Providence on the cheap appeals to an historically-ungrounded and perverse notion of "karma." The teaching of karma in Hinduism and Buddhism claims that an impersonal mechanism punishes and rewards humans according to their actions. But karmic effects on only obtain between one's lifetimes (reincarnation), not within one. That is, everything one experiences in one incarnation is the result of previous incarnations. What one does in this incarnation will have its effects in the next lifetime. Further, this system is impersonal; it functions automatically and without moral evaluation or moral agency. (This itself is a philosophically problematic idea, which I have addressed in Christian Apologetics, chapter 25.)
However, Americans apply karma to one lifetime. One author even writes of "instant karma," to explain a good circumstance following a good deed of his. This is nonsense and contradictory, given the rigors of karma and reincarnation in the Eastern systems of thought. Worse yet, Americans, by combining loosely Christian ideas with Eastern doctrines, imagine that karma is administered by some personal and knowing being. But this is alien to Hinduism and Buddhism. Moreover, Christianity denies karma and reincarnation, but affirms the resurrection of the dead--for punishment or redemption (Daniel 12:2; 1 Corinthians 15).
God's providential governance of all history and eternity is that of a moral administration, judge, and savior, through Jesus Christ. No one can build up good karma to merit anything before God. God demands perfection. There is only one life available to get right with a holy God (Hebrews 9:27). It was only the perfect sacrifice of Jesus Christ that makes atonement and brings reconciliation between God and man (1 Timothy 2:5). Whatever good works are wrought by the Christian are not the basis of salvation, but rather the fruit of salvation.
Let us give up providence on the cheap, which is an illicit blending of Eastern doctrines and the one true Gospel of Jesus Christ, King of Kings and Lord of Lords (Revelation 19:16). Herein is truth, peace, and meaning.