# 8-10-23 - 1 Trillion in Debt, Biden Ban on China, Zoom Back in Office

An episode of [Pray News](https://invisiblenetwork.ai/podcast/1697158801), 10 Aug 2023, 16 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/ce9a673d-e313-4c0a-9df4-b4d6010c32c6/6395bbce-645a-4aad-aac3-b4d70021e9aa/audio.mp3?utm_source=Podcast&in_playlist=992944cf-642c-431f-a11e-b4d6010c32cd

This is PrayNews, your beacon of hope in the stormy seas of current events. Sign up to receive PrayNews in your inbox every weekday: https://www.praynews.com/ Today’s Good News at a Glance: • Americans hit a new milestone… In credit card debt… • Biden orders a ban on certain Chinese investments. • Zoom, in a bold act of irony, orders its workers to return to the office. Download the Pray.com app and make prayer a priority in your life. Watch and listen to inspiring sermons, dramatized Bible stories, and relaxing Bedtime Bible Stories at Pray.com, the digital destination for faith. See omnystudio.com/listener for privacy information. Learn more about your ad choices. Visit podcastchoices.com/adchoices See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Dear Lord, how wonderful is it to know that our
[0:10] Speaker 1: every effort, big or small, can be an act of
[0:13] Speaker 1: worship and devotion to you. You have designed us to
[0:16] Speaker 1: stamp every area of our lives with your character. Fill
[0:20] Speaker 1: us with enthusiasm and purpose in all we do, reminding
[0:23] Speaker 1: us that our true reward comes from serving you. Whether
[0:27] Speaker 1: we're engaged in tasks, grand or humbles, Let our motivation
[0:31] Speaker 1: be to please you, to reflect your love, and to
[0:34] Speaker 1: share your joy. When we stumble or fail, we pray
[0:38] Speaker 1: that you would pick us up and remind us of
[0:40] Speaker 1: our purpose in you. Fill us with your spirit. May
[0:43] Speaker 1: our actions be a melody of praise to you, celebrating
[0:46] Speaker 1: your goodness and the grace in our lives. As we
[0:49] Speaker 1: go about our days, may we do the same with
[0:52] Speaker 1: cheerful hearts, offering our best in love and gratitude to you.
[0:56] Speaker 1: In the mighty name of Jesus, we pray. Amen. Welcome
[1:01] Speaker 1: to Pray News, where hope is our only bias. Today's
[1:04] Speaker 1: news at a glance, Americans hit a new milestone, but
[1:07] Speaker 1: it's in credit card debt. Biden orders a ban on
[1:10] Speaker 1: certain Chinese investments, and Zoom, in a bold act of irony,
[1:15] Speaker 1: orders its workers to return to the office. We know
[1:18] Speaker 1: that every day is filled with highs, lows, peaks, and valleys.
[1:21] Speaker 1: Wherever you find yourself this week, we hope that this
[1:24] Speaker 1: moment in your day is a highlight. We pray today
[1:27] Speaker 1: that that you would be filled with purpose and enlightened
[1:30] Speaker 1: with perspective. If you have been blessed by what we
[1:34] Speaker 1: do here at Prey News, we would love for you
[1:36] Speaker 1: to write a review. Doing so helps us impact more people,
[1:39] Speaker 1: leaving them informed and transformed. Before we get to today's stories,
[1:44] Speaker 1: let's hear a word from these sponsors. Our first story
[1:47] Speaker 1: of today has to do with one number. One trillion.
