The top issue in this election campaign (whether we like it or not) is going to be the economy. Who can we trust to run our nations finances and deal with the nations debt? The state of the economy decides what can be paid for and what must be borrowed for.

We’re emerging from a deep recession and everyone knows taxes will go up and government spending must be cut. No government in peacetime has ever borrowed money like the present one and now most people think that level of borrowing has to stop. What you won’t hear is much about how and when. This is the golden rule of elections – promises are made before the election and no matter who wins the pain will come after the election.

But there are some fundamental questions about the economy that should be considered. What are we aiming for? What do we hope for? What is the role of government in all of this? What do we mean by prosperity? What are the biblical principles that should be considered when thinking about the economy?

Principle 1: Stewardship

Fundamentally, those in charge of the nations finances must be good stewards of the nations resources and use those things wisely. Is the money well spent? Is it being wasted (everyone thinks it is but doesn’t agree about where it is being wasted)? Is it producing a return (think Parable of the Talents as applicable to government)?

Principle 2: Dealing with debt

When Solomon built his vast temple and his even more lavish palace he essentially co-opted the nations workforce and enslaved them, the people struggled as Solomon prospered. So when his son Rehoboam succeeds him he seeks advice on the way forward. The old men counsel him to relieve the people’s burden. The young men the opposite. Rehoboam didn’t choose wisely (1 Kings 12:1-11). Continually increasing the debt burden of  a nation isn’t smart.

I’m not against credit or borrowing (I have a mortgage and have had loans) but the issue is always about the ability to repay and at what cost. Right now our national and personal borrowings are massive and we can repay. Just. But I’d always advice people to live within their means, to produce budgets based on balance not on deficit, to reduce debt not increase it and to be generous with the difference between what we need and what we have. I see little good reason why the principle should not be applied at a national level (although you don’t go from where we are to this in just a single step). Can we grow the economy without increasing debt? Yes we can, but you don’t get different results by doing things the same.

Principle 3: Work is good

God created work, work gives dignity to those so employed and is the means by which we carry out the image of God in us, to work as He worked. To nurture and tend the planet He created, to use the gifts and talents we have. Work is good but not all work is paid. Work is good but not working all the time. So I think government has a role to play in nurturing, creating, fostering an environment for job creation where people can work and then rest. Can we rediscover an economy where work is seen as a good and not a necessary evil, where those that contribute to the nations well-being like volunteers, carers, parents raising children full time are in some way rewarded for their work? Can we rediscover an economy that knows what it’s like to down tools, rest, play, recover (one of the great losses to our nation as a result of Sunday trading)? Work should also provide enough, if you work full time and still cannot afford to cover the basics of shelter, clothing and feeding your family then then there’s a problem.

Principle 4: Taxes should be fair

Here’s a big one. Fair to who? Well it seems to me that the poorest should at the very least not be paying a higher proportion of their income in tax than the rich. It’s reasonable to pay tax and that everyone should contribute to the nations purse because we after all expect something in return but not everyone should pay the same. Fair and tax will be themes of this election campaign, pay close attention.

Look out for the principles that lie behind the policies. Economics can be confusing but principles shouldn’t be. What principles would you apply to the economy?