Rick Warren: Bad Economic Times a Result of Sin

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The stock market is logging a four-day loss as the Dow Jones ended below 13,000, an apparent reaction to last week's disappointing jobs report.

The drop is in direct correlation to the Labor Department's report on Friday that showed the U.S. economy created only 120,000 jobs last month, half the number in month's past.

President Obama has asked that Americans give the economy time to rebound. But Julia Coronado, with BNP Paribas, said the economy is not on a "straight line acceleration path."

"We're still, again, better than where we were a year ago," she said. But we still face "headwinds to the economy."

Optimistic market watchers point to events like new business and manufacturing growth around the country, like the Aerosystems plant in Kansas, as positive signs.

Sen. Dick Durbin, D-Ill., told NBC's "Meet the Press" that "we've had 26 months of economic growth."

He said that America is now on the right track but he, like the president, wants to see more job creation.

However many investors, focusing on the current state of the economy, see soaring oil and gas prices, an 80 percent unemployment rate, and growing national debt. And they blame the president.

"What we need is leadership, and we are sorely lacking in presidential leadership," Sen. Ron Johnson, R-Wis., said. "Remember, this is a president who promised he'd cut the deficit in half by the end of his first term, and hasn't exactly produced that."

"He's added $5 trillion of debt, you know, indebting our children and grandchildren," he continued.

Despite the finger-pointing, Pastor Rick Warren said the debt is a direct result of sin, telling ABC's "This Week" that "we have over-spent."

"The biggest problem for, for all of our economic problems, is our inability to delay gratification," he said. "I want it and I want it now, and I'm going to buy it even if I can't afford it."

Warren said the American people and the government are equally guilty of over-spending when they don't have the resources.

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John Waage

John Waage

CBN News Sr. Editor

John Waage has covered politics and analyzed elections for CBN News since 1980, including primaries, conventions, and general elections. 

He also analyzes the convulsive politics of the Middle East.