The 2010 midterm elections saw the GOP regain control of the House of Representatives but fail to recapture a majority in the Senate. Votes continue to be counted at the time of this writing so final totals are unavailable. Nationwide, the tea-party movement scored several victories but failed to reach 100% of their goals.
President Obama faced the public after the historic defeat and took responsibility for the “shellacking” Democrats experienced on Election Day. He promised to negotiate with resurgent Republicans on issues such as tax-cut extensions, energy, and education.
Christians are implored by Scripture (Romans 13, I Peter 2, and several other references) to view governments as ordained by God, to submit to governing authority, and to pray for those who serve. Since government, legislation, and decision-making are not always neither in line with God’s will nor directed by God, government is finite and fallible. They can and do make mistakes, and Christians are in no way obliged to agree with every action of government, e.g. the legalization of abortion. Christians however, are not granted the right to pick and choose which laws they will follow and then claim exemption from submitting to their authority.
How the election will impact peoples’ retirement prospects remains to be seen. Various candidates stated their intent to address issues such as Social Security. Most analysts agree that changes to Social Security and other retirement vehicles are on the horizon at some point in the future. No one knows just how soon or how distant those changes could be.
This week the Federal Reserve announced that they would be buying $600 billion of dollars worth of U. S. Treasury Bonds over the next eight months. This plan was announced with the hope that it would bring about a dramatic effort to rev up a “disappointingly slow” economic recovery. They hope that the action will drive down interest rates and encourage more borrowing and growth. Several foreign governments expressed strong displeasure over this announced plan because it has the effect of devaluing their currencies.
The immediate impact of the Federal Reserve’s move on Americans’ retirement accounts is that interest rates on bonds will drop even further and create losses in the retirement accounts that have bond holdings. Unfortunately, the U. S. taxpayer is once again paying for the failed economic policies of the past, including the Freddie and Fannie fiascos, TARP, various stimulus packages, the banking and Wall Street bailouts, etc. etc. etc. Responsibilities of these failed policies span both political parties, as well as several past and the present political administration.
Potentially, America has both a bright and a muffled economic future. There will be good days ahead yet those good days may be punctuated by days of continued economic recession and high inflation.
When Daniel faced the chilling, and all too certain, prospects of being devoured by hungry lions, he chose a simple path of unmistakable faith and action (Daniel 6.) At the expense of focusing his attention upon his problems, he focused his attention completely upon the Lord. Christians, focus your gaze upon the Lord, not upon all the problems swirling around you.