I think everyone would agree that having debt is not a good idea. Obviously, with large ticket items like homes and cars most of us are going to have to go into debt to purchase these needed items. I think we would also agree that if we borrow, we should pay back what we owe.

The Bible has things to say about this topic and mostly from a personal point of view. Here are a couple scriptures to think about on this topic.

Exodus 22:14: "If anything is borrowed, it should be paid back. If what is borrowed is lost or injured, full restitution must be made."

Psalm 37:21: "The wicked borrows but does not pay back, but the righteous is generous and gives."

Now, national debt is different from personal debt in several ways, but I think the overall biblical principle still holds true. You need to pay back the debt.

In June, the Congressional Budget Office estimated that the federal debt will equal 122 percent of the United States' (U.S.) annual economic output by 2034. This will be higher than the previous high mark for U.S. debt right after World War II.

The Organization for Economic Cooperation and Development (OECD) reported in June that only Italy, Greece, and Japan have higher gross debt-to-GDP ratios than the U.S.

Both sides of the political spectrum are responsible for our increasing debt. The debt has continued to rise under the present administration and the previous administration.

"At a moment we should be looking at what spending to reduce and how to increase revenue, the national agenda is full of conversation about huge new tax cuts and major spending initiatives," Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, stated.

"The risks that we run from this growing mountain of debt run the gamut from slower economic growth to lower incomes, an inability to respond to emergencies and a weaker role in the world. Nothing could be more urgent, but none of our leaders have a plan to address this glaring problem."

The highest amount of spending in the U.S. budget is on defense spending. Already in the fiscal year 2024, interest payments on our debt are going to bypass our massive defense spending.

"The harmful effects of higher interest rates fueling higher interest costs on a huge existing debt load are continuing and leading to additional borrowing. It's the definition of unsustainable," Michael A. Peterson, CEO of the nonpartisan Peter G. Peterson Foundation, a budget-focused think tank, said in a statement.

I know we have heard stories about U.S. debt before and that it was not sustainable. I remember hearing these things back in the 1990s, and we were able to eventually balance the budget. But since then, we have been on an unsustainable rise in our national debt going way beyond anything from the past.

All the news is not bad. According to an International Monetary Fund (IMF) report in June, the U.S. economy is very strong. But the IMF also warned that if U.S. debt continues to grow unchecked it will impact growth and could snowball into global financial chaos.

If anything remains under constant pressure, it will eventually break. This is true of pipes, belts, and other physical parts, but it is also true of relationships, systems, and processes.

I'm not writing this to try and frighten you—we should not be frightened by anything. Remember, when you put your total faith in God, you will not fear. Notice 1 John 4:18: "There is no fear in love, but perfect love casts out fear. For fear has to do with punishment, and whoever fears has not been perfected in love." God is love, and when we are secure in Him, nothing can harm us. Why? Because we understand this world and all it can bring is not the be-all and end-all. There is a coming Kingdom.

To conclude, let's also remember Zephaniah 3:17: "The Lord your God is with you, He is mighty to save. The Lord will take great delight in you; He will quiet you with His love, He will rejoice over you with singing."

There are plenty of things this world wants you to worry about. But your relationship with Christ overrides all that is in the world. Don't forget it!

Sources: "What Does the Bible Say About Debt," Christian Stewardship Network, April 26, 2021, https://www.christianstewardshipnetwork.com/blog/2021/4/16/what-does-the-bible-say-about-debt

"National Debt Will Hit $50.7 Trillion By 2034, Federal Budget Agency Projects," by Jacob Bogage, The Washington Post, June 19, 2024

"Soaring U.S. Debt Poses Risk to Global Economy, IMF Says," by David J. Lynch, The Washington Post, June 29, 2024