Paul Mills on the Looming Government Debt Crisis

The latest Cambridge Paper from the Jubilee Centre is available online, this one by Paul Mills:

Paul Mills, ‘Prodigal Stewards: The looming government debt crisis and what to do about it’, Cambridge Papers 23, 4 (December 2014).

Here is the summary:

‘During the recent financial crisis, governments borrowed as if they were fighting a world war. They have struggled to reduce deficits ever since and so their debts are at record levels, leaving societies open to the temptations of repression, default, or inflation. This is the poisonous legacy of the ‘Prodigal’ baby boomer generation that squandered not only their inheritance but that of their children too. Biblical wisdom helps us to understand the state we are in and the possible means of escape. But societies ultimately need a change of heart to understand that debt is financial servitude and we all have obligations before God to future generations.’