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Tuesday, August 9, 2011 The prophetic time for a prophetic people The stock markets have declined from 6-to-6.9 percent in the first day of trading after America's credit rating was lowered from its AAA rating. This is the first time in history the US has lost its pristine credit rating. All the gains of the market since the beginning of the year are wiped out, even more so, the market is lower than what it started the first of the year. Following the credit down grade for the nation, the government's home lending agencies--Fannie Mae and Freddie Mac--also received a credit down grade. The smoke and mirrors that this Congress and this White House were using to justify borrowing another $2 Trillion with basically no cuts in spending, are coming into clear view, and its not good. Even while the markets were declining, the president tried to give reassurances that the problem was solvable, but the markets declined even while he was speaking. Partly because he was continuing to blame the problem on the lack of political will in Washington to raise taxes and spend more money to buy America out of the problem. Conventional wisdom, however, is that Congress and the White House decided to spend more money without cutting the federal budget causing a down grade in America's credit and the subsequent market down turn. The president said that Congress and he had reached agreement to make historic cuts to defense and domestic spending, but that's not quite the case. Truth is, Congress and the White House agreed to spend over $2 trillion before 2013 and make cuts of about $100 billion each year by 2023. The only thing historic about that is its lack of economic and fiscal stewardship. Fiscal conservatives believe the government has grown beyond the ability of the American citizens to pay for it. So they are saying no more tax increases. They are saying no more increases in spending. The fiscal liberals believe that rich people should pay their fair share, so an increase in their taxes should take care of the problem. There are not enough rich people to take care of a $14 trillion debt, even if a tax increase were considered a fair and reasonable thing to do. The impact on America and the world of these irresponsible actions and lack of leadership (the president continuously accepts no blame for his own policies, but points fingers at everyone else) will be devastating. Interest rates will go higher. Jobs will be fewer. Money will be scarcer. People will be stressed and depressed. People will be looking for answers. And the answer is found in those who know Jesus Christ. 2 Timothy 1:7 says, "For God hath not given us the spirit of fear; but of power, and of love, and of a sound mind." This is not a time to retract from the events around us, but rather to reach out in the power of the Holy Spirit, with love for one another, even lovingkindness, and wisely demonstrate the solutions to life according to the Word of God.
Have a Blessed and Powerful Day!
Bill Wilson
www.dailyjot.com
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