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Translating the word so that the verb reads as present continuous action doesn't mean that we must understand salvation as something that can slip away. It means that God is very active in maintaining and preserving our salvation. He is active in the process of salvation in that he has ordained and is carrying out our sanctification (a result of salvation). Now if the passage read 'we are being justified', then we ought to have a problem. Salvation is a compound of several elements: election, regeneration, repentance, justification, sanctification, glorification. We have been saved, are being saved, will be saved. These things are all true. Election, regeneration, justification are done, sanctification is ongoing, glorification is to come.
This pastor is playing with words, hearing what he wants to hear and feeding his bias for KJV.
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