The Economic Community: Public Indebtedness

2016 Book of Discipline, Social Principles ¶163.M

M) Public Indebtedness

The huge budget deficits produced by years of overspending by governments around the world is of great concern. We acknowledge that for a limited time in a nation’s history governmental deficits are sometimes necessary. However, long periods of excessive overspending by governments have produced huge deficits and significant economic challenges for many nations. Such wanton carelessness cannot continue. Therefore, we call upon all governments to reduce budget deficits and to live within their means. We ask the governments and institutions that lend money to reduce significantly the interest rates on the money borrowed. We ask that public officials, when making financial adjustments, remember first and foremost obligations that promote the well-being of society such as the funding of schools and other opportunities that foster the growth of the individual, as well as agencies that care for the poor, the elderly, the disabled, and the disenfranchised.

We recognize that, if deficits are not brought under control, future generations will be shackled with a burden of public indebtedness that will force societies to live under the specter of coerced repayments, rising inflation, mass unemployment, and despair. Thus, this is not just a financial issue, but an issue of justice for those who are yet to be born. Wise stewardship is needed today to provide for future generations. We call on church leader- ship throughout the connection to encourage public officials to reduce public indebtedness and to begin the process toward balanced and fair budgets.

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