Governments have a long history of overstepping their boundaries. In certain cases, the government defies the Constitution, while in other others, it defies Biblical precepts. The government has violated several biblical precepts, which violate God’s creation. Economic policies are one area where the government has strayed from biblical principles. For example, the federal reserve’s function has been restructured, and company regulations have been tightened up.
A stable and secure financial system for the United States was one of the founding goals of the federal reserve. Since its inception, the federal reserve has been extending its responsibilities. A payment and settlement mechanism for debt and consumer protection has been established by the Federal Reserve, which is now in charge of monetary policy (Federal Reserve System, n.d). Everyone, including the United States, now owes money to someone in the system. It was done with the best of intentions, but it is now contributing to the instability of our financial system. ‘Those who are wealthy rule over the poor,’ Proverbs 22:7 (Hazlitt, 2009). This verse was meant to serve as a cautionary tale, yet the current state of our financial system makes loans available and even promotes them.
These verses demonstrate the clear incompatibility between this and biblical teaching. In a sense, the United States has become what God called a nation of debtors. The concept that individuals can get what they want by borrowing from others at a fixed interest rate turns our country into enslaved people. Although borrowing money is not a sin, God has given people this knowledge to utilize throughout their lives so that they might live a godly existence. ‘Every action should be done to bring honor to God,’ 1 Corinthians 10:31 (Hazlitt, 2009). As with Moses and the Israelites, God teaches about freeing people from servitude throughout the Bible. Contrary to conventional wisdom, this is a recipe for financial ruin.
Governing enterprises is another example of how the government has overstepped from biblical principles in economic policy. Many of these rules are in place to safeguard the interests of both consumers and businesses (The Federal Reserve System, n.d). These rules are designed to prevent monopolies, fixed prices, and unethical pay from being established. The need for excessive licensing is a negative restriction enforced by governments. It is good that some professionals, such as physicians and attorneys, must have a license to safeguard the public. Licensing hurts professionals such as hairstylists, interior designers, security guards, and makeup artists. Getting a license and maybe taking a test or a class is required (The Federal Reserve System, n.d). This might be costly and time-consuming, discouraging them from starting a company if they are obliged to get a license from the state. As a result of this, the economy may suffer. Consistent and mild regulations for enterprises are needed; thus, new firms cannot operate due to stringent regulations, and some individuals believe it is not worth the bother.
As well as damaging the economy, excessive licensing restricts people’s capacity and freedom to start their businesses. It has been widely acknowledged that as the government continues to grow, liberty diminishes (Hazlitt, 2009). People will be unable to create enterprises or do what they like when the government introduces additional rules and licensing requirements (Hazlitt, 2009). Freedom and hard labor are two of the most important aspects of God’s plan. ‘People should put their whole heart into whatever they do,’ Colossians 3:23 (Hazlitt, 2009). This proves that God wants individuals to put forth the effort and do their best. It will be far more difficult for anybody wanting to accomplish this and bring glory to God if they have to get a license and follow all the requirements. The people are responsible for deciding what is good and wrong based on God’s word and acting when the government oversteps.
References
Federal Reserve System. (n.d). Board of Governors of the Federal Reserve System. Web.
Hazlitt, H. (2009). Economics in one lesson. Heritage Foundation.