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Elon-Musk-and-Donald-Trump. NASA/Bill Ingalls & Flickr/Gage Skidmore (CC BY-SA 2.0)
By James Malloy, The Stream, February 17, 2025
James Malloy is the author of Economic Clarity or Political Confusion: The Classical Cure for Keynesian Debt & Deficits. He has a bachelor’s degree in business economics and has been an active licensed California mortgage and real estate broker for 20 years. Contact him at econclarity.com.
Reckless spending is immoral. Is it not? You could compare it to the sins of gluttony and sloth. We must produce more than we consume to stay ahead and, conversely, often consume less to avoid unnecessary debt. Wasteful spending is also wrong because it leads to not caring for our families in the long run.
Whoever does not provide for his family, especially those of their own household, denies the faith and is worse than an unbeliever. (1 Timothy 5:8)
Those are direct, strong biblical words! We may need to borrow to care for our family in an emergency, but isn’t making an ongoing habit of it immoral?
Do good parents leave their children with enormous debt if they have a choice about it? So why are we leaving our children with a massive national debt? ….
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