I am really worried about the skyrocketing debt of our federal government. It seems that 250 years is something to celebrate, but the truth is we have more debt than we can handle. Do you think we can fix this? 

America’s Runaway Debt 

Dear America’s Runaway Debt?, 

Certainly, Uncle Sam is loading us all up with more and more debt. 

You can track the national debt using one of these helpful websites: National Debt Clock, US DebtClock.org, or National Debt Per Person. They all indicate that we are presently at about $300,000 per household in debt as of this writing.

Our founders believed that excessive public debt threatened national independence, prosperity, and future generations. Their concern was that borrowing today places burdens on tomorrow’s citizens—a principle that aligns closely with biblical stewardship and the idea of leaving a healthy inheritance to future generations. 

Next week, America celebrates the 250th anniversary of her independence. Ironically, the nation is independent from foreign control but highly dependent on debt. There are reasons that citizens should be concerned and ways I think we should respond. Let’s look at the problem first. 

Runaway Federal Spending

The US federal debt is the result of many factors, including entitlement spending, defense spending, welfare programs, interest on existing debt, economic downturns, and years of budget deficits. Eventually, interest payments consume resources that could otherwise be used for infrastructure, education, public safety, or tax relief.

Federal debt becomes increasingly dangerous when it grows faster than a nation’s ability to manage and repay it. The concern arises when borrowing becomes a long-term substitute for fiscal discipline.

High debt threatens flexibility during crises. If a recession, war, or national emergency occurs, a heavily indebted government has fewer options available because so much of its budget is already committed. It burdens future generations. Current citizens (and non-citizens) enjoy benefits today while passing the costs to taxpayers tomorrow.

Historical Perspectives on America’s Debt

“Avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts.”
(George Washington, Farewell Address)

“To contract new debts is not the way to pay old ones.”
(George Washington, letter to James Welch, Apr. 7, 1799)

“There is no practice more dangerous than that of borrowing money; for when money can be had in this way,’ repayment is seldom thought of in time, the interest becomes a moth, exertions to raise it by dent of industry ceases, it comes easy and is spent freely, and many things [are] indulged in that would never be thought of if [they were] to be purchased by the sweat of the brow…. in the mean time the debt is accumulating like a snow ball in rolling [sic].”
(George Washington, letter to his nephew, Samuel Washington, Mount Vernon, 12 July, 1796)

“I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.”

(Thomas Jefferson to William Plumer, July 21, 1816)

“We must make our election between economy and liberty, or profusion and servitude.”
(Thomas Jefferson to Samuel Kercheval, 1816)

“A government that is big enough to give you everything you want is strong enough to take everything you have.”
(Gerald Ford, Address to a Joint Session of Congress, August 12, 1974)

“The problem is not that people are taxed too little, the problem is that government spends too much.”
(Ronald Reagan)

Can It Be Fixed? 

Yes, it can be fixed but it will not be easy. A nation can move toward a balanced budget and debt reduction in two ways:

1. Reduce spending (austerity)
2. Increase revenue through economic growth

Alexander Hamilton argued that a thriving economy and productive enterprise strengthened the nation’s finances and ability to meet its obligations. Prosperity is strongest for individuals or nations built on productive work, opportunity, and responsible stewardship. 

History has shown that our nationally elected officials have no interest in reducing spending. They cannot agree even with the need to live on a balanced budget! So don’t expect us to ever use austerity measures to fix this. 

America needs economic growth, job creation, and spending discipline, rather than only relying on fraud reduction and the hope for austerity programs. If millions more Americans are working, earning income, buying goods, and starting businesses, government revenues rise through income taxes, payroll taxes, and business taxes—often without increasing tax rates.

What to Do?

Nobody can predict the future, but we can analyze the facts and be prepared accordingly. The reality is that economic shocks can come from many directions. A layoff, a recession, inflation, a market downturn, or an unexpected emergency can quickly disrupt even the best financial plans. Individuals should prepare practically while trusting God ultimately. This grants stability and peace instead of panic. These are wise financial moves to make now: 

• Live below your means and build financial margin. Grow your emergency fund to reduce dependence on debt. 
• Reduce unnecessary debt. The fewer monthly payments you have, the more flexible and resilient your finances become. 
• Invest in yourself. Developing skills, maintaining professional relationships, and growing knowledge can create opportunities even during economic turmoil. Your earning ability is one of your greatest financial assets.
• Trust the Lord, not your net worth. “God is our refuge and strength, an ever-present help in trouble” (Psalm 46:1 ESV).

Ronald Reagan said, “There are no easy answers, but there are simple answers. We must have the courage to do what we know is morally right.” The “we” are you and me. We must become educated and involved while motivating others to join us. 

• Engage in community forums that promote fiscal responsibility. 
• Run for office, or nominate and elect people who are committed to wisely managing America’s budget. 
• Support policy change that increases entrepreneurship, employment, and economic investment. Support spending cuts for non-essential programs. 

Crown has many biblically based, practical, and empowering courses and studies that can help your family find financial freedom. Learn how to be a faithful financial steward of the resources God provides.

This article was originally published on The Christian Post on June 26, 2026.

