Economy

Catholic Bishops Fail to Agree on Statement on the Economy

BALTIMORE — A divided Catholic hierarchy on Tuesday failed to agree on a statement about the economy after a debate that revealed sharp differences over the kind of social justice issues that were once a hallmark of the bishops’ public profile.

The defeat of the document, titled “The Hope of the Gospel in Difficult Economic Times,” followed an hour of unusually intense debate among the 230 bishops gathered here for their annual meeting. It left many of them openly frustrated that the prelates have not made a joint statement about the nation’s economic woes four years after the recession hit.

“This document is dead,” New York Cardinal Timothy Dolan, president of the U.S. Conference of Catholic Bishops, said with obvious disappointment as he brought the gavel down on the debate after it failed to secure the two-thirds majority needed for passage.

If I Had a Million Dollars ...

Cash, Denis Opolja / Shutterstock.com

Cash, Denis Opolja / Shutterstock.com

Play along with me. If you had $1 million to spend to help stimulate the economy, what would you do? What would I do?

Option 1: 

Give the money to a billionaire, in the blind hope that the billionaire will pass along that million to his employees in some form. Or that he’ll spend it on a nice luxury product that (hopefully) will be an American product. Or that he won’t exercise the many loopholes that still exist and he’ll give that whole amount back to the U.S. government to spend. And of course, pray that the money won’t go into an offshore investment account somewhere in the Caribbean or Switzerland.

But what would Jesus do? What investments would Jesus make that I would want to make as well?

A DREAM Economy

Two words are dominating our current political dialogue: jobs and economy. Everyone seems to want more of the former and a quicker revival of the latter. Logically then, our nation should take any and all sensible and easy steps towards achieving those goals. If those actions also had positive humanitarian and moral outcomes, even better, right?

Sadly, Washington seems to be devoid of logic these days. The Center for American Progress has released a study showing that passage of the DREAM Act would create an economic boom of over $300 billion dollars and create nearly 1.5 million jobs — not to mention, it is just the right thing to do.

The politics needs to stop. The DREAM Act needs to pass. Read more about the economic difference it could make if Washington would take action by clicking HERE.

Survey: Economy Continues Negative Effect on Churches

The economy continues to weigh on pastors, with a new survey showing that nearly two-thirds say it has affected their churches negatively.

LifeWay Research asked 1,000 pastors about the economy’s effect on their churches and found that 56 percent described it somewhat negatively and 8 percent very negatively. Nine percent reported a positive effect on their churches and one-quarter said the economy was having “no impact on my church.”

“Pastor views on the economy are similar to many economic outlook surveys,” said Scott McConnell, director of LifeWay Research, which is affiliated with the Southern Baptist Convention. “We weren’t surprised the current perspective of economic impact on churches is predominantly negative.”

No 'Quick Fixes' For The Economy

Author and academic Jeffrey Sachs argues in a Huffington Post piece:

Investors are awaiting the miraculous delivery from crisis by the ECB and the Fed, but they are waiting in vain. The economic problems in the U.S. and Eurozone are mostly structural, not monetary. Unfortunately ideologues and politicians on both sides of the spectrum are interested in quick fixes rather than the real groundwork of economic progress.

Consider the new U.S. unemployment announcement. If you are a college graduate, there is no employment crisis. 72.7 percent of the college-educated population age-25 and over is working. The unemployment rate is 4.1 percent. Incomes are good.

If you have less than a high-school diploma, however, you are barely scrapping by. Only 40.4 percent of those without a high-school diploma have a job. Their unemployment rate is 12.7 percent. Incomes are too low to make ends meet.

There are two Americas: the college-educated crowd that may have taken a hit in their retirement accounts, but who are generally doing well. Then there are the rest, around 60 percent of the population, who are increasingly dropping out of the middle class. Nearly one-half of American households are now classified as low-income, within twice the poverty line.

Read more here

 

Donations to Religious Institutions Decline for Second Straight Year

Offering tray photo, Wellford Tiller / Shutterstock.com

Offering tray photo, Wellford Tiller / Shutterstock.com

Post-recession America is beginning to open its wallet to charities again, but is not giving as generously to religious institutions.

While charitable donations from individuals rose nearly 4 percent overall in 2011, according to the annual "Giving USA" report, donations to houses of worship and other religious bodies dropped by 1.7 percent — a decrease for the second year in a row.

The report, compiled by the Indiana University Center on Philanthropy and released on June 19, shows that individual Americans gave nearly $218 billion last year, $96 billion of which went to religious organizations.

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