In 2009, the U.S. posted a record one-year deficit of $1.4 trillion… and the deficit spending continues. Like many nations around the globe, the US has elected to “spend” its way out of the current budget crisis.
In response, “China, the biggest U.S. foreign creditor, has been warning Washington to rein in the ballooning deficit. If the Obama administration fails to make headway, China and other creditors could demand higher rates for U.S. Treasury bonds” (Reuters, January 23, 2010).
In response to China’s demands, President Obama has asked Congress to set up a council to look at ways to rein in the deficit. Meanwhile, China continues to fund U.S. deficit spending.
In a prophetic warning, God warned millennia ago of the woes of debt, “Woe to him… who loads himself with many pledges… Will not your creditors rise up suddenly? Will they not awaken who oppress you? And you will become their booty. Because you have plundered many nations, all the remnant of the people shall plunder you…” (Habakkuk 2:6-8).
The near future does not bode well for the U.S., because it has broken God’s laws and principles. However, there is hope when Christ returns to set up His kingdom on this earth. “‘Therefore do not fear, O My servant Jacob,’ says the LORD, ‘nor be dismayed, O Israel; for behold, I will save you from afar, and your seed from the land of their captivity. Jacob shall return, have rest and be quiet, and no one shall make [him] afraid” (Jeremiah 30:10).—SW and JG
