Certainly, the discipline of paying off large accumulated debts teaches us some things about financial responsibility and how better to handle money. And for that, I’m grateful.
In the current economy, though, millions of people are struggling. And the idea of becoming instantly debt-free would be exhilarating (and life-changing) for just about everybody.
Not only would it impact people on a deep, personal level, it would also lift the heavy burden that’s dragging the economy down. Perhaps we could recover sooner rather than later.
Here are two things I think would be beneficial:
#1 Declare a Jubilee
In the Bible, a Jubilee happened every 49 years. Anybody who was an indentured servant was allowed to go free… and all debts were erased.
Essentially, in a Jubilee year, everybody got to start over at zero.
A friend recently asked me: But isn’t that being unfair to all those people who save money or charge interest on the money they’ve loaned?
My answer: Not really.
First: Savings retain their value when there’s an honest money system. The American system is dishonest; it creates money out of thin air. As the money supply increases, each individual dollar is worth less and less.
Inflation (also called devaluation of the currency) is the hidden tax, and it penalizes savers while rewarding debtors.
Second: God’s law prohibits charging interest on loans. If we were to honor and follow God’s law, then there wouldn’t be so much debt in the first place.
It is unhealthy to build an economy on debt-funded consumption. This can only happen when interest (especially exorbitant interest) encourages money lenders to lend.
But since God’s law prohibits interest, this would never happen.
#2 Get Rid of Most Taxes (Particularly the Income Tax)
Right now, chances are you pay from 15% to 25% of your income just to pay state and federal income taxes.
Then there are a whole raft of additional taxes you pay: sales tax, gas tax, real estate tax, car registration tax, etc etc etc.
Some organizations estimate that the average American pays 40% to 55% of his/her gross income in various forms of taxes.
God’s system is much better. Rather than demanding 20% or 30% or 40% or whatever, He asks for only 10%. And that “tax” is only due on the increase of the produce of the ground and on the increase of the herds.
Basically, God wants a return on His labor.
But God doesn’t get involved in double/triple/quadruple taxation like man’s government does. When you really study the Biblical law, you’ll discover that God is much more merciful than you might have imagined him to be.
If you’re interested, you can learn more about The Law of the Tithe here.
Now, whether you believe in the God of the Bible or not, imagine how radically the U.S. would change if all debts were forgiven and we eliminated most of the onerous taxes we pay.
Can you imagine what that would do for people — their lives, their feelings, their productivity? And can you imagine what it would do for the economy?
I’m not holding my breath waiting for this to happen… I don’t think “the powers that be” would ever willingly do such a thing.
But stranger things have happened. After all, Pharaoh did let the Israelites leave Egypt.
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{ 2 comments }
Hmm, I kind of of wonder if God would still want a Jubilee today. I can’t help but wonder if it’s like divorce. When men were particularly “wicket” Moses and company said God permitted divorce as an alternative to adultery. But that changed.
I sort of see this Jubilee idea as sort of the same thing. We don’t need an easy way out, anymore.
Really, who — except those have already been working hard to get themselves out of debt — would really not appreciate it?
Sort of like what a lot of healers say. They don’t like to do mass healings (except those charlatans on TV) because most of the time those healed just go out and do all the same things that got them sick (lack of exercise, wrong diet, no fresh air, etc.).
I agree debt and loans are ruining things… maybe they have to be ruined. Start over.
That said, the way things are going, looks like a Jubilee of sorts may happen, anyways. If money becomes worthless, then so do our debts.
I totally agree on the income tax. Get rid of it.
I’ve an interesting opinion on tithing — as far as our current world situation goes.. Giving 10% to the poor, is only neutralizing the negative karma we generate by participating in our first world nation — where everything we buy is at artificially low prices because it’s based on taking advantage of the environment and third world workers. I don’t feel any nobleness about tithing 10% of my income — just seems a bit more fair that way, as type on this computer with it’s plastic keyboard that was probably built by some underpaid third world worker, from a plastic factory that polluted the air, and a computer that will eventually end up littering the banks of India and releasing more mercury into their soils.
@John – Thanks for the well-written comment. I see your point that certain people may not appreciate their debts being forgiven, or being healed, or whatever.
But I still think the law stands, and I’m not sure it changed either.
We still pray, “God forgive us our debts as we forgive our debtors.” Forgiveness (a Jubilee) should still be something we desire.
And God divorced Israel. Certainly, divorce isn’t ideal, but it doesn’t violate God’s law.
Love your view on giving 10% — compensating for our 1st world status. That makes a lot of sense to me.
Ryan
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