a lifestyle of
giving – God loves a cheerful giver and rewards those who give away their
wealthMake sure you debt has
collateral – something you can sell to cover the debt if needed
http://www.bibleandbusiness.com/tag/debt/
You don’t pet a burning dog
We can’t tax our way out of this
mess
We can’t grow our way out of
this mess
Debt is probably the #1 reason
Christians are not available to God to move out in ministry.