Seven Reasons for the Impending Financial Collapse With Scriptural References Included

The Seven Biggest Reasons for the Impending Economic Collapse

By Pastor Paul J. Bern

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One of the Ten Commandments says, “You shall not lie”. (Exodus 20, verse 16) It says still more about dishonesty in government in chapter 23, verse 8 of that same book of the Bible: “Do not accept a bribe, for a bribe blinds those who see and twists the words of the righteous.” While I'm not about to accuse anyone in the Biden presidential administration of accepting bribes, I am dismayed at the armies of lobbyists residing the inside the Beltway who are engaged in a legalized version of bribery. It’s no different than the existence of Wall St. and the stock market, together with the life insurance industry, despite the laws against organized gambling.

The beginning of the end of the American political machine, which has been the Republican-Democrat paradigm, has already begun. The inherent corruption of the US government has risen up like a foul stench in the sinus cavities of good people everywhere. This has given birth to a torrent of dissent from the Occupiers on Wall Street, at Standing Rock, South Dakota and elsewhere, combined with the various anti-government and antiwar protesters. This can become a national movement for a more equitable society if more Americans knew the truth about the true state of the US economy. Everything revolves around the economy because we all need money to survive. America's trade imbalance, social, environmental and economic issues all revolve around a debt-based economy. This economic paradigm is coming to an end, and I'm going to list 7 reasons why.

1.) Tax cuts for the rich trickle down to everyone else. In actuality, quite the reverse is true. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and has been dropping since George W. Bush. Trickle-down economics is a cruel joke. In reality, “trickle down” means “piss on” the poor, minorities and people of color, the disabled and the elderly.

2.) Higher taxes on the rich would hurt the economy and slow job growth. False. Totally. From the end of World War II until 1981, the richest Americans faced a top marginal tax rate of 70 percent or above. Under Dwight Eisenhower it was 91 percent. Even after all deductions and credits, the top taxes on the very rich were far higher than they’ve been since. Yet the economy grew faster during those years than it has since. Why are the country's wealthiest families being allowed to skate on by the IRS while the rest of the country gets hammered by falling wages?

3.) Shrinking government generates more jobs. Wrong again. It means fewer government workers – everyone from teachers, fire fighters, police officers, and social workers at the state and local levels to safety inspectors and military personnel at the federal. And, fewer government contractors would employ fewer private-sector workers. On the contrary; to create more jobs and economic prosperity, raise the minimum wage to a ($15.00) realistic level. More money in people's pockets equals more spending, which generates more economic activity, which creates more jobs and business start-ups. Plus, the additional spending and jobs create more tax revenue that ultimately makes its way back into the communities it serves.

4.) Cutting the budget deficit now is more important than boosting the economy. Whose lame-brained idea was this? Probably someone from within the Federal Reserve, since the Federal Reserve owns America's budget deficit. Every time America makes a payment on our “national debt”, the money actually goes to the Federal Reserve. Any additional budget cuts now will shrink the US economy even further. They’ll increase unemployment and reduce tax revenues. That will worsen the ratio of the debt to the total economy. The first priority must be getting jobs and growth back by boosting the economy. Only then, when jobs and growth are returning vigorously, should we turn to cutting the deficit.

5.) Medicare and Medicaid are the major drivers of budget deficits. What, are you kidding me? Medicare and Medicaid spending is rising quickly, to be sure. But that’s because the nation’s health-care costs are rising so fast. One of the best ways of slowing these costs is to use Medicare and Medicaid’s bargaining power over drug companies and hospitals to reduce costs, and to move from a fee-for-service system to a fee-for-healthy outcomes system. And since Medicare has far lower administrative costs than private health insurers, we should make Medicare available to everyone. All America has to do is take everyone who is signed up for Obama-care, Medicaid, the VA hospital system, plus all government employees, and roll them over into Medicare. Then we'll just eliminate Obama-care and Medicaid by de-funding them both, saving over $1 trillion in the first year alone.

6.) Social Security is a Ponzi scheme. No way! Social Security will be solvent for the next 26 years just as it is. It could be solvent for the next century or more if we raised the ceiling on income subject to the Social Security payroll tax. That ceiling is now $106,800. Raising that amount to $250,000 will do the job very nicely. All it takes is a little common sense, something that seems to be in short supply inside the Beltway these days.

7.) It’s unfair that lower-income Americans don’t pay income tax. This is patently ridiculous. In a worst case, it criminalizes the poor. In truth, there’s nothing unfair about it. Lower-income Americans pay out a larger share of their paychecks in payroll taxes, sales taxes, user fees, and tolls than everyone else, especially when compared to the top 1% financial elite.

Demagogues through history have known that big lies, repeated often enough, start being believed — unless they’re rebutted. Regarding this, the Bible says, “Resist the Devil (Satan) and he will flee from you.” These seven economic deceptions listed above are just plain wrong. Make sure you know the truth – and spread it around to everyone you meet. The time for resistance has come. Not violent resistance, mind you, but of a certain form of resistance that only comes from the Spirit of the living God that lives inside all who believe.

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