Good Advice

My friend had this excerpt on her blog that President Benson wrote in 1987. Since his words are coming to pass now, I thought I would share what he wrote too. It is too bad so many people did not save to put money down on their houses and then live within their means because now the rest of the country might have to pay for their mistakes (bailout bill). However, financial institutions do share some of the blame too for lending to people who hadn't saved any money and who had bad credit.

Pay Thy Debt, and Live
By President Ezra Taft Benson

"Many people do not believe that serious recession will ever come again. Feeling secure in their expectations of continuing employment and a steady flow of wages and salaries, they obligate their future income without thought of what they would do if they should lose their jobs or if their incomes were stopped for some other reason. But the best authorities have repeatedly said that we are not yet smart enough to control our economy without downward adjustments. Sooner or later these adjustments will come."

"Another reason for increase in debt is even deeper and causes greater concern. This is the rise of materialism, as contrasted with commitment to spiritual values. Many a family, in order to make a “proper showing,” will commit itself for a larger and more expensive house than is needed, in an expensive neighborhood. Almost everyone would, it seems, like to keep up with the Joneses. With the rising standard of living, that temptation increases with each new gadget that comes on the market. The subtle, carefully planned techniques of modern advertising are aimed at the weakest points of consumer resistance. As a result, there is a growing feeling, unfortunately, that material things should be had now, without waiting, without saving, without self-denial." June, 1987 Ensign