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Back To School - Economy

back to school Aug 01, 2022

This month’s blog post series will review the state of affairs in the 246th year of the United States from the perspectives of the economy, education, and politics. The reason for this series is to educate our readers on important topics that are in the news today. In previous decades, such topics would have been discussed from the pulpit with scripture to help explain what the news meant to the common person and how they could prepare for the future.

According to FRED, the average American home price has grown from $19,300 in 1963 to $507,800 in 2022. For comparison, in 1950 the price of 1 pound of bread was 12 cents, a gallon of milk was 83 cents, and a gallon of gas was 27 cents. The price of goods has increased over time, but the inflation rate is much higher today than in years past. In 1914, the inflation rate was between 1% and 3%. According to the U.S. Inflation Calculator, as of June 2022, the inflation rate was 9.1%, the highest since 1981.

In scripture, Joseph prophesied to Pharaoh through the interpretation of a dream about a situation similar to this. Genesis 41 details that Pharaoh had dreamed of seven cows that were “attractive and plump” and another seven cows that were “ugly and thin.” The ugly and thin cows ate the seven attractive and plump cows. Joseph had a reputation for being able to interpret dreams, so Pharaoh called for him to tell him what was happening. He explained that there would be seven good years with bountiful harvest followed by seven bad years of severe drought and famine. God showed Pharaoh to save food during the plentiful years to provide a food reserve for the seven years of famine.

This is what we are to do. The economic market is showing signs of a downturn, a major downturn. Some say it will be worse than the Great Recession that spanned 2007 - 2009. Others predict it will be worse than the Great Depression that lasted from 1929 to 1939. Now is the time to start saving and using money wisely.

My Grandmother lived through the Great Depression and some of the best advice she gave me, was to question if I wanted something or if I needed something. There is a difference.

Do you know your family’s story about the hardships and lessons learned throughout the Great Depression and the Great Recession? Are you familiar with the concept of rationing where the federal government sold limited amounts of butter, cheese, coffee, fish, gasoline, meat, and sugar? How will you and your family become more self-sufficient and independent?

When I taught an economics class at a university in Iowa, I asked the students to find their story. It was interesting to me that very few people knew their story or about the hardships and lessons learned from these two major economic events in our country. Part of the issue was where we lived. Living in the heartland of America, there were plenty of farms and many families grew their own food. However, there were still stories of people that could not make ends meet. Some even had loved ones that were sold because their parents could not take care of them. These are stories that are worth knowing. I want to encourage you to find your story by talking to your family members and doing research on the geographic location to know how the area was impacted by economic downturns.

Please join us in praying for our country and the world. We pray as a group every 3rd Friday of every month at 9am ET / 8am CT / 7am MT / 6am PT.

August 19, 2022

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