Politicos and Scripture: What does biblical religion teach about forgiving loans?

THE QUESTION:

What does biblical religion teach about forgiving loan debts?

THE RELIGION GUY’S ANSWER:

President Joe Biden’s pre-election executive order to limit or erase college students’ loan debts is still in the news this week. The non-partisan Congressional Budget Office issued its “highly uncertain” estimate that the plan will cost at least $420 billion, the first federal lawsuits filed against it argued that only Congress can legally enact spending, and the Department of Education scaled back the numbers who get this benefit.

The president claims the power to bypass Congress under the “HEROES Act,” passed after the 9/11/01 attacks, which allows forgiveness in case of a “military operation or national emergency.” Biden interprets the COVID pandemic as such an emergency; critics call that a stretch.

Biden says that now “people can start to finally crawl out from under that mountain of debt to get on top of their rent and their utilities, to finally think about buying a home or starting a family or starting a business.” But a Wall Street Journal editorial considered cancellations “unfair to Americans who repaid their loans or didn’t go to college” and accused Biden of “the biggest executive usurpation of Congress in modern history.”

As all this plays out, does the Bible, which has so long shaped moral judgments on public policy, have anything to say on such matters?

Liberal Protestant blogger John Pavlovitz chided Christians who oppose Biden, saying they ignore that “their entire professed religion is based on the idea of a cancelled debt. Way to lose the plot, kids.”

Podcaster Allie Beth Stuckey responded for World magazine that “the debt is sin, and Jesus, God made flesh, voluntarily paid it on our behalf through his death on a cross” so that “we are reconciled to God forever.”

One wording of history’s most-recited prayer asks God to “forgive us our debts as we forgive our debtors.”

It was the kind of story I rarely see in the Seattle Times.

We’re talking about a religion piece that is, well, positive about people with strong religious beliefs.

In recent years, religion headlines were mostly about Mark Driscoll, the former pastor of Mars Hill, once the city’s largest church. The rise and fall of that congregation left a sour taste in the mouths of many who wanted faith to not be so poisonous.

In this story written by the newspaper’s real estate writer –- the Seattle Times does not have a religion reporter –- we hear about how a pair of Pentecostal Christians are employing an Old Testament rule that dates back at least 3,000 years to apply to the 21st century.

Husband and wife Kory Slaatthaug and Mickey Bambrick are landlords. For the past half-century, Slaatthaug’s family has owned a small apartment building in Greenwood named for the Norwegian town where Kory’s father grew up.
They’re also devout Pentecostal Christians. When Slaatthaug, a 74-year-old retired carpenter, does repairs at the building, he drives there in a Jeep with a 4-foot-tall Bible on top.
The Old Testament has a passage about the year of jubilee — every 50 years, debts are to be forgiven.
So Slaatthaug and Bambrick are celebrating the family’s 50 years as property owners by doing something unheard of for a landlord: For the month of November, everyone in the 11-unit building goes rent-free.

Which is about $15,000 out of their bank account. Apparently the reporter spotted the story on Reddit and realized this couple’s complex is in a very nice section of Seattle. The couple apparently can’t afford the city’s stratospheric rents themselves; they live two counties away in Mt. Vernon, Wash.

But the property referred to in the article is worth $1.3 million, which they will hopefully get when it comes time to sell.

The jubilee-year reference that inspired the gift comes from Leviticus 25. It describes a process whereby slaves would be freed and debts would be forgiven every 50 years in ancient Israel.