There is one lesson I have learned reading books on current events over the years–economics exposes the flaws of modern prophets. I had great respect for the late Larry Burkett who brought sound financial counsel and teaching to millions of Americans in the 1980s and 1990s. In 1991, Burkett wrote The Coming Economic Earthquake, which predicted an impending economic collapse of historic proportions. In 2000, with the American economy booming and interest rates, deficits, and inflation at historic lows, Burkett acknowledge he had been wrong in his assessment.
This week’s chapter by Dr. Black on the Loss of Economic Discipline points to similar economic woes. Written in 1994, the book can seem out-of-step with the reality of the last 20 years. Yet, keep in mind that the focus is not on economic collapse, but on the historic evidence that nations in decline lose economic self control or discipline. This is America. Take, for example, the level of the national debt. In 1994, the national debt stood at $4.6 trillion. Today, the national debt stands at $18.2 trillion. In spite of these shocking numbers, there is no stomach for fiscal restraint. Instead, we are heading into an era of incredible government expansion as the full cost of the Affordable Care Act begins to take hold in 2016.–Chris Eller