It’s safe to say that I’m no economist. I trust my scriptural interpretation far more than my interpretation of macroeconomic trends. I have, however, listened to several books about economics lately, and I stayed at a Holiday Inn Express last night.
Actually, the Bible says a few things about macroeconomics. In one of the books of the Law, Leviticus (chs. 25 & 27), the Bible describes an event designed to give a fresh start to the soil, the citizen and society as a whole. Every 50th year was to be a “Year of Jubilee.” When the Israelites entered the land of Canaan, each family was given a parcel of land. It was to belong to the family in perpetuity. Of course, debt eventually forced many families to sell their land. Even that was not enough for some. They had to sell their labor as indentured servants or even outright slaves. But when the Year of Jubilee rolled around, at the sound of a trumpet all land debt was forgiven. All slaves and their families were set free. Everyone was given a fresh start.
Did it work for ancient Israel? Bible scholars are uncertain how many times Jubilee was actually observed. Jesus alluded to it when he preached from Isaiah in his home synagogue (Luke 4). He ended his message with these words, “Today, as you listen, this scripture has been fulfilled (4:21). While Jesus was emphasizing spiritual more than economic freedom, he clearly affirmed the concept.
Could it work in America with an economy frozen by the pandemic? Before you dismiss the concept as utopian and unrealistic, recognize that our government is doing that with the $2.2 trillion stimulus package. While debt is not forgiven, nor debtors released, this bill, like Jubilee will provide at financial relief at least temporarily. It took awhile to hammer out the details. Who gets the money and under what conditions? Even Jubilee had conditions. While instructions for Jubilee are contained in a few Bible verses rather than a thousand legal pages, several of those give conditions — the purchase price of the land should be prorated based on the number of years until the next Jubilee.
Wil the government’s “Jubilee” stimulus package rescue our economy? I have no idea. I am thankful for its stabilizing effect on the stock market. I may get to retire one day after all! Is $2.2 trillion enough? Is it directed to the right businesses or individuals? Will it save both good and bad companies? I must refer to real economists for the answers to these and other important questions. Ultimately, only time will tell.
I am fairly certain of one thing. If we don’t all follow at least some of the principles of Jubilee, we could see our economy collapse. A $1,200 payment to most of us and greatly enhanced unemployment payments for those who lose their jobs will certainly help, but that by itself will not be enough. We all must do two things: Debtors must, in good faith, pay their creditors all they are able to pay and pay that on time (the Bible says something about that). And creditors must offer grace by temporarily not calling loans in arrears as long as debtors are paying what they can (that too). If we fail to do this, we could see a different kind of Jubilee, one where nobody wins. We call it bancruptcy. When that happens in rapid fashion, the economic dominoes begin to fall and where they stop no one knows. We must all sacrifice a little, so that we aren’t forced to sacrifice a lot. Maybe it is time for a Jubilee, sort of.