Posts tagged with: economy

Blog author: jballor
posted by on Friday, November 3, 2006

Forbes passes along a ranking of the fifty states (plus the District) on the friendliness of fiscal policy toward small business (HT: The Entrepreneurial Mind), provided by the Small Business & Entrepreneurship Council (PDF).

Michigan ranked 10th in the list, which examines 29 governmentally-influenced factors such as personal income tax, capital gains tax, corporate income tax, property tax, death tax, electricity costs, and number of bureaucrats. Michigan was in the top half of most categories (it did rank 47th in the state rankings of gasoline taxes, which underscores the question of who profits from gasoline sales).

Blog author: jspalink
posted by on Wednesday, November 1, 2006

Despite signs of a cooling economy, the Fed is holding the line on interest rates. And reason is fairly simple: Worries about inflation. While there are many good reasons for fiscal restraint in the face of the inflation threat, there are also larger moral issues at work, says Sam Gregg. Inflation strikes at the economy’s ability to assist people to achieve their full human potential. “Tough monetary policy is not just good economics,” Gregg writes. “It’s also an exercise in tough love – for all of us.”

Read the full commentary here.

Blog author: jballor
posted by on Wednesday, November 1, 2006

Christianity Today has identified four political races to watch that “feature debates about issues of special concern to evangelicals.” One of these is Michigan’s race for governor between incumbent Jennifer Granholm and challenger Dick DeVos.

CT is featuring the economy as an issue of evangelical concern in this race:

The September news of massive layoffs by Ford has become far too common in Michigan. Unemployment stands at 7.1 percent, well above the national average. What’s bad for the state could be good for the campaign of Dick DeVos, the Republican. The name may sound familiar to evangelicals. His father, Rich DeVos, helped found Amway Corporation and bankrolled many evangelical schools and ministries.

Acton’s Jerry Zandstra is quoted in the brief piece, as is Corwin Smidt, executive director of Calvin College’s Paul B. Henry Institute for the Study of Christianity and Politics, whose “research indicates evangelicals have become more receptive to Republican economics.

Says Smidt, “Whereas evangelicals were fairly united on social issues in the 1980s and early 1990s and much less unified on economic issues, evangelical voters took a much more unified stand on economic issues by the end of the millennium.”

This contradicts, by the way, the message of Fr. Andrew Greeley and Michael Hout in their recent book The Truth About Conservative Christians: What They Think and What They Believe. In a review of the book, E.J. Dionne writes of their conclusions, “All this suggests that a significant share of the white Christian community, including Evangelicals, is willing to hear alternative arguments to those offered by the Right. Greeley and Hout believe the best arguments for Democrats are about economics. ‘Get economic justice right,’ they argue, ‘and the conservative Christians held back by economic injustice will back you.’” (HT: Mirror of Justice)

Other races featured by CT include Pennsylvania’s Senate race between Bob Casey Jr. and Sen. Rick Santorum and South Dakota’s abortion ban.

Blog author: jarmstrong
posted by on Thursday, October 5, 2006

Mark Whitehouse reported in the September 25th issue of the Wall Street Journal that the living standards of average Americans will have to be adjusted downward in coming years because a larger share of our national debt is going to debt-service. He writes,

That means Americans will have to work harder to maintain the same living standards—or cut back sharply to pay down the debt.” Catherine Mann, a senior fellow at the Institute for International Economics notes, “Our net international obligations are coming home to roost. It’s as if on our personal MasterCards we have run up large obligations and never had to make personal payments. You can’t believe that is going to last forever.

I am not a professional economist but such news makes me wonder how we will really handle these things as a nation when the spend-spend-spend spigot is finally turned off. The pay day is coming, maybe sooner than later. Our prosperity is always one really bad cycle from a serious implosion and then the country will either adjust corporately, and grow stronger morally and spiritually, or it will begin to break down in ways that could be alarming over the long term. Let us pray that we learn how to adjust sooner than later. Churches that spend so much on themselves, and their upwardly mobile lifestyles, should take note. The kingdom calls for sacrifice and frugality, not lavish expenditures on empire building.

John H. Armstrong is founder and director of ACT 3, a ministry aimed at "encouraging the church, through its leadership, to pursue doctrinal and ethical reformation and to foster spiritual awakening."

Blog author: jspalink
posted by on Wednesday, September 20, 2006

Mortgage foreclosure rates soared 53 percent in August, compared with a year earlier, and many people who were eager to buy a house with low “teaser” interest rates and creative financing are in trouble. Acton Senior Fellow in Economics Jennifer Roback Morse expects new calls for goverment oversight of the mortgage industry, which is already highly regulated. A better idea, she suggests, would be for buyers to examine their motives for acquiring real estate with gimmicky loans and take some responsibility for their actions.

Read the full commentary here.

Blog author: jballor
posted by on Friday, July 14, 2006
Nipsey Russell (1918-2005)

I was flipping stations tonight and passed the Game Show Network, which was showing reruns of Match Game ’74. Nipsey Russell, the so-called “Poet Laureate of Television,” began the show with this poem for prosperity:

To slow down this recession,

and make this economy thrive,

give us our social security now,

we’ll go to work when we’re sixty-five.