WASHINGTON – Turning Point minister Dr. David Jeremiah painted a picture of a plummeting U.S. economy during a Thursday night mass meeting and urged Christians to remain vigilant and put their houses in order.
The Turning Point founder and Southern California pastor met with Maryland, Virginia and Washington, D.C. -area Christians at the Verizon Center to analyze the financial crisis that has been rocking the news headlines and give Americans the truth about the economy.
After an hour of introductions and inspirational praise, Jeremiah began to explain in detail the nation's debt.
"In 2009, according to USA Today, with the national debt now topping $12 trillion, the White House estimates that the government's tab for servicing the debt will exceed $700 billion a year and basically all that's doing is paying interest," said the 69-year-old conservative evangelical leader, who pastors Shadow Mountain Community Church.
He continued, noting that $12 trillion is only the tip of national debt iceberg and the total balance is really $118 trillion.
What accounts for all this debt, you ask? Jeremiah answered: Social Security, health care, war and big government are the nation's biggest price points. Of the four, he said Social Security and health care are the heaviest burdens.
He likened Social Security to the schemes of Charles Ponzi and Bernie Madoff. Jeremiah lamented that it is an "unfunded entitlement program" that is kept alive by younger workers.
"The new contributors fund the promises made to the old contributors, and American workers who faithfully paid their taxes and their social security each year will be relying on an empty federal purse to fulfill its promise to them," he explained.
"Social Security is not even our greatest problem, Medicare is many times worse," he continued. He said the combined costs of Medicare programs A, B, and D totals $89.3 trillion, five times the Social Security debt.
Despite the sobering news, Jeremiah said the government is living in a "fool's paradise" by believing it can spend its way out of debt.
Just after the election, the Federal Reserve announced plans to create and buy more government bonds, infusing $600 billion into the economy.
The Fed's Board of Governors released this statement Wednesday: "To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the committee decided today to expand its holdings of securities. The committee will maintain its existing policy of reinvesting principal payments from its securities. In addition, the committee intends to purchase a further $600 billion of longer-term treasury securities by end of the second quarter of 2011, a pace of about $75 billion per month."
"We seem to believe [that] we've found the secret that alluded the ancient alchemists. We believe we can slap ink on paper and somehow it will turn to gold," Jeremiah complained.
The sought-after speaker, whose radio program is heard worldwide, warned that inflation is on the horizon, and the American dollar is at risk of becoming worthless.
In the wake of economic doom and gloom, Jeremiah advised Christians to "keep your house in order." "We all get upset about how the country is in debt, but what about your house?" he asked.
He encouraged everyone to take an honest look at his/her finances and total personal debts. For those deep in debt, he recommended they begin debt counseling programs.
Additionally, he encouraged Christians to be vigilant and discern "the signs of the times." Jeremiah said he has spent the last two years studying the truth about the economy.
His studies, encapsulated in his latest book The Coming Economic Armageddon, have garnered the attention of Fox News pundit Glenn Beck. Last month, Beck recommended the book on his radio show, describing it as "great" and a revealing look into "ties between the global financial crisis and the new world order." Afterwards, it was ranked among the top 100 books on Amazon.com.
Urging Christians to hold on to their faith and keep their hope in God, the author stressed, "In the midst of what seems like hopelessness to the world around us, we should be standing strong as God's people."
Jeremiah's Washington, D.C., appearance is part of Turning Point's traveling series, "An evening with David Jeremiah." He was previously in San Antonio, Texas, and Greensboro, N.C. His next appearance will be Nov. 18 in Pittsburg, Pa.