[1:51] Speaker 1: In a world where swiping has become second nature, and
[1:53] Speaker 1: not just on social media, but swiping those credit cards,
[1:57] Speaker 1: Americans have achieved a new milestone. And no, it's not
[2:01] Speaker 1: the number of steps taken in a day or the
[2:03] Speaker 1: number of selfies snapped. It is the collective credit card balance,
[2:07] Speaker 1: which has gracefully pirouetted past the one trillion mark for
[2:12] Speaker 1: the first time. Bravo, America. The New York Federal Reserve,
[2:16] Speaker 1: in what must have been a moment of we can't
[2:19] Speaker 1: believe we're saying this, reported that credit card balances saw
[2:23] Speaker 1: a significant leap in the second quarter. What was the increase,
[2:26] Speaker 1: you ask? A cool $ 45 billion. That's enough to buy
[2:31] Speaker 1: a few private islands, a fleet of luxury lots, and
[2:33] Speaker 1: still have enough left over for guacamole at Chipotle. Credit
[2:37] Speaker 1: card debt has seen a crescendo of $ 193 billion since
[2:39] Speaker 1: the start of the year and a whopping $ 264 billion
[2:40] Speaker 1: above April 2021 levels. This rise in credit card debt
[2:50] Speaker 1: is a sign of the times, reflecting both inflationary pressures
[2:54] Speaker 1: and increased consumption. Elizabeth Renter, a data analyst at NerdWallet,
[2:58] Speaker 1: pointed out that while households have enjoyed the benefits of
[3:02] Speaker 1: excess savings and pandemic-related debt forbearances over the past few years,
[3:06] Speaker 1: the remnants of those benefits are starting to dwindle. As
[3:09] Speaker 1: a result, credit card delinquencies are on the rise, indicating
[3:13] Speaker 1: that consumers are feeling the financial squeeze. However, it's not
[3:18] Speaker 1: all doom and gloom. The New York Fed mentioned that
[3:21] Speaker 1: while delinquency rates have increased, they appear to have normalized
[3:25] Speaker 1: to pre-pandemic levels. So perhaps we're dancing to a familiar
[3:29] Speaker 1: tune after all. Financial advisor Josh Brown highlighted that while
[3:33] Speaker 1: credit card debt might seem like a mammoth number, the economy,
[3:37] Speaker 1: household net worth, and home equity have all grown faster
[3:41] Speaker 1: since the pandemic began. In fact, credit card debt is
[3:44] Speaker 1: a mere 6% of total deposits households have in banks,
[3:47] Speaker 1: the lowest percentage in two decades. So while the one
[3:50] Speaker 1: trillion might seem like a daunting figure, it's not as
[3:53] Speaker 1: alarming as it might appear. Delinquency rates, or the offbeat
[3:57] Speaker 1: dancers of the credit card world, have risen slightly to
[4:00] Speaker 1: a 3.18% from 3%. But this is the line with
[4:05] Speaker 1: historical norms. The pandemic saw a drop in these rates,
[4:08] Speaker 1: thanks to stimulus checks and reducing spending. Interestingly, while credit
[4:12] Speaker 1: card debt might be the talk of the town, Americans
[4:14] Speaker 1: are in a favorable position regarding other debts. thanks to
[4:17] Speaker 1: low interest rates in 2020 and 2021, a staggering 73%
[4:21] Speaker 1: of outstanding mortgages in the U.S. have rates below 4.4%.
[4:25] Speaker 1: While those numbers are nice for people who have mortgages,
[4:28] Speaker 1: who have homes and different assets, these numbers are still
[4:32] Speaker 1: alarming for a whole generation that is struggling to get ahead.
[4:36] Speaker 1: There's a whole generation of people that are struggling. So
[4:39] Speaker 1: this story is a good example of Good news for some,
[4:42] Speaker 1: bad news for others. While older Americans with plenty of
[4:44] Speaker 1: other assets don't have much to worry about, the younger
[4:47] Speaker 1: Americans are experiencing increased hopelessness that they will never be
[4:51] Speaker 1: able to afford a home with the ever-growing housing prices,
[4:54] Speaker 1: student loan debt, and increased cost of basic goods. Getting
[4:58] Speaker 1: into debt seems to be the only way to sustain themselves,
[5:02] Speaker 1: but that debt will hinder them from accumulating the wealth
[5:04] Speaker 1: needed to sustain a middle-class lifestyle, which is the aim
[5:07] Speaker 1: of many of these people. Proverbs 22.7 reminds us the
[5:11] Speaker 1: rich rule over the poor and the borrower is a
[5:14] Speaker 1: slave to the lender. While credit can be a useful tool,
[5:17] Speaker 1: it's essential to approach it with wisdom and discernment. Many
[5:20] Speaker 1: have fallen at the hands of credit card debt. Debt's
[5:23] Speaker 1: power to hold you back should never be underestimated. As
[5:27] Speaker 1: we navigate these financial waters, let's remember to live within
[5:30] Speaker 1: our means, prioritize needs over wants, and seek guidance in
[5:33] Speaker 1: our financial decisions. Let's also be mindful in praying for
[5:37] Speaker 1: an entire generation that is struggling to get ahead because
[5:40] Speaker 1: of student loans, because of credit card debt, because of inflation.
