What the Brethren Have Counseled Us to do in Times of High Inflation

Whenever I seek counsel on a subject the first place I turn is to the words of the Lord via His prophets and apostles. As we face the highest levels of inflation since World War II, I found not only guidance, but comfort, counsel, and PROMISED BLESSINGS from the Brethren on the topic of inflation and how to handle it.

Spencer W. Kimball promised us that the Lord knows what we are facing with inflation and has given us the tools to face the challenges, he declared “Nearly every family in the Church is feeling the effects of worldwide inflation in one way or another. May I remind all of us that if we will live the gospel and follow the counsel of the leaders of the Church, we will be blessed to avoid many of the problems that plague the world. The Lord knows the challenges we face. If we keep his commandments, we will be entitled to the wisdom and blessings of heaven in solving them.”

The key part of that quote that struck me was “if we will live the gospel and follow the counsel of the leaders of the Church, we will be blessed” So, what are the counsels of the leaders of the Church on inflation? This article is the result of a deep dive into that very question. Here is what we’ve been counseled to do.

1st. Don’t get into new debt!

One of the most repeated things I’ve heard from people as inflation has skyrocketed is the notion that you better buy something now, even if you need to do it on credit, as prices are going up. Economists even suggest this is a time to flex the power of low-interest debt before the interest rates increase. This is a philosophy that is completely incompatible with the teachings of the Brethren.

Bishop J. Richard Clarke declared, “There is an insidious philosophy that advocates plunging into debt and letting inflation pay it off. I reject this philosophy. If we all operated on that premise, we would completely subvert our economic system. As long as we secure our debt with equity, we can manage it; but to amass debt by pledging future earnings submerges us in financial quicksand.”

Now, some people might say, “Oh that is only a member of the Presiding Bishopric.” It is important to understand something about the Presiding Bishopric. Their calling, as stated by the Lord in D&C 107:68 is over “all temporal things.” IE, they are the ones called by the Lord to address issues like dealing with inflation.

Now, luckily we also have the law of the witnesses. And James E. Faust, who was an apostle at the time, and later a member of the First Presidency, also warned us about getting into debt during times of high inflation when he taught, “In recent times of high inflation, there has come a philosophy that we should buy now and pay later. I cannot believe that this is sound practice for the Latter-day Saints. There always comes a day of reckoning. Many people who have not managed their debts will find themselves in difficulty. Over the years the wise counsel of our leaders has been to avoid debt except for the purchase of a home or to pay for an education. I have not heard any of the prophets change this counsel.”

2nd. Prepare for the future by laying up in store! And do so NOW!

Anyone who has listened to General Conference knows that one of the recurring themes is preparedness. This counsel has been stressed by multiple leaders during times of high inflation. James E. Faust taught that “[In addition to avoiding debt] In times of severe inflation there is other wise counsel to be followed. We can obtain and lay aside our year’s supply of food, commodities, clothing, and—where possible—fuel.”

Elder L. Tom Perry stressed the importance of being prepared when he taught that “Having a one-year supply must be moved up on the family priority list. How it is obtained must be considered again. Can more of it be the result of our own labors in making our own clothes, increasing our garden yield, and preserving our own food? How can I wisely invest my savings so that inflation will not rob me of them?”

We have been warned that when preparing for the future our reserves need to be wise, we should not be storing items that will lose their value like excessive amounts of cash. Ezra Taft Benson taught that “History has demonstrated that in difficult days it is reserves with intrinsic value that are of most worth, rather than reserves, the value of which may be destroyed through inflation.”

It does not matter where you are at right now, make a commitment to strive towards a year’s supply. If that means the first step is getting one week, then get one week! If it means going from three months to six, then get six! If it means expanding your year’s supply of food to include clothing or fuel, then do so! Stark was the lamenting of President Kimball on this topic when he bemoaned the Saint’s slothfulness in preparing. He said, “We encourage families to have on hand this year’s supply; and we say it over and over and over and repeat over and over the scripture of the Lord where He says, ‘Why call ye me, Lord, Lord, and do not the things which I say?'”

