Matthew 20:28 is the New Testament passage that sums up Isaiah 53 for me. Separation from God, which is the punishment brought on by our rebelling and sin, is a life (present and eternal) of grief and anguish - a spiritual death. God's love offers the us the opportunity to be reconciled with Him by allowing His Son to take upon Himself the consequences of our sin - His physical suffering and death in place (a ransom) of our spiritual death.
"just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many." Matthew 20:28
But he was pierced for our transgressions,
he was crushed for our iniquities;
the punishment that brought us peace was upon him,
and by his wounds we are healed.
Isaiah 53:5
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His Peace & Love To All Of You.