Debt

Candice Quinn 5-11-2013

(xzserg / Shutterstock)

YEAR AFTER YEAR, more than 50 percent of the federal discretionary budget goes to the Pentagon, while only one-third of the non-defense discretionary budget is invested in struggling states and communities—a contrast at the heart of this year’s congressional budget battles. And yet for decades the Pentagon budget has remained sacrosanct while local communities suffer.

From the ground up, activists around the country are fighting back. They are striving to save their communities by calling for cuts in what they perceive as a bloated Pentagon budget—starting in some of the most unlikely places: local city councils.

My organization—the Minnesota Arms Spending Alternatives Project (MN ASAP)—is just one of many groups around the country seeking to shift federal spending priorities from preparing for and waging war to meeting local needs. Through a simple resolution, we build political support by asking churches, organizations, city councils, and state legislators to endorse our initiative to cut Pentagon spending and invest in communities.

In 2011, the Minnesota state government shut down over disputes as to how to address a two-year, $5 billion budget shortfall. Yet Minnesota taxpayers spent nearly $3.5 billion to fund the wars in Iraq and Afghanistan in 2011 alone, bringing total Minnesota taxpayer spending for these wars to $40 billion, according to the National Priorities Project. As in other states, many cities and communities in Minnesota are managing austerity budgets, tightening their belts and laying off police, firefighters, and teachers—all while the Pentagon budget remains unchecked.

Robert Hoch 5-01-2013
Debt hole, Andrej Vodolazhskyi / Shutterstock.com

Debt hole, Andrej Vodolazhskyi / Shutterstock.com

In January, I received a phone message from a friend of ours. She needed to talk with me, she said. About something.

Not long after, I got an e-mail from Cordera (not her real name), our friend’s daughter:

“I am writing to you because my family and I have run into a problem. This summer President Obama passed the Deferred Action for Childhood Arrivals [of undocumented immigrants]. Over a long course of paperwork and appointments with the USCIS, I was able to receive a work authorized social security card and employment card. [But] without a student visa, I was not able to file for a loan. A few weeks after my first attempt, I found a bank that would be able to grant me a student loan with a US citizen or permanent resident as the co-signer. My father's uncle offered to help but . . . he was denied the credit.”

She wanted us to co-sign for a private loan in the amount of $35,000 to cover her first year of college. My heart sank. We couldn’t co-sign. Or we wouldn’t. I wanted to discourage her because of unfavorable and variable rates, immediate repayment, and long-term consequences of excessive indebtedness. I spoke with her university’s financial aid officer who intoned piously that the cost of the university experience was but one factor to consider: Cordera needed to hold onto her dreams, despite the crippling price tag of those dreams.

Elaina Ramsey 12-06-2012

Religious groups are giving the payday lending industry a run for their money.

Christian Piatt 10-10-2012
China debt illustration, vespar5 / Shutterstock.com

China debt illustration, vespar5 / Shutterstock.com

We’ve been hearing an awful lot about the national debt lately – particularly during the current election cycle – and specifically, we’ve gotten an earful about the problem of our enormous debt to China. Though some mistakenly believe we borrow all of our money to finance our upside-down economy from China, the truth is that they hold only about one-tenth of our total debt, which is about the same amount as we owe to Japan.

What’s staggering is that, even at 10 percent of our total indebtedness, that still amounts to well over one trillion dollars. That, in itself, is close to $3,700 for every man, woman, and child in the United States, plus interest. And if you consider that we owe ten times that much, it’s nothing short of depressing.

Tripp Hudgins 7-22-2012

Maybe someone pursuing a Ph.D. in Liturgical Theology and Ethnomusicology is shouldn't be the one to offer this reflection.

Heck, maybe a Ph.D. in Mechanical Engineering or in Astrophysics would be a wise economic choice. I can't say.

I've been mulling over some of the news stories out there hyping either end of the (political?) reality of spending more money (and time, let's not forget time) on higher education. It leads me to a couple of questions:

Does the present rate of student debt have a snowball's chance in Tartarus in being repaid? Will the students, especially the so-called "nontradtional student" like myself, actually see a return in their investment?

If you believe NPR, the answer may be "no."

Elaine Storkey 3-01-2012

The Bible-inspired movement set the standard -- and the inspiration -- for future campaigns for change.

Jack Palmer 11-18-2011

Top 10 Reasons Alabama’s New Immigration Law Is A Disaster For The State’s Economy; Undocumented Immigrants Facing Deportation: Caught Up In Confusion, Lost Records, Inconsistent Policy Enforcement, And Difficult Choices; A Deeper Look At Income Inequality; Why The Debt Panel Is In Trouble; How Congress Occupied Wall Street (OPINION – Sarah Palin); 68 Percent Of The Sons Of The 1 Percent Work At Their Dad's Company; More Than 1 In 5 U.S. Children Poor, Census Says.

the Web Editors 11-07-2011
Chris Hedges. Image via Wiki Commons.

Chris Hedges. Image via Wiki Commons.

Chris Hedges' statement on Occupy Wall Street read in part:

As part of the political theater that has come to replace the legislative and judicial process, the Securities and Exchange Commission agreed to a $550 million settlement whereby Goldman Sachs admitted it showed "incomplete" information in marketing materials and that it was a "mistake" to not disclose the nature of its portfolio selection committee. This fine was a payoff to the SEC by Goldman Sachs of about four days' worth of revenue, and in return they avoided going to court. CEO Lloyd Blankfein apparently not only lied to clients, but to the subcommittee itself on April 27, 2010, when he told lawmakers: "We didn't have a massive short against the housing market, and we certainly did not bet against our clients." Yet, they did.

kondanani boyos
Less than one percent of the federal budget goes to foreign aid. Our spending on development and foreign assistance is not -- by any stretch of the facts or imagination -- our national debt.

