Founded 2004      NJIAT

Personal Finance & Economic Issues

Million Dollar Bill

God commands us to manage our finances wisely (no matter if one has modest income or great wealth and we are also commanded to give the "first fruits" of our labor--see Gen. 4:3-16;Gen. 14:18-20; Heb.11:4-6; 2 Cor. 8:1-15; 9:6-15). We cannot out give God--when a person who tithes (10%) and gives offerings (above 10%), the person always prospers. However, the miser will be cursed (Matt. 25:18). Click PDF file for more detail on tithing.

Some helpful Tips in personal finance:

  1. Do not have more than two credit cards (payoff balances at the end of the month).

  2. Prepare a budget and put a minimum amount of money away each paycheck for those unexpected emergencies.

  3. If you are purchasing a house or condo (there are many programs for first time home buyers), do not over extend yourself with a big house--if one spouse's income cannot support paying the mortgage and taxes, look for a less expensive house or condo.

  4. If you are purchasing a car, SUVs, etc., do not over extend yourself by buying an expensive foreign vehicle--there are plenty of high quality American cars such as GM, Chrysler or Ford available at low financing rates.

  5. Open a checking and savings account and sign up for internet banking--it is easier to manage your money and make transfers.

  6. I recommend for married couples to have their own checking account , and visa cards [one can add their spouse as a POD (payable-on-death) beneficiary to the bank accounts]--if either the husband or wife is irresponsible with money, it will not affect your credit. Also, it causes both spouses to manage their money and this is very beneficial if either one drops dead.

Note: It is unfortunate that many credit unions have become more like commercial banks--many credit unions (at least the original credit union for State of NJ employees) would give every member (if they met the income requirement) the lowest rate on loans or credit cards even if one did not have a high FICA (Fair Isaac Corporation) score . This policy benefited the middle class and lower incomepersons who had a problem credit history in the past. As a result of the recent mergers and regulations being relaxed, many credit unions have become nothing more than banks. There are still some excellent credit unions out there. Consumer Union (Credit Card Reform.org) fights to protect citizens from credit card abuse from the banks—see www.creditcardreform.org

Link List for helpful websites on personal finance

Recommended Books

Government sites

Look up Financial Information and Stocks

WND

Yahoo Finance

Financial Times

Forbes

Investopedia

Bloomberg

The Motley Fool

Minyanville

Warriors for Truth

FDRS

Do States in the U.S. that are more Liberal/Secular
Humanist have fewer freedoms?

New York City

New York City

Which States are worst for personal freedom?

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=91539

Freedom in the 50 States—An Index of Personal and Economic Freedom
(Mercatus Center George Mason university; Feb. 2009)—PDF

Rebuilding American Freedom in the Twenty-First Century by Dr. John W. Robbins (a graduate of Johns Hopkins University who was a Legislative Assistant, Chief of Staff, Economic Analyst for The Heritage Foundation and lectured and taught at institutions such as Harvard University ). Dr. Robbins explains philosophically the principles which brought America freedom is now rejected and despised by Conservatives, Libertarians and Liberals--PDF

Free Trade and Out Sourcing—the Marxist and Socialist Connection

Free Trade and Out Sourcing

How Free Trade Is killing America and Violates Constitution by Gus Stelzer (a high-ranking Executive for GM)—PDF

NAFTA, CAFTA and the WTO

http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=45521

Westminster Abbey Statute of Queen Victoria Buckingham Palace in London
BUildings

British Commonwealth—a popular club (Nations clamor for membership in successor of powerful empire

http://www.wnd.com/index.php?pageId=8155

Two Recommended Books below on the Worldview or Philosophy
that brought Western Europe and the United States
Economic and Personal Freedom.

Christ and Civilization

Dr. John W. Robbins
Trade paperback, 48 pages

Civilization as we know it is a result of the widespread proclamation and belief of the Gospel of justification by faith alone in the sixteenth century. Christ foretold this result in the Sermon on the Mount: "Seek first the Kingdom of God and his righteousness, and all these things will be added to you." This brief overview of the history of Western Civilization makes it clear that our cultural debt is to the Gospel, not to Greece and Rome.

The Trinity Foundation

Ecclesiastical Megalomania

Dr. John W. Robbins
Hardback, 326 pages, indexed, 1999

The noted English political philosopher A. P. D'EntrËves argued that "it is hardly possible for the modern man to accept the system which St. Thomas founded...without renouncing the notion of civil and religious liberty which we have some right to consider the most precious conquest of the West." Ecclesiastical Megalomania explains the conflict between Roman Catholicism and freedom in detail, relying on official Vatican pronouncements to demonstrate that Roman Catholicism is hostile to constitutional government, political and economic freedom, and the private property order. The "Mother Church" is the mother of feudalism, the corporative state, liberation theology, the welfare state, and fascism. [The NJIAT President highly recommends this book for Catholics and Evangelicals on understanding the consequences on economic and political freedom that result from rejecting Sola Scriptura—many honorable Roman Catholics who believe in private property, political freedom and capitalism will be shocked on what their church teaches on economic and political issues; many quotes are from John Emerich Edward Dalberg, Lord Acton (a great Roman Catholic historian in the 19th century) who condemned the many practices of the medieval Roman Catholic Church.]

