The second greatest commandment is to love one another. We can owe people money, but the best thing to give is our love. Pay the debt of love by giving of yourself to someone who needs it.
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Pay that Debt I think this is a cool way to say that we need to love our neighbor. Set Things Right Sometimes th debt of love increases because of neglect, and sometimes it happens because we have wronged someone. Fulfill the Law When we love our neighbor, we fulfill the law.
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Facebook Comments. Submit a Comment Cancel reply Your email address will not be published. Get our 1 year Devotional. Get Our App. Office Location. Need Help? Tel: To remain solvent and ultimately pay what it owes, the U. Treasury — which sells notes and bonds to investors to raise money to finance the budget deficit — needs only to balance its books over the long run, rather than over an arbitrary unit of time like a year.
Historically low interest rates on government debt suggest that bond market participants agree with this view and are not afraid of a sovereign debt default in the U.
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Indeed, with these low rates, sufficient economic growth can allow the government to borrow indefinitely. Government debt simply reflects the timing of taxes. Higher spending levels today require more borrowing — and a larger debt — as long as the taxes needed to pay for those expenditures are pushed into the future. To paraphrase Milton Friedman, spending is taxing.
In short, government debt can be a bad indicator of the stance of fiscal policy or its burden on the private sector.
A New Watchlist
The government can be wildly intrusive in the economy and thus a hindrance to growth and welfare even if its debt is low. Or it can effectively manage spending to promote welfare even if its debt is high. In , the U. High debt should not prevent the government from spending on worthwhile public endeavors. And low debt does not prove that the level or composition of government spending is appropriate.
The Debt of Love
Such liabilities do not show up in standard debt measures. While these commitments are different in nature from the promise to pay back previously borrowed funds, they are nonetheless a potentially large burden on taxpayers — and surely a governmental imposition on the economy.
These commitments arise from implicit and explicit federal loan guarantees that support housing and education policy , from deposit insurance and Federal Reserve actions that attempt to promote a stable financial system and from commitments to the elderly and poor through Social Security, pension guarantees and Medicare and Medicaid.
The biggest share of that, or about a third, is Medicare.
They can use the principal and interest to pay off high future taxes, with no ultimate effect on their net wealth or well-being. In other words, taxpayers can use capital markets to offset transfers of their wealth — via taxes — to bondholders by becoming bondholders themselves. In aggregate, as long as private saving rises with government borrowing — and it is plausible to assume that it will if people feel the need to save to pay higher future taxes — the latter need not crowd out borrowing for productive activity by the private sector.
This is an updated version of an article originally published on March 19, A contemporary Robinsonade — York, York. The polar oceans and global climate — Milton Keynes, Buckinghamshire. Edition: Available editions United Kingdom.