July 25, 2014

Msgr Barreiro-Carámbula: The Morality of the Growing Public Debt

debt

Source: Spirit and Life | Monsignor Ignacio Barreiro-Carámbula If we promote the family and the related idea of generosity with life, we have to be concerned with the ability of young couples to form and raise their families. In order to raise children, a family needs a degree of economic stability; and even more it needs a real non-inflationary economic growth that steadily creates jobs, and also allows for the reasonable increase of salaries in real terms. As a consequence, we should promote an economy that will not be depressed by the obligation of paying off our growing public debt. It is time to discuss the moral injustice of constantly increasing the public debt limit. The troubling situation of skyrocketing public debt has to be seen within the context of the current economic crisis. This crisis has short term causes in the mismanagement of financial institutions in the U.S. as well as in the housing bubble that was produced, in part, by government programs that decoupled … [Read more...]

Roepke was right

Wilhelm Roepke

In my Winter 2007 article on economic globalization for AGAIN Magazine, I quoted economist Wilhelm Roepke: Economically ignorant moralism is as objectionable as morally callous economism. Ethics and economics are two equally difficult subjects, and while the former needs discerning and expert reason, the latter cannot do without humane values. In light of all that has happened with the U.S. economic meltdown in the last few months, I continue to subscribe to the following statement from the same article: ... there is no real understanding of "social justice" without an understanding of basic economic principles. These principles explain how Orthodox Christians work, earn, invest, and give to philanthropic causes in a market-oriented economy. Economic questions are at the root of many of the problems that on their face seem to be more about something else -- poverty, immigration, the environment, technology, politics, humanitarian assistance. I remain a convinced … [Read more...]