The Trinity Foundation

Historical Note: Unions were originally created and founded by Protestant/Evangelical Christians in Wales [which was the result of the Whitefield and Wesley revivals (1737 – 1770)] because of the exploitation and death (black lung) of the coal workers. The unions were formed to protect their brothers and sisters in Christ. Also, child labor laws were implemented by Evangelicals. “Look! The wages that you kept back from the workers who harvested your fields are shouting out against you, and the cries of the reapers have reached the ears of the Lord of the Heavenly Armies. You have lived in luxury for the day of slaughter. You have condemned and murdered the one who is righteous, even though he did not resist you.” (James 5:4-6, ISV.) Unions in this country have been be very beneficial to the workers in protecting them from exploitation; however, many of today’s unions, which have done a lot to protect the worker, have been supporting wicked politicians who are anti-Christian, free-traders and support illegal immigration, etc. These actions by many unions will ultimately destroy this country and the middle class that they are trying to protect. "Righteousness exalts a nation" (Proverbs 14:34).

The Myth about so-called Free Trade/Free Market Economies and No Tariffs

Both private and corporate ownership of production in a capitalist society is still regulated by government.  If there were no regulations or oversight and everyone did what they pleased, the capitalist system would quickly switch to a cannibalistic, winner-take-all system that would result in anarchy.  A nation cannot have an absolute “laissez-faire” and “free market” economy (that is unregulated)—if this was true, then there would be none of the following laws:

  • labor laws;
  • tax laws;
  • minimum wage;
  • unemployment compensation;
  • vacation;
  • sick leave;
  • Social Security;
  • Medicare;
  • national defense; and
  • adequate controls for pollutions, etc. 

Of course, excessive taxes, high mortgages, high interest rates are condemned Biblically and destroys a nation.  The people cried out in (Nehemiah 5-:1-6) over the economic hardships imposed, and he replied,

Again I said, “The thing which you are doing is not good; should you not walk in the fear of our God because of the reproach of the nations, our enemies? “And likewise I, my brothers and my servants are lending them money and grain. Please, let us leave off this usury. “Please, give back to them this very day their fields, their vineyards, their olive groves and their houses, also the hundredth part of the money and of the grain, the new wine and the oil that you are exacting from them.”  Then they said, “We will give it back and will require nothing from them; we will do exactly as you say.” So I called the priests and took an oath from them that they would do according to this promise. I also shook out the front of my garment and said, “Thus may God shake out every man from his house and from his possessions who does not fulfill this promise; even thus may he be shaken out and emptied.” And all the assembly said, “Amen!” And they praised the Lord. Then the people did according to this promise.  [Nehemiah 5:9-13 (NASB)]

If the people fear God, then financial righteousness will be established through out the land.

There is no provision in the U.S. Constitution that makes no provision whatsoever for commerce to be transacted without regulation.  Paragraph 3 of Article I, Section 8 specifically delegates to Congress the power and responsibility to “regulate” commerce with foreign nations and between states.  Paragraph 1 of Article I, Sections 8 states the following about Congressional authority:

…to lay and collect taxes, duties, imposts and excises [which shall be] uniform throughout the United States.

Having tariffs and regulations is not anti-capitalist.    A few quotes from our past U.S. Presidents and forefathers that were capitalists and put the country first:

  • “By the tariff system the whole revenue is paid by the consumer of foreign goods…the man who contents himself to live upon the products of his own country pays nothing at all.”(President Abraham Lincoln—1st Republican President)
  • “I do not prize the word ‘cheap.’ It is not a badge of honor…it is a symbol of despair. Cheap prices make for cheap goods; cheap goods make for cheap men; and cheap men make for a cheap county!”  (President William McKinley)
  • “I have come to a resolution myself, as I hope every good citizen will, never again to purchase any article of foreign manufacture which can be had of American make, be the difference of price what it may.” (President ThomasJefferson)
  • “Every nation ought to endeavor to possess within itself all the essentials of a national supply. These comprise the means of subsistence, habitation, clothing and defense.”  (Alexander Hamilton)

High tariff walls erected in the United States between (1870 to 1900) not only protected American jobs, but also encouraged efficiency.   The following occurred according to Roger Simmermaker in his book entitled How Americans Can Buy American, page 368 & 39:

  • Prices for American made Textiles fell 30 percent
  • Prices for American made Metal products fell 49 percent; and
  • Prices for American made Chemicals fell 41 percent.

It should also be mentioned that outsourcing could cause the lose of $136 billion in wages and 3.3 million jobs (2 percent of the U.S. workforce) by 2015 according to a Forrester Research done in 2005.

What about the North American Free Trade Agreement (NAFTA)?

