The Immorality of Debt
In Just a Thought, May 19th, 2009
Have you ever thought of debt as immoral?
It is a difficult question because most of us owe a monetary debt to someone, a bank, credit card or auto companies. And as long as the debt has something to back it up, it is not immoral. But what of unsecured debt…debt with nothing but your promise to repay…and you do not currently have the capacity to repay it?
That is immoral…and that is exactly what this current administration is doing. Let me quote General Douglas MacArthur, architect of our victory in the Pacific in WWII and winner of the Medal of Honor, our country’s highest military award, “There can be no more monstrous an immortality than to pass on to our progeny an overwhelming burden of public debt extravagantly created to better our own conditions of life…with little or no thought to theirs.” Spoken 50 years ago…never more true.