Cutting foreign aid programs will do little to get us out of debt, but would be a devastating setback in the fight against global, extreme poverty.

Danny Duncan Collum 11-01-2011

Why are we still sinking in health-care induced debt?

Shane Claiborne 10-27-2011

On Nov. 5 folks all over the world will divest from Wall Street and its banks … in order to invest in a better world.

Ideologies alone are not enough. There came a point in the movement to abolish slavery where ideology required responsibility. As one abolitionist said, “The only way to be a good slave-owner is to refuse to be a slave-owner.” To truly be against slavery also meant that you didn’t drink sugar in your tea, because sugar was produced with slave labor.

So on November 5, my wife and I will be joining the “Move Your Money” celebration, moving our money from Bank of America to the non-profit credit union here in Philadelphia.

It is one small step away from the vicious cycle that continues to see money transfer from the increasingly poor to the increasingly rich.

It is trying to take to heart Jesus’ command to “Get the log out” of my own eye.

It is a move towards Gandhi’s call to “Be the change you want to see in the world.”

It’s one little step towards being less of a hypocrite tomorrow than I am today.

the Web Editors 10-27-2011

Baby steppin': Economy grew 2.5 percent in the third quarter. Democrats first offer: $3 trillion for debt. Immigration is a faith issue. Harsh rhetoric to derail the GOP? The canon of St. Paul's Cathedral in London resigns over plans to evict Occupy London protesters. Elizabeth Warren and the #OccupyWallStreet election test.

the Web Editors 10-25-2011

Protest Against Keystone XL Pipeline Planned For November 6; It's On: Republicans Slam Elizabeth Warren For Embracing Occupy Wall Street; Obama To Offer Plan To Aid Students Buried In Debt; Christian Leaders March With Occupy San Francisco To Financial District Carrying Golden Calf, Protests Corporate Greed; 'Bipolar Inequality': Did Americans Sign Up For This?

Debra Dean Murphy 10-10-2011


In our own time the "jobs" rhetoric from both the right and the left ignores the power grabs and power differentials that led to the hemorrhaging of American jobs in the first place. The simple truth is that multinational corporations could make more money for their shareholders by outsourcing jobs to third-world countries so that is what they did.

This was not a moral dilemma for CEOs; it was a "sound business decision." And the gospel according to free-market capitalism (the USA's true religion) preaches that what is good for American business is good for America.

James Colten 10-05-2011

Afghan_village_patrol

Let’s face it — while lawmakers are picking their own battles in Washington, they aren’t fighting on the ground in Afghanistan. Winning elections has become more important than implementing winning foreign policy strategies that would end the war and bring our service men and women safely home.

And it’s my generation that’s being sacrificed.

Kal Penn 9-29-2011
[caption id="attachment_34241" align="alignright" width="300" caption="Kal Penn speaks at a Democratic rally at University of Southern California, October 2010.
Jim Wallis 9-15-2011

Sojourners has always tried to understand and advocate for "biblical politics." But what does that mean now, especially as we approach another major election?

I was talking the other day to a Christian leader who has given his life to working with the poor. His approach is very grassroots -- he lives in a poor, virtually all-minority community and provides basic services for low-income people. He said, "If you work with and for the poor, you inevitably run into injustice." In other words, poverty isn't caused by accident. There are unjust systems and structures that create and perpetuate poverty and human suffering. And service alone is never enough; working to change both the attitudes and institutional arrangements that cause poverty is required.

Lisa Sharon Harper 8-18-2011

Picture this: Hundreds of thousands of women, men, and children plod across barren cracked earth. Dead cows and human corpses litter the roads, revealing to us evidence of two things: 1) the hottest summer on record in Somalia, which caused the worst drought and famine in 60 years; and 2) twenty years of a truly failed Somali government swallowed up in cycles of violence.

Picture this: Posturing politicians claim to stand up for the rights of Americans, even as they hijack the proverbial steering wheel of America. They hold a proverbial gun to the heads of every American, and say outright that they'd have no problem driving us all off a proverbial cliff if millionaires and billionaires don't remain protected from raised taxes, and if we don't cut more programs that protect working and poor people.

Lisa Sharon Harper 8-11-2011

They say at some point in their lives great leaders experience a "dark night of the soul," or a period in life when your feet, knees, and face scrape and stick to the proverbial bottom." It is a time when even your soul feels forsaken. Ultimately, the dark night is not about the suffering that is inflicted from outside oneself, even though that could trigger it. It is about the existential suffering rooted from within. St. John of the Cross, the 16th century Carmelite priest, described it as a confrontation, or a healing and process of purification of what lies within on the journey toward union with God.

"Whenever you face trials of any kind," explained the apostle James, "consider it nothing but joy, because you know that the testing of your faith produces endurance; and let endurance have its full effect, so that you may be mature and complete, lacking in nothing." (James 1:2-4)

Margaret Benefiel 8-05-2011

In Galatians 5:19-20, Paul lists the "works of the flesh," contrasting them to the "fruit of the Spirit" immediately thereafter (Gal. 5:22-23). Among the works of the flesh are hostility, quarreling, jealousy, outbursts of anger, selfish ambition, dissension, and division. Another translation puts it, "People become enemies and they fight; they become jealous, angry, and ambitious. They separate into parties and groups ... I warn you now as I have before: those who do these things will not possess the kingdom of God."