[5:43] Speaker 1: True wealth isn't measured by the balance of our credit cards,
[5:46] Speaker 1: but by the treasure stored in heaven. So, with all
[5:49] Speaker 1: this being said, let's lift this up in prayer. Lord,
[5:51] Speaker 1: guide us in our financial decisions and grant us the
[5:54] Speaker 1: wisdom to discern needs from wants. Help the younger generation
[5:57] Speaker 1: find paths to stability and prosperity amidst their challenges. And
[6:01] Speaker 1: remind us all that true riches lie not in material wealth,
[6:04] Speaker 1: but in love, compassion, and grace that we extend to
[6:07] Speaker 1: one another. And ultimately salvation offered in you, Jesus. We
[6:11] Speaker 1: love you and we trust you in these uncertain times.
[6:14] Speaker 1: In your name we pray. Amen. Our next story is
[6:17] Speaker 1: more on the increasing tension between the United States and China.
[6:21] Speaker 1: In the grand theater of international relations, few relationships are
[6:25] Speaker 1: as captivating, multifaceted, and consequential as that between the U.S.
[6:29] Speaker 1: and China. These two economic titans, often likened to Goliaths
[6:33] Speaker 1: of the modern era, have long been engaged in a
[6:36] Speaker 1: delicate ballet, each move, each decision reverberating across the global stage,
[6:41] Speaker 1: influencing economies, politics, and societies far beyond their borders. The
[6:46] Speaker 1: latest act, In this performance is an executive order from
[6:50] Speaker 1: the Biden administration that seeks to ban certain U.S. investments
[6:53] Speaker 1: in China, particularly trading the high-tech sectors. This move, while
[6:58] Speaker 1: significant in its own right, is but a single step
[7:01] Speaker 1: in the dance that has been ongoing for decades. It's
[7:04] Speaker 1: a dance of competition and collaboration, of rivalry and mutual benefit.
[7:08] Speaker 1: And as the spotlight shines brightly on these latest developments,
[7:12] Speaker 1: it's essential to understand the broader narrative, the choreography that
[7:15] Speaker 1: has led to this very moment. You see, there's something
[7:19] Speaker 1: going on between the U.S. and China. The United States'
[7:22] Speaker 1: move to ban specific investments in China is not just
[7:25] Speaker 1: a financial decision. It's a strategic one. The concern is
[7:29] Speaker 1: that American technology and expertise might inadvertently aid Beijing in
[7:33] Speaker 1: developing advanced weaponry. This decision follows a series of measures,
[7:37] Speaker 1: including export restrictions on advanced semiconductors to China and heightened
[7:41] Speaker 1: security of Chinese investments in American tech companies. However, China
[7:46] Speaker 1: perceived these moves as an attempt to stifle its economic growth,
[7:50] Speaker 1: and it very well may have been. In what many
[7:52] Speaker 1: see as a retaliatory move, China banned its major companies
[7:56] Speaker 1: from purchasing technology from Micron Technology, the U.S. 's largest
[8:00] Speaker 1: memory chip maker. We covered on Monday how certain innovations
[8:04] Speaker 1: in tech can inadvertently aid in the global military threat.
