The Soul Anchor [Hebrews 6:19] - September 1, 2024
As of August 1, 2024, the US national debt is estimated to be $35.1 trillion. This is equivalent to $104,082 for each person living in the United States. The national debt is the total amount of outstanding borrowing by the US federal government over the country's history. It includes debt held by the public, as well as debt held by federal trust funds and other government accounts. The federal government is running a deficit in fiscal year 2024, spending $1.52 trillion more than it has collected. Also, U.S. consumers collectively owe a record $1.14 trillion in credit card debt, figures released recently by the Federal Reserve Bank of New York show. That's $27 billion more than the $1.13 trillion in credit card debt they carried during the second quarter of 2024.
While these statistics make life look pretty bleak and hopeless for our younger generations, going forward there may be some light at the end of the tunnel. According to Cerulli and Associates, what is being described as the Great Wealth Transfer is the forecasted hand-off of trillions of dollars from the older Silent Generation and aging Baby Boomers to their young Generation-X, Millennial, and Generation-Z adult children and grandchildren over the next 20 years. Cerulli believes the transfer will come mostly from Boomers totaling nearly $84 trillion, with about $72 trillion going to heirs and $12 trillion to charities. The Great Wealth Transfer will include cash, equities, real estate and other forms of wealth.
Ken Costa believes the amount transferred will be $100 Trillion and his book on the subject says that the handover of assets will revolutionize capitalism because many in the generations receiving the assets feel very differently about the future of the planet and capitalism than the generations passing the wealth on. Whether we will ultimately bury ourselves too deeply in debt or be saved by the great wealth transfer remains to be seen. The Bible has some to say about inheritances.
First, they are a good thing for good people to leave an inheritance for their children and beyond. Proverbs 13:22 says,
“A good man leaves an inheritance for his children's children, but a sinner's wealth is stored up for the righteous.”
Whether individuals in today’s younger generations benefit from the great wealth transfer will likely depend on who their parents and grandparents are and how much they have accumulated. We’re blessed to be receiving a spiritual inheritance from God.
Ephesians 1:11-14 says,
“In him we were also chosen, having been predestined according to the plan of him who works out everything in conformity with the purpose of his will, order that we, who were the first to hope in Christ, might be for the praise of his glory. And you also were included in Christ when you heard the word of truth, the gospel of your salvation. Having believed, you were marked in him with a seal, the promised Holy Spirit, who is a deposit guaranteeing our inheritance until the redemption of those who are God's possession – to the praise of his glory."
Because of this our days here on earth should be spent focused on pleasing God, not worldly pursuits. Colossians 3:23-24 (NIV) Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.
Who are you serving? It will matter for eternity!
God bless,
Pastor Frank
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