Is Penal Substitutionary Atonement wrong?

Penal Substitutionary Atonement has been understood as one aspect of what it means that Jesus died for our sins. The basic idea is this: by dying in our place, Jesus' death achieved paid the penalty for our sins. 

My guess is, that sounds very familiar to you. It's been a very common and central understanding of Jesus' death. But in recent years it's become in vogue to dismiss this idea as beneath the dignity of a God of love. 

So is it false?

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