[8:08] Speaker 1: This ban by the Biden administration is one of many
[8:10] Speaker 1: cogs in the geopolitical machine. highlighting the ever-increasing complexity of
[8:14] Speaker 1: tech innovations and national security. The U.S. and China share
[8:19] Speaker 1: a relationship that's complex as it is crucial. On one hand,
[8:23] Speaker 1: China is America's most formidable competitor. On the other, the
[8:27] Speaker 1: potential for collaboration between these two giants could pave the
[8:30] Speaker 1: way for global growth and prosperity. Historically, U.S. investments have
[8:34] Speaker 1: played a significant role in China's economic development. However, as
[8:38] Speaker 1: geopolitical tensions rise, especially with the war between Russia and Ukraine,
[8:43] Speaker 1: these investments have dwindled. Direct US investment into China plummeted
[8:47] Speaker 1: to a 20-year low of $ 8. 2 billion last year. The
[8:51] Speaker 1: looming restrictions have already begun to reshape US investor behavior,
[8:56] Speaker 1: with some firms slowing or pausing transactions in China. The
[9:00] Speaker 1: US isn't dancing alone in this arena. It has been
[9:03] Speaker 1: urging its allies in Europe and in Asia to adopt
[9:06] Speaker 1: similar restrictions. aiming to prevent firms from rerouting funds through
[9:10] Speaker 1: cities like London and Tokyo. The European Commission is even
[9:14] Speaker 1: considering adopting restrictions on investments abroad. The U.S.-China relationship is
[9:19] Speaker 1: a testament to the intricate web of global interdependence. It
[9:23] Speaker 1: reminds us of the story of King Solomon. King Solomon,
[9:26] Speaker 1: renowned for his wisdom and political prowess, was able to
[9:29] Speaker 1: leverage many alliances and trade partnerships with other nations. As
[9:33] Speaker 1: a result, he ushered the nation of Israel into an
[9:35] Speaker 1: unprecedented era of economic growth and peace. However, the son
[9:40] Speaker 1: of David also let his guard down. He compromised his
[9:44] Speaker 1: values and slipped into idolatry of those very foreign nations
[9:47] Speaker 1: he had allied himself with. The paradox of Solomon's reign
[9:51] Speaker 1: as king is a good reminder that we must be
[9:53] Speaker 1: mindful of who we partner with and what their influence
[9:56] Speaker 1: on us might be. While competition is natural and breeds innovation,
[10:00] Speaker 1: collaboration also brings growth and peace, and we want to
[10:03] Speaker 1: be able to balance these two ideas, and that's probably
[10:06] Speaker 1: what the Biden administration is hoping to do. The Bible
[10:09] Speaker 1: teaches us that the power of unity and working together
[10:11] Speaker 1: for the common good is paramount, but the Bible also
[10:15] Speaker 1: reminds us to be cautious of who we yoke ourselves with.
[10:19] Speaker 1: In these challenging times, let's pray for wisdom for our leaders,
[10:22] Speaker 1: that they may navigate these complex waters with grace, understanding,
[10:25] Speaker 1: and a vision of a world where all nations thrive together.
[10:29] Speaker 1: When China does well, the U.S. does well. When the U.S.
[10:31] Speaker 1: does well, China goes well. That's ultimately the goal that
[10:34] Speaker 1: we have for one another. So, with that being said,
[10:37] Speaker 1: let's pray. Lord, grant our leaders discernment and wisdom in
[10:41] Speaker 1: these intricate times. May they prioritize collaboration over confrontation and
[10:45] Speaker 1: seek a future where unity fosters mutual growth. Guide their
[10:48] Speaker 1: decisions so that nations can coexist in harmony, promoting peace
[10:53] Speaker 1: and prosperity for all. In Jesus' name we pray. Amen.
[10:57] Speaker 1: Our last story of today is a twist of irony. Zoom,
[11:01] Speaker 1: the company that has become the poster child for remote work,
[11:04] Speaker 1: is now nudging its employees to un-Zoom themselves from their
[11:07] Speaker 1: couches and head back to the office, at least part-time.
[11:11] Speaker 1: And wow, the irony. Zoom, which saw its popularity skyrocket
[11:16] Speaker 1: during the pandemic, has decided that a structured hybrid approach
[11:19] Speaker 1: is the way forward. This means employees living with a
[11:22] Speaker 1: 50-mile radius of its offices are expected to grace the
[11:26] Speaker 1: office with their presence for two days a week at least.
[11:29] Speaker 1: This move by Zoom is reflective of a broader trend. Companies,
[11:32] Speaker 1: big and small, are grappling with the best approach to
[11:35] Speaker 1: work in the post-pandemic world. While Zoom's stock soared during
[11:39] Speaker 1: the pandemic, it has since taken a nosedive, much like
[11:42] Speaker 1: that homemade sourdough bread trend that flooded our phones for
[11:45] Speaker 1: six months during the pandemic. Do you remember? With shares
[11:48] Speaker 1: plummeting from $ 559 in October 2020 to below $ 70 recently,
[11:54] Speaker 1: it's clear that the remote work honeymoon phase might be waning.
[11:58] Speaker 1: But Zoom isn't alone in this dance. Giants like Google, Salesforce,
[12:01] Speaker 1: and Amazon are gently nudging, or in some cases firmly pushing,
[12:05] Speaker 1: their employees back to the office. The reasoning varies, but
[12:09] Speaker 1: the underlying theme is consistent, the desire for a semblance
[12:12] Speaker 1: of pre-pandemic normalcy. Early studies on remote work showed that
[12:16] Speaker 1: productivity increased, especially with the cut in commuting time and
[12:20] Speaker 1: increased availability outside the nine to five hours. However, more
[12:24] Speaker 1: recent studies are showing that remote work productivity is beginning
[12:28] Speaker 1: to dwindle. These companies are trying to find the best
[12:30] Speaker 1: path forward. Employees, on average, love remote work. many even
[12:35] Speaker 1: willing to take pay decreases in order to remain remote.