With the warning from the Prophet in our minds, let us not fall into the trap of becoming fanatics! Bishop Victor L. Brown warned us that “Inflation is running rampant in most countries of the world. Personal debt is staggering. It seems almost impossible for young people to buy a home. Many who have purchased a home have monthly payments which leave no room to handle the slightest emergency. We have been taught that we should build our reserves over a period of time, that we should not go into debt to do so, that we should buy those things we use and use them on a rotation basis, that we should use common sense in preparing ourselves to be independent and self-reliant. There has never been extremism or fanaticism associated with these teachings.”

3rd. Learn skills and seek to enthrone provident living.

The final teaching of the Brethren on the topic of high inflation I wish to highlight is the need to enthrone provident living. What is Provident Living? Well, I think Sister Barbara B. Smith summarizes it better than I can when she said:

We ask, in this time of inflation and great financial stress on individuals and families, that our teachings of “provident living” be further expanded and fully practiced by every member. We encourage women to economize in creative ways such as—

1. Exchanging skills, when practical, instead of money; exchanging excess vegetable produce from one garden for fruit from another; exchanging rather than buying books, musical instruments, Scout uniforms, etc.

2. Becoming more knowledgeable gardeners; developing their own garden seeds gathered from their own high quality produce.

3. Saving time and money by organizing their homes into efficient work and storage centers and by preparing food with their own mixes.

Learning how to properly manage our resources (including time) so that our money stretches is vital in times of high inflation. Ezra Taft Benson warned us that “We are too accustomed to going to stores and purchasing what we need. By producing some of our food we reduce, to a great extent, the impact of inflation on our money. More importantly, we learn how to produce our own food and involve all family members in a beneficial project.”

President Kimball stressed the need to produce food when he said, “We encourage you to grow all the food that you feasibly can on your own property. Berry bushes, grapevines, fruit trees—plant them if your climate is right for their growth. Grow vegetables and eat them from your own yard. Even those residing in apartments or condominiums can generally grow a little food in pots and planters. Study the best methods of providing your own foods.”

But perhaps no more timely or potent warning about provident living has ever been given than that by Ezra Taft Benson, who declared, “The revelation to produce and store food may be as essential to our temporal welfare today as boarding the ark was to the people in the days of Noah.”

If we follow the prophets we will be prepared and will not fear.

I return to where I started, the world is crazy right now. Tensions are higher than they have potentially ever been on the world stage. One of my favorite apostles, Elder L. Tom Perry, prophetically declared that “On a daily basis we witness widely fluctuating inflation; wars; interpersonal conflicts; national disasters; variances in weather conditions; innumerable forces of immorality, crime, and violence; attacks and pressures on the family and individuals; technological advances that make occupations obsolete; and so on. The need for preparation is abundantly clear. The great blessing of being prepared gives us freedom from fear, as guaranteed to us by the Lord in the Doctrine and Covenants: ‘If ye are prepared ye shall not fear’ (D&C 38:30).

If we will harken to the counsels of the Lord via His prophets we have the right to the promised blessings! I want to close with a quote from Ezra Taft Benson, who promised us that IF we “Pay [our] honest tithes and contribute generously to the support of the poor and needy through the fast offerings. Then store at least a year’s supply of basic food, clothing, and fuel. Then you will find these blessings will accrue:
You will not be confronted with the danger of losing all you have because of inflation or depression.
You will have security that no government can provide, savings and supplies for emergencies.
You can ask God’s blessings and his protecting care on you and your family.
You are contributing to the solution of our country’s ills, rather than contributing to its problems.”

Additional amazing counsel and quotes on inflation by the Brethren.

