Posted by
peripheral on Saturday, March 21, 2009 7:24:05 AM
From My Perspective - - -
The International Herald Tribune, The Global Edition of the New York
Times features this headline for Saturday, March 21st, 2009 – “OBAMA
BUDGET PROJECTED AT $9.3 TRILLION IN NEXT 10 YEARS.” The gist of the
article is: “President Barack Obama's budget proposals, if carried out,
would produce a staggering $9.3 trillion in total deficits over the
next decade, much more than the White House has predicted, the
Congressional Budget Office said on Friday. The office's estimates of
deficits in the fiscal years 2010 through 2019 "exceed those
anticipated by the administration by $2.3 trillion. The deficits under
the Obama plan would be $4.9 trillion more than the projected deficits
if there were no changes in current laws and policies — what the
nonpartisan budget office calls its baseline assumption…”
Several years ago, a crusty and gravelly-voiced Senator from Illinois –
Everett McKinley Dirksen – remarked: “A million here, a million there,
and pretty soon you're talking about real money.” Also, “I have said,
with respect to authorization bills, that I do not want the Congress or
the country to commit fiscal suicide on the installment plan.” And, “We
are becoming so accustomed to millions and billions of dollars that
thousands has almost passed out of the dictionary.” One wonders what
this Senator might comment as we head toward “gazillions” (an extremely
large, indeterminate number) with very little restraint and/or fiscal
discipline. As a matter of fact, rationalization abounds and fiscal
denial reigns. Even though “President Obama's budget director, Peter R.
Orszag, conceded in a news briefing on Friday that annual deficits of 4
to 5 percent of gross domestic product, as envisioned in the office's
report, are ultimately not sustainable", there seems to be no one
allowing that bankruptcy is too close to be ignored. As a matter of
fact, “Mr. Orszag insisted that administration officials remain
confident in what he called the four key principles of the president's
budget outline: (1) health care reform, (2) improvements in education,
(3) energy efficiency, and (4) reducing the annual deficit in half by
the end of the president's first term from the extraordinary levels it
has suddenly reached because of the bailout and stimulus spending this
year.” Even though “the startling new figures have enormous
implications, political as well as fiscal…”, one wonders whether any
definitive action will occur when the president's $3.6 trillion budget
proposal for the next fiscal year, which begins in October, must be
debated and approved.
Consider these things with me - - - Christian Financial Concepts shares
the following sound counsel: “What does the Bible say about managing
money? The answer can be summarized with a single word—wisdom. We are
to be wise with our money. We are to save money, but not hoard it. We
are to spend money, but with discretion and control. We are to give
back to the Lord, joyfully and sacrificially. We are to use our money
to help others, but with discernment and the guidance of God’s Spirit.
It is not wrong to be rich, but it is wrong to love money. It is not
wrong to be poor, but it is wrong to waste money on trivial things. The
Bible’s consistent message on managing money is to be wise.” And to
those who desire money but decline to be gainfully employed, Proverbs
6:6-11 declares: “Go to the ant, O sluggard; consider her ways, and be
wise. Without having any chief, officer, or ruler, she prepares her
bread in summer and gathers her food in harvest. How long will you lie
there, O sluggard? When will you arise from your sleep? A little sleep,
a little slumber, a little folding of the hands to rest, and poverty
will come upon you like a robber, and want like an armed man. What does
this ultimately mean from those who are impoverished and/or deeply
indebted? The word of caution is in Proverbs 22:7, “The rich rule over
the poor, and the borrower is servant to the lender.” The overall
advice that is given by Crown Financial or Dave Ramsey involves (a)
find employment that will enable one to pay down debt; (b) eliminate
credit cards as an alternative to cash purchases; (c) save to get what
you need or want and pay cash for it; (d) stay away from loan/finance
companies who assess exorbitant finance and insurance fees (such as,
credit life, etc.). Follow a basic rule: If it sounds too good to be
true – it is too good to be true! Learn to say “No!” to temptations and
irresistible offers. If your outgo exceeds your income, your upkeep
will be your downfall. Do your best to avoid debt. The Lord’s promise
to supply for all your needs (not necessarily wants) is still
operative. He can be trusted!