[12:38] Speaker 1: The White House is echoing, though, this call back to
[12:42] Speaker 1: the office. It's eager to get federal employees out of
[12:45] Speaker 1: their pajamas and back into those office-appropriate slacks. With some
[12:50] Speaker 1: arguing that remote work has led to delays and backlogs,
[12:53] Speaker 1: others believe it's more funding and resources that are really
[12:57] Speaker 1: the concern. And let's not forget the D.C. mayor's concerns
[13:01] Speaker 1: about the city's dwindling vibrancy. It's almost as if the
[13:04] Speaker 1: city is saying, remember those coffee shops and lunch spots
[13:07] Speaker 1: you used to love? They miss you, and so does
[13:09] Speaker 1: your office chair. The commercial and business real estate market
[13:13] Speaker 1: has taken a nosedive with remote work. Many cities like D.C.
[13:17] Speaker 1: are urging and incentivizing companies to return to the office
[13:20] Speaker 1: and reinvigorate their downtowns. But here's the crux. While some
[13:25] Speaker 1: studies suggest remote work boosts productivity, others hint at the
[13:28] Speaker 1: very opposite. What's undeniable, though, is that many employees have
[13:32] Speaker 1: tasted the sweet nectar of work-life balance and flexibility, and
[13:35] Speaker 1: they're not eager to give it up. With more flexible
[13:38] Speaker 1: hours and fewer commutes, remote work has provided many families
[13:42] Speaker 1: with more opportunities to be together. Moms and dads everywhere
[13:46] Speaker 1: report higher happiness levels with the ability to prioritize family
[13:49] Speaker 1: and togetherness along with their work. However, young and unmarried
[13:53] Speaker 1: people have reported growing dissatisfaction and loneliness due to remote work.
[13:57] Speaker 1: They want to engage with more people, collaborate, build relationships.
[14:01] Speaker 1: Perhaps this move toward a hybrid work will strike that balance.
[14:05] Speaker 1: As we navigate these changing times, employers and employees alike
[14:09] Speaker 1: should approach decisions with empathy and a genuine desire to
[14:12] Speaker 1: understand each other's perspectives. The Bible teaches us the importance
[14:16] Speaker 1: of community and fellowship. While technology has allowed us to
[14:20] Speaker 1: maintain connected and unprecedented ways, there's undeniable value in face-to-face interactions.
[14:26] Speaker 1: As Colossians 3.23 says, Whatever you do, work at it
[14:29] Speaker 1: with all your heart, as working for the Lord, not
[14:31] Speaker 1: for human masters. Whether we're working from home, the office,
[14:34] Speaker 1: or a hybrid of both, let's do it with purpose, gratitude,
[14:37] Speaker 1: and a heart full of service. With all that being said,
[14:41] Speaker 1: let's close our time together in prayer. Lord, guide us
[14:44] Speaker 1: through these shifting times, helping us to find balance in
[14:47] Speaker 1: our work lives. May we approach change with understanding and empathy,
[14:51] Speaker 1: valuing both community and individual needs. In all that we do,
[14:55] Speaker 1: let our actions reflect our service to you and our
[14:58] Speaker 1: commitment to one another. In Jesus' name we pray. Amen.
[15:03] Speaker 1: Thank you for joining us today on Pray News. It
[15:05] Speaker 1: is our aim to be informed and transformed. We pray
[15:08] Speaker 1: today you would proceed with hope, love, and determination to
[15:11] Speaker 1: be a force for good. If you've enjoyed this take
[15:13] Speaker 1: on the news, please write us a review and share
[15:15] Speaker 1: your experience. We would love to hear from you. You
[15:18] Speaker 1: can sign up for our newsletter at PrayNews.com. There you
[15:21] Speaker 1: will find all the sources to our reportings. And be
[15:23] Speaker 1: sure to download the Pray.com app to make prayer a
[15:25] Speaker 1: priority in your life and experience the Bible in new
[15:28] Speaker 1: and exciting ways.

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