“Just as it is important to prepare ourselves spiritually, we must also prepare ourselves for our temporal needs. Each of us needs to take the time to ask ourselves, What preparation should I make to care for my needs and the needs of my family? We have been instructed for years to follow at least four requirements in preparing for that which is to come.
First, gain an adequate education. …
Second, live strictly within your income and save something for a rainy day. …
Third, avoid excessive debt. …
Fourth, acquire and store a reserve of food and supplies that will sustain life”
Elder L. Tom Perry

“In addition to our reserve of food, we should build a cash reserve. We should form habits of thrift and teach our children that part of everything we earn should be ours to keep. It is true that inflation reduces the purchasing power of savings, but how much purchasing power do no savings have? Another major reserve is home equity. Our major concern is that too many families have overextended themselves so that the debt burden overshadows the benefit of home ownership. Again, let us be sure we do not confuse wants with needs.”
Bishop J. Richard Clarke

“Remember that continued government deficits cause inflation; inflation is used as an excuse for ineffective price controls; price controls lead to shortages; artificial shortages inevitably are used as an excuse to implement rationing. When will we learn these basic economic principles?”
Ezra Taft Benson

“When will all these calamities strike? We do not know the exact time, but it appears it may be in the not-too-distant future. Those who are prepared now have the continuing blessings of early obedience, and they are ready. Noah built his ark before the flood came, and he and his family survived. Those who waited to act until after the flood began were too late. Let us not be dissuaded from preparing because of a seeming prosperity today, or a so-called peace.”
Ezra Taft Benson

“Learn to see through the money illusion and recognize the real value of money. Most wage earners today have less purchasing power than they did [a few years ago]. To some degree inflation is probably going to be with us for a long time. Realize that you are living in a new era of higher prices and less abundant energy.”
Elder Marvin J. Ashton

“Today we face many perplexing issues. In addition to significant international political problems, we are experiencing one of the most difficult economic periods we have faced in many decades—the problem of inflation and personal financial management.”
President N. Eldon Tanner

“Inflation continues to offset a major portion of average wage increases. A larger paycheck may not mean more purchasing power and should not be an excuse for extravagant purchases or additional debt. Beyond the emergency liquid savings, families should plan for and utilize a wise investment program preparing for financial security, possible disability, and retirement. Avoid all proposals for high-risk investments and get-rich-quick schemes.”
Elder Marvin J. Ashton

“This is a matter of grave importance. In these days of inflation and emotional and political unrest, our people everywhere are being met with difficult and trying experiences on almost every hand. Prudence and wisdom not only suggest but dictate that we take some steps to retrench and husband our resources.”
Spencer W. Kimball

“Can we really afford a society in which we do not believe in the principle of work? Inflation has several causes, but any lasting cure must include increased productivity. Besides, work is a spiritual necessity, even if it is not an economic necessity, which it is.”
Neal A. Maxwell

“America is in trouble (as are other nations) because patient persistence in a wise course of public policy now appears to be so difficult to attain. Too many impatient politicians buy today’s votes with tomorrow’s inflation”
Neal A. Maxwell

“Traveling to the four corners of the world we encounter all too often a spirit of gloom among the people. Their concerns range from wars, rumors of wars, famine, and inflation to drug addiction, climate changes, pollution, bigness of government, etc. I can understand why those who are without faith in our Lord and Savior would become prophets of gloom.”
L. Tom Perry

“When all is said and done, the best hedge against inflation is the character of the people.”
Alma Sonne (Conference Report, Oct. 1966, Page 76)

“The safest hedge against inflation is the Ten Commandments, especially the last, ‘Thou shalt not covet.'”
Alma Sonne (Conference Report, Oct. 1966, Page 76)

“All of us as Americans have a patriotic responsibility not to contribute to the inflation danger by needlessly building still higher the mountain of total debt. All of us as individuals-and above all, as members of families-have an obligation in conscience not to mismanage our resources.”
Ezra Taft Benson (Conference Report, Apr. 1957, Page 56)