Debt Crisis Looming? With Jerry Bowyer » Audio Archive » MoneyWise

Debt Crisis Looming? With Jerry Bowyer

MoneyWise

Christian talk radio with Rob West

August 18, 2022

With a national debt now north of $30 trillion, is there a debt crisis on the horizon? And what does it mean for you? We’ll talk about that with Jerry Bowyer today. The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to prevent their growth in our own. John Adams Jerry Bowyer is our resident economist here at MoneyWise. Jerry notes that he’s been hearing dire warnings about a looming economic crisis since the 1980s. But he says circumstances are shifting, and it’s time to take seriously the risk of a true debt crisis in the United States. Some will recall a growing national debt in the 1980s, but at the time, the United States had a debt-to-GDP (gross domestic product) ratio of 30-50%. But now, he notes that the debt-to-GDP ratio is roughly 130%. And that makes all the difference. Bowyer says Debt doesn’t matter at all right up until the moment when it’s the only thing that matters. And he adds that we’re closer to that moment than at any point in his lifetime. (Proverbs 22: 7 says, The rich rules over the poor, and the borrower is slave of the lender. Bowyer explains how Proverbs 22: 7 applies to governments, including that of the United States. He also details how the Federal Reserve’s monetary policies contributed to the problem. Rob West and Jerry Bowyer also explain how this impacts you and your family, and what you can do to help protect yourself financially. Bowyer is the author of The Maker Versus the Takers: What Jesus Really Said About Social Justice and Economics. And you can read Jerry’s weekly insights on the economy at Vident. com. On today’s program, Rob also answers listener questions: ● How do you determine the wisest way to use a large sum of money from a home sale? ● What is the best way to set up multiple savings accounts? RESOURCES MENTIONED: ● Ally Bank ● Capital One 360 Checking ● Marcus ● MoneyWise App

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