“The budget should be balanced, the treasury should be refilled, public debt should be reduced, The arrogance of officialdom should be tempered and controlled, and assistance to foreign hands should be curtailed, lest Rome fall."
-- Marcus Tullius Cicero , 55 B.C
I testify that the appetite to possess worldly things can only be overcome by turning to the Lord. The hunger of addiction can only be replaced by our love for Him. He stands ready to help each one of us. "Fear not," He said, "for you are mine, and I have overcome the world" (D&C 50:41 ).
In seeking to overcome debt and addictive behaviors, we should remember that addiction is the craving of the natural man, and it can never be satisfied. It is an insatiable appetite. When we are addicted, we seek those worldly possessions or physical pleasures that seem to entice us. But as children of God, our deepest hunger and what we should be seeking is what the Lord alone can provide--His love, His sense of worth, His security, His confidence, His hope in the future, and assurance of His love, which brings us eternal joy.
I wish it were possible to obtain a single amendment to our constitution. I would be willing to depend on that alone for their reduction of the administration of our government to the genuine principles of its constitution; I mean an additional article, taking from the federal government the power of borrowing.
If your outgo exceeds your income your upkeep will be your downfall.
The multiplication of public offices, increase of expense beyond income, growth and entailment of a public debt, are indications soliciting the employment of the pruning knife.
"...pay your tithes and offerings out of honesty and integrity because they are God's rightful due...Paying tithing is not a token gift we are somehow charitably bestowing upon God. Paying tithing is discharging a debt."
I wish to speak to you about temporal matters.
As a backdrop for what I wish to say, I read to you a few verses from the 41st chapter of Genesis.
Pharaoh, the ruler of Egypt, dreamed dreams which greatly troubled him. The wise men of his court could not give an interpretation. Joseph was then brought before him: “Pharaoh said unto Joseph, In my dream, behold, I stood upon the bank of the river:
“And, behold, there came up out of the river seven kine, fatfleshed and well favoured; and they fed in a meadow:
“And, behold, seven other kine came up after them, poor and very ill favoured and leanfleshed. …“And the lean and the ill favoured kine did eat up the first seven fat kine:
…“And I saw in my dream … seven ears came up in one stalk, full and good:
“And, behold, seven ears, withered, thin, and blasted with the east wind, sprung up after them:
“And the thin ears devoured the seven good ears: …
“And Joseph said unto Pharaoh, … God hath shewed Pharaoh what he is about to do.
“The seven good kine are seven years; and the seven good ears are seven years: the dream is one. …
“… What God is about to do he sheweth unto Pharaoh.
“Behold, there come seven years of great plenty throughout all the land of Egypt:
"And there shall arise after them seven years of famine;
“… And God will shortly bring it to pass” (Gen. 41:17–20, 22–26, 28–30, 32).
Now, brethren, I want to make it very clear that I am not prophesying, that I am not predicting years of famine in the future. But I am suggesting that the time has come to get our houses in order.
President Faust would not tell you this himself. Perhaps I can tell it, and he can take it out on me afterward. He had a mortgage on his home drawing 4 percent interest. Many people would have told him he was foolish to pay off that mortgage when it carried so low a rate of interest. But the first opportunity he had to acquire some means, he and his wife determined they would pay off their mortgage. He has been free of debt since that day. That’s why he wears a smile on his face, and that’s why he whistles while he works.
So many of our people are living on the very edge of their incomes. In fact, some are living on borrowings.
We have witnessed in recent weeks wide and fearsome swings in the markets of the world. The economy is a fragile thing. A stumble in the economy in Jakarta or Moscow can immediately affect the entire world. It can eventually reach down to each of us as individuals. There is a portent of stormy weather ahead to which we had better give heed.
I hope with all my heart that we shall never slip into a depression. I am a child of the Great Depression of the thirties. I finished the university in 1932, when unemployment in this area exceeded 33 percent.
My father was then president of the largest stake in the Church in this valley. It was before our present welfare program was established. He walked the floor worrying about his people. He and his associates established a great wood-chopping project designed to keep the home furnaces and stoves going and the people warm in the winter. They had no money with which to buy coal. Men who had been affluent were among those who chopped wood.
I repeat, I hope we will never again see such a depression. But I am troubled by the huge consumer installment debt which hangs over the people of the nation, including our own people. In March 1997 that debt totaled $1.2 trillion, which represented a 7 percent increase over the previous year.
In December of 1997, 55 to 60 million households in the United States carried credit card balances. These balances averaged more than $7,000 and cost $1,000 per year in interest and fees. Consumer debt as a percentage of disposable income rose from 16.3 percent in 1993 to 19.3 percent in 1996.
Everyone knows that every dollar borrowed carries with it the penalty of paying interest. When money cannot be repaid, then bankruptcy follows. There were 1,350,118 bankruptcies in the United States last year. This represented a 50 percent increase from 1992. In the second quarter of this year, nearly 362,000 persons filed for bankruptcy, a record number for a three-month period.