The post Ask Chuck: Can America’s National Debt Be Fixed ?  appeared first on Crown Financial Ministries.

As a former professor, I encountered many young people who were skeptical of capitalism. We need more people to expand their understanding to protect the economic philosophy upon which this nation was founded. Can you give some Biblical support for capitalism? 

Protector of Economic Freedom

Dear Protector of Economic Freedom, 

I am happy to add my perspective to your efforts to defend and protect free-market economies. Let’s start with a definition of capitalism from IntelligentEconomist.com:

“Capitalism is an economic system in which private individuals and/or companies own the four factors of production. The four factors are land, capital, land/natural resources, and entrepreneurship. Additionally, investments are based on private decision-making rather than that of the public/government. Free market competition governs the production, pricing, and allocation of goods.” 

America’s founders aimed at creating a prosperous, democratic nation that promoted private enterprise and protected property rights as essential to political and personal liberties. The problem lies in the fact that people have not been properly educated in economic history. Gratitude for all America offers has been overshadowed by complainers and disruptors of society, who often know very little about how nations suffer under the alternatives to a free-market economy. 

Socialism Is Growing in Popularity with Many Young People 

As William Adkison says in his article “Capitalistic Criticisms,” “Many see capitalism simply as an excuse for a purely materialistic pursuit of wealth. Wealth and money are means to ends, not ends in themselves. Capitalism is about the conditions and system that enable the pursuit of happiness spoken of by Jefferson in the Declaration. It’s about allowing individuals to grow and flourish, to have protected rights, and to pursue their own ends. Capitalism uniquely provides a structure where transactions between individuals seemingly create profits for both parties out of nothing. Capitalism is not perfect. . . . But that does not mean it is not the best system available to us. . . . The innovations, technologies, improved lifestyles, increased lifespans, and greater ability to give charitably to others—all these elements of our current world—were made achievable by capitalism.”  

Many well-meaning Christians often confuse the role of the Church and government when advocating for socialism as a means to serve the poor. Serving the poor is a right, responsibility, and joy of the individual and the Church. Governments are responsible for protecting citizens’ rights to allow the people to flourish. Flourishing eliminates poverty, while charity from individuals and the Church helps those who cannot work. 

The Bible Teaches the Value of Work 

“If anyone is unwilling to work, he shall not eat.” 

2 Thessalonians 3:10 NIV

The Apostle Paul emphasized the importance of personal responsibility within a community: resourcefulness, work, and fulfillment of the creation mandate to “be fruitful and multiply.”

“A slack hand causes poverty, but the hand of the diligent makes rich.” 

Proverbs 10:4 ESV 

Throughout Scripture, from the first pages of Genesis, God supplies men and women resources for their good and the good of others. Responsibility is given to the individual, not delegated to the government. This upends the very premise of democratic socialism for collective, centralized control of solving the wealth gap. The parable of the good Samaritan is another example of taking personal responsibility for the welfare of our neighbor. 

The Flaw of “Kinder, Gentler Economics” 

Most young people are uncomfortable with the “wealth gap” and believe in redistribution of funds from the rich to the poor. Under a socialist economic model, people have limited ownership of property and businesses. The government controls and regulates the use of profits and personal property.

Anti-capitalists argue that socialism builds a kinder, gentler society. The government decides who gets what in the name of helping the less fortunate. This assumes that good-hearted people—the government—seize assets of the less worthy to give to the more deserving. They pick winners and losers and decide the definition of deserving. Those who work and achieve can be demonized as unworthy, while those who contribute nothing can be rewarded. Radical demands in the form of ever-increasing taxes on the wealthy become common. 

I’ve traveled the world and seen the devastation of government-controlled economies. These economic philosophies are contrary to what the Bible teaches. God provides mankind with resources and holds them responsible for how they’re used. He tells us to work and produce so that we can generously give to the less fortunate from our earnings. While we are called to pay taxes, the government is never charged with the same responsibilities as the individual.  

However, capitalism, like any other economic system, is flawed because of man’s sinful nature. God’s Word speaks to the heart of each individual and calls for turning from selfishness, greed, coveting, and dishonesty. This is the system He designed to guard against the abuse of a free market. 

Christ Came to Set Us Free

Christ came to set us free from sin and death and from yokes of oppression. We must celebrate our freedoms and the joy of the blessings of honest, hard work. Engaging with others in a common purpose, whether in business or community, combats destructive competition by promoting a spirit of cooperation and support. By protecting our freedoms, we help others benefit as well. Success must be seen through the lens of relationships, faithfulness, and purpose rather than financial status. 

High schools, community colleges, and universities have the responsibility of preparing students by expanding their ability to produce in constantly evolving environments. They can remove the fear and encourage innovation with critical thinking skills, in addition to basic development and training. We must help our society understand that they are capable of making a positive impact through their work so long as we have freedom of economic decisions, ownership, and stewardship of the fruit of our labors. 

I join you in praying that we, followers of Christ, will protect this important freedom as we approach the 250th anniversary of our great nation. 