The first five (5) years after NAFTA was passed and signed into law by President Clinton the following occurred:

  • 100 Florida Tomato farmers lost their farms;
  • 24 packing houses closed;
  • 100 processors and suppliers went bankrupt; 
  • Mexican imports of tomatoes went up 70 percent; and
  • Tomato prices increased 16 percent.

NAFTA has caused growing trade deficits with Canada and Mexico that as resulted in 1 million workers out of higher-wage jobs and put into lower-wage positions in non-trade related industries.  It has also caused steadily declining demand for workers with a college degree.  The reduced wage payments to the U.S. workers is around $7.6 billion in 2004. See the following articles below:

(The myth that high-tech jobs would replace manufacturing jobs is false—the United States according to the Associated Press (07/16/07) imported $102 billion worth of high-technology products, mostly from China, then it exported.  Also, the major chemical exporters in this county ended its eight-decade dominance—our trade surplus of $18 billion in 1997 became a $9.6 billion trade deficit in 2003.)

 

Unfortunately, all the major candidates have supported NAFTA, which includes both Senator Hillary Clinton (Democrat), Senator Barack Obama (Democrat) and Senator John McCain (Republican).  They are not for the working class/middle-income Americans or putting this country first!   See the following articles below:    

Should Americans Buy American Products?

Yes, Americans should try to buy American products, especially automobiles.  Buying American made cars helps American investors, stockholders, owners, and stakeholders.  This cannot be said about foreign-made cars owned from foreign-owned companies.  The American cars have a higher domestic part content then foreign cars and profits from American companies are repatriated to America, which taxes on those profits are paid into the U.S. Treasury.  Buying a GM, Ford or Chrysler supports 2 to 3 times more jobs than buying a foreign made automobile (see http://www.levelfieldinstitute.org/jpc_rating.html ).  Also, a three-year-old vehicles study conducted by J.D. Power Associates 2005 Vehicle Dependability Study  ranked GM and Ford in first in most areas.  Chevy Impala beat Toyota Camry in initial quality and Buick LeSabre was awarded the best premium mid-size card.  Ford Thunderbird was ranked the most dependable entry luxury car.  Consumer Guide Automotive had the courage to report these facts.

Demand from Congress Energy Independence and Allow Companies to Drill for American Oil Now—click for article and bumper stickers.    http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=67332

What were our Conservative and Capitalist past President’s positions on so-called Free Trade and Tariffs?

A list of facts on NAFTA and past President’s positions on so-called “free trade”:

  • 2007 the U.S. trade deficit soared 16 percent to $73 billion.
  • The U.S. trade deficit with China shot up 10 percent to $256 billion.
  • In manufactures, according to Charles MacMillion of MBG Services, United States had a trade deficit of $499 billion in 2007—a little lower than 2006.
  • The trade deficit in manufactured goods is twice as large as our $224 billion bill for OPEC’s oil.
  • Three (3) million manufacturing jobs have vanished in the last eight (8) years.
  • The U.S. has a $67 billion trade deficit in advanced technology goods with China—this is eight times what it is with Japan.
  • From 1860 to 1913, the United States was the most protectionist nation on earth—the U.S. experienced the most growth in history in that period (by 1913 the U.S. economy was twice Britain’s).
  • President Warren Gamaliel Harding (Republican—served from 1921 to 1923) and President John Calvin Coolidge (Republican—served from 1923 to 1929 and was a small-government conservative and big supporter of the middle class) won the election in the 1920’s, cut income taxes from President Thomas Woodrow Wilson’s (Republican—served from 1913 to 1921) 69 percent to 25 percent and doubled tariffs—by 1929 the U.S. was producing 42 percent of the world’s manufactured goods.
  • President James Madison, Jr. (founding father & served from 1809 to 1817) and Alexander Hamilton (01/11/1775 to 07/12/1804—1st U.S. Secretary of the Treasury) were protectionists—they moved the Tariff Act of 1789 through Congress. 
  • President James Madison, Jr. aided by President Thomas Jefferson (served from 1801 to 1809), President John Adams Jr. (served from 1797 to 1801), Henry Clay, and John Calhoun enacted the Tariff of 1816 to protect the U.S. infant industries from British dumping.
  • During the Civil War, President Abraham Lincoln (1st Republican President) used the Morrill Tariff revenue to help fight the Civil War.
  • 11 GOP presidents--between the years 1865 to 1929--were all protectionists1.

The United States prospered under a Republican tariff wall.  Under the return of globalism, it has brought this country stagnant wages, loss of sovereignty, destruction of our manufacturing base, wives forced into the labor market, foreign debt, etc. Globalism is not conservatism, but a return to Wilsonian liberalism!   Yes, President Ronald Reagan (Republican—served from 1981 to 1989) put a tariff on the Japanese motorcycle companies to protect Harley Davidson and it took less then five (5) years for the company to turn around and they are now a prosperous company.

                                            
1Patrick Buchanan. “Ahistorical Nonsense” Whistleblower, Vol. 17, No. 6 (June 2008): 28-29

 

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