July 22, 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...]