Posts tagged with: Economy of the United States

How much value does religion add to the U.S. economy? According to a new study the effect of religion exceeds the revenue of the ten largest tech companies—including Apple, Google, Amazon, and Facebook combined.

The study, recently published in the Interdisciplinary Journal of Research on Religion, provides three estimates of the value of faith to U.S. society. The first and most conservative estimate takes into account only the revenues of faith-based organizations falling into several sectors (education, healthcare, local congregational activities, charities, media, and food). The second estimate takes into account the fair market value of congregational social services and contribution of businesses with religious roots. Their third, higher-end estimate based on the annual household incomes of America’s religiously affiliated population.

By their most conservative estimate, the economic contribution of the religion sector to the U.S. society is roughly $378 billion a year: healthcare ($161.0 billion), local congregational activities ($83.8 billion), education ($74.0 billion), charities ($44.3 billion), media ($0.9 billion), and food ($14.4 billion).

At ERLC, I have more more on this study and how they determined how religion affects the economy.

1.21411In the latest addition to Mike Rowe’s growing catalog of pointed Facebook responses, the former Dirty Jobs host tackles a question on the minimum wage, answering a man named “Darrell Paul,” who asks:

The federal minimum wage is $7.25 and hour. A lot of people think it should be raised to $10.10. Seattle now pays $15 an hour, and the The Freedom Socialist Party is demanding a $20 living wage for every working person. What do you think about the minimum wage? How much do you think a Big Mac will cost if McDonald’s had to pay all their employees $20 an hour?

Rowe begins by recounting a job he had working at a movie theater for $2.90 per hour (the minimum wage in 1979). He served his customers, learned a host of new skills, and received several promotions in due course. Eventually, he decided to move on, pursuing areas closer to his vocational aspirations.

He worked. He learned. He launched.

Turning back to the present (and future), Rowe is concerned about the ways various labor policies have prodded many business owners to innovate ever-closer to full-blown automation, leading to ever-fewer opportunities for unskilled workers. “My job as an usher [at the theater] was the first rung on a long ladder of work that lead me to where I am today,” Rowe writes. “But what if that rung wasn’t there?” (more…)

Blog author: ehilton
Friday, January 23, 2015
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i_heart_government_handoutsIt’s no secret that government entitlement programs have increased dramatically over the past few decades. It’s no secret that some would like to continue to expand such programs. And it’s no secret that America cannot afford to keep doing this, either economically or morally.

Nicholas Eberstadt tackles the issue of entitlement in “American exceptionalism and the entitlement state.” It’s a worthy read; I’d like to offer a few salient points.

Eberstadt begins by likening America to a transplant patient. The transplanted organ is healthy, but the patient is still really sick. America – the patient – has attempted to graft a foreign organ – the European welfare state. That transplanted organ is doing what it was designed to do, but it’s killing the patient nonetheless. (more…)

starbucksWhen most people think of Starbucks they think of overpriced coffee, free wifi, and omnipresence. Starbucks are everywhere. The company was founded in 1971 and since 1987 they’ve opened an average of two new stores every day. In the U.S. alone there are 12,973 locations.

When most people think of “big business”, though, they don’t often think of the Seattle-based coffee company. But they should. Starbucks has 151,000 fulltime employees, $15 billion in annual revenues, and three times as many locations as Walmart. Starbucks is one of the biggest of big businesses. And, not surprisingly, a big proponent of cronyist policies.

Cronyism occurs when an individual or organization colludes with government officials to create legislation or regulations that give them forced benefits they could not have otherwise obtained voluntarily. Those benefits come at the expense of consumers, taxpayers, and everyone working hard to compete in the marketplace. A prime example is minimum wage laws. Almost without fail, big businesses tend to support higher minimum wages.

Since they could just choose to pay higher wages, why would they support federal mandated wage floors? One reason is because it helps to eliminate the competition from small business who don’t have the size and scale to absorb higher-than-market wage increases.

In a recent interview with CNN, Starbucks CEO Howard Schultz said he supports an increase to federal minimum wage even though he admits the $15 wage in Seattle could have “traumatic effects” on small business owners and employees.
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dontstealLast week, Walmart announced that it distributed $3 million last year to charities in New York City. The giving included $1 million to the New York Women’s Foundation, which offers job training, and $30,000 to Bailey House, which distributes groceries to low-income residents.

Naturally, there was one group that was appalled by the charitable giving: local politicians.

More than half the members of the New York City Council sent a letter to Walmart demanding that it stop giving millions in charitable contributions to local groups in the city.

Twenty-six of the 51 members of the Council charged in the letter that the world’s biggest retailer’s support of local causes is a cynical ploy to enter the market here.

“We know how desperate you are to find a foothold in New York City to buy influence and support here,” says the letter, obtained by The Post and addressed to Walmart and the Walton Family Foundation.

“Stop spending your dangerous dollars in our city,” the testy letter demands. “That’s right: this is a cease-and-desist letter.”

For the sake of argument, let’s concede Walmart is trying to “buy influence and support” in New York City. Such activity is called “lobbying.” Are these NYC council members against lobbying? Will they soon be sending a cease-and-desist letter to their political contributors who are trying to “buy influence and support”?

There’s an old bumper sticker that reads, “Don’t Steal! The Government Hates Competition.” Maybe we need a new one that says, “Don’t Give to Charity! The Government Hates Competition.”

(Via: Hot Air)

Because jobs can serve the needs of our neighbors and lead to human flourishing both for the individual and communities, they are the most important part of a morally functioning economy. Workers dropping out of the labor force because they’ve grown discouraged is therefore one of the most pressing moral and economic issues in America today. Sadly, it is also one of the most overlooked.

Today, the Republicans on the Senate Budget Committee released some stats showing the shocking decline in the male participation in the labor force, particularly men between the ages of 25-54:

Record 1 In 8 American Men In Their Prime Working Years Are Not In The Labor Force_0.preview

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According to the committee members:

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keep-calm-and-expect-the-unexpected-18Today at Bloomberg we find this unexpected news about unemployment:

Applications for U.S. unemployment benefits unexpectedly climbed to a nine-week high, underscoring the difficulty adjusting the data for seasonal variations such as the Easter holiday and spring recess at schools.

Jobless claims rose by 14,000 to 344,000 in the period ended April 26, the highest level since Feb. 22, Labor Department data showed today in Washington. The median forecast in a Bloomberg survey of economists called for 320,000.

There are two things the media never expects: (1) The Spanish Inquisition and (2) increases in jobless claims. Over the past five years, in 30 of the past 60 months,  the media has considered it “unexpected” when jobless claims increase:

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