Are you interested in receiving ministry updates from around the world? Do you want helpful and encouraging tools and tips on financial stewardship? Sign up to receive the Crown Newsletter emails by using the form on the homepage at Crown.org.

This article was originally published on The Christian Post on June 12, 2026. 

The post Ask Chuck: Does the Bible Support Capitalism? appeared first on Crown Financial Ministries.

I’m grateful that my parents prepared for aging in place and for assisted living, if necessary.

Some of my friends’ parents have not, and the financial pressure within those families has been difficult to watch. What tips can you offer people so they can avoid this financial drain in their senior years?

Getting Ready for Getting Old 

Dear Getting Ready for Getting Old, 

Your parents will be remembered for their consideration and wisdom. Hopefully, your question can inspire many other families to “set their house in order” (Isaiah 38:1) to be ready for the financial burden of aging and leaving our earthly home. 

A Serious Financial Shock 

It is a fact that many of America’s elderly cannot cover their overhead. The National Council on Aging reports that 45% of older adult households do not have the income needed to cover basic living costs based on cost-of-living data from the Elder Index. 80% are unable to cover a shock like widowhood, serious illness, or long-term care. In addition, Investopedia gathered data showing that three in ten Americans in their 50s have no retirement account or pension. This is a sad reality.

While the parents of your friends may appear as if they have nothing, it is possible they have lived sacrificially to prepare. Possibly, they have life insurance and invest in assets that children are unaware of. That’s why it’s important to discuss the matter if possible. Unfortunately, not all families have the luxury of transparency due to relationship challenges, mental health, or other issues with children and/or blended-family situations.  

Getting Ready for the Inevitable

Preparing financially for one’s senior years is one of the most important forms of stewardship. It’s not just about having enough money. It’s about creating stability, preserving dignity, and living with purpose. The key is to begin now, long before becoming senior citizens. There is no escaping it. Should the Lord will it, we will become senior citizens ourselves one day! Start now by taking the following steps: 

• Create a will and possibly a trust.
• Purchase health and life insurance.
• Fund an emergency savings account.
• Live debt-free, and give joyfully.
• Invest wisely and consistently.
• Cap or decrease your lifestyle.

The earlier you begin, the better. Time is a powerful factor in financial preparation because of compounding. Consistently saving and investing over decades allows even small contributions to grow significantly. Even if starting late, intentional planning can make a meaningful difference.

A Simple Plan to Follow

A foundational step is to build and maintain retirement savings. Contributing regularly to 401(k) accounts or IRAs provides long-term growth and potential tax advantages. If employers offer a match, take full advantage of that benefit. It’s one of the most effective ways to accelerate savings.

Reduce and eliminate debt. Entering retirement with large financial obligations can limit flexibility and increase stress. Aim to free up income so that resources will support needs rather than cover past decisions.

Plan for healthcare costs. Medical expenses typically increase with age and can become one of the largest financial burdens in retirement. Understanding insurance options, setting aside savings, and considering long-term care needs are all part of wise preparation.

Create a sustainable income strategy. This includes Social Security, retirement accounts, and any additional income sources. A clear plan helps ensure that your money lasts.

Fund an emergency account. Unexpected expenses still arise in old age. Accessible savings prevents the need to rely on debt or having to withdraw from long-term investments at an inopportune time.

Make lifestyle decisions. Living below your means before and during retirement creates margin and reduces financial pressure. It may also open the door to greater generosity and the freedom to act on what God lays on your heart.

Seek wise counsel. Financial advisors, trusted mentors, and knowledgeable friends provide perspective and help avoid costly mistakes. Proverbs reminds us that wise plans succeed with many counselors.

If possible, plan to continue working or pursuing meaningful activity to provide both income and purpose. View retirement as a season of contribution in new ways.

Anchor your preparation with trust. Financial planning is essential, but it does not provide ultimate security. God is the Provider. Preparation is an act of stewardship that must be paired with faith in God, who numbers our days.

The Bible teaches that the way we handle money now impacts our future both here and into eternity. We need not prepare out of fear but out of faithful stewardship. Here are financial actions and attitudes that are supported by Scripture: 

• Plan, save, and multiply: Proverbs 21:5, Proverbs 6:6–8, Matthew 25:14–30.
• Be diligent and intentional: Proverbs 10:4, Proverbs 21:5.
• Provide for future needs: Proverbs 13:22, 1 Timothy 5:8.
• Steward resources wisely: Luke 16:11.

Financial preparation for senior years is more than accumulating resources. It’s about building a life characterized by wisdom, discipline, and purpose. When that season comes, you are not defined by financial stress but by a life that is filled with peace, generosity, and impact. Hopefully, younger family members can serve you without the stress of wondering how to pay for your care. 

More Resources

Financial Literacy Declines in Older Adults

Gen X Facing a Retirement Crisis

Preparing for Retirement Involves More than Finances

Crown offers many biblically based, practical, and empowering courses and studies to help families find freedom with their finances. Learn how to be a faithful financial steward of the resources God provides.

This article was originally published on The Christian Post on May 22, 2026. 

The post Ask Chuck: Getting Ready for the Cost of Getting Old  appeared first on Crown Financial Ministries.