This article was originally written and published by the Church News and posted on June 11, 2011 at ldschurchnews.com. To view article in its entirety click here.
Bondage of Debt
In October 1929, the collapse of the U.S. stock market set in motion a national and worldwide economic downturn so severe that it came to be called the Great Depression.
The Great Depression was the longest, most widespread and deepest depression of the 20th century. Unemployment in the United States rose to 25 percent; in some countries it was as high as 33 percent. Construction virtually halted and crop prices fell by more than 30 percent.
One of the lasting messages of the Great Depression is that finances aren’t always stable. A lesson many have learned since is that people pay a high price when they live beyond their means, thinking money will always be available to them.
But as a society, have we learned these lessons?
