The Rev. Robert Sirico offers his thoughts on the announcement this morning from Pope Benedict XVI that he is resigning from the papal office as of February 28.

It is a sobering thought to think that the last time a Pope resigned (Pope Gregory XII in 1415), America had not yet been discovered. Yes, the possibility of a Pope’s resignation is anticipated in Canon Law (Canon 332), as long as it is disclosed “properly” and of his own free will. Pope Benedict met both the conditions in his statement earlier today to the consistory.

Rev. Sirico also notes that, “Anyone who tells you there is a “front-runner” [for the new pope] simply does not know what he is talking about.”

Read more on Rev. Sirico on Pope Benedict XVI’s Resignation…

National Review Online invited Acton Research Director Samuel Gregg to contribute to a roundup of opinion on the inauguration of a second term in office for President Barack Obama. Gregg, the author of the just-published Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future, was also featured yesterday on Ed Driscoll’s blog on Pajamas Media. Driscoll linked his New York Post column on “eurosclerois.

Here’s Gregg’s contribution to NRO’s “Inauguration Day Survival Guide”:

Read more on Samuel Gregg: ‘Political Detroitification and economic Europeanization’…

That seems to be the story, based on what Veronique de Rugy has written at National Review Online. Calling for tax increases in an economic downturn doesn’t make any sense, even under Keynesian theories. So why do so many Keynesians seem to be supporting the idea of allowing tax increases for those earning more than $250,000 a year?

Reason Magazine expanded on this question on their blog. They argue that this trend reveals more about neo-Keynesians like Paul Krugman than it does about the actual accomplishments or shortcomings of John Maynard Keynes. Read more on When Politics Trump Economics…

In response to the Supreme Court ruling on Obamacare’a individual mandate, National Review Online launched a symposium — a roundup of commentary — which posed the following question: “What’s next for both conservatives and the Republican party on health-care reform?” Acton Research Director Samuel Gregg contributed this analysis:

Read more on Samuel Gregg on the Supreme Court and the Individual Mandate…

In a post about the “Nuns on the bus” tour, National Review Online’s Kathryn Jean Lopez reminds us that “at a time when the very ability of church organizations to freely live their mission of service has been compromised by federal mandates, it is especially important to debate the role of government with clarity and charity.” In her essay, she brings in the the PovertyCure project and Rev. Robert A. Sirico’s new book, Defending the Free Market: A Moral Case for the Free Economy.

Read more on ‘Truth Gives Freedom Its Direction’…

David Paul Deavel has a fine review of Rev. Robert Sirico’s Defending the Free Market over at National Review Online.

Deavel notes:

What makes Sirico’s defense of a free economy all the stronger is his consistent acknowledgment that a functioning free market neither immanentizes the eschaton, making heaven on earth, nor makes a society virtuous or whole. Freedom of economic (and other) action is not the goal of society — acting virtuously in freedom is. And the intellectual and spiritual resources for virtuous action do not inhere in markets themselves. In his chapter on why state-sponsored health care is not really a compassionate answer, he writes against “the seduction that the power of economic freedom can in itself generate a system of health care marked by honesty and love.” Economic freedom must be accompanied by other kinds of freedom, particularly religious, and by people thinking about their duties toward the sick, the dying, and the poor. Homo economicus may be a useful abstraction for certain economics problems, but the human capital of love, loyalty, and sacrifice is the kind of capital required for a successful capitalism.

Read the entire review at National Review Online.

Read more on Deavel’s Review of Defending the Free Market…

Standard and Poor’s decision to downgrade the United States’ credit rating has everyone talking. Discussion has ranged from we shouldn’t take Standard and Poor’s decision seriously at all to this could be the beginning of the end for the United States if it doesn’t make immediate changes. In a roundup published by National Review Online, Samuel Gregg weighs in on how the credit downgrade should be understood:

Read more on Gregg: Down on the Downgrade?…

From the “What Would Jesus Cut” campaign to the Circle of Protection, Jim Wallis’s liberal activism rooted in his “religious witness” has grabbed headlines across the nation . Wallis advocates for the “protection” of the poor and vulnerable by pushing for expansive government welfare programs.  However, has Wallis effectively analyzed all of the programs for efficiency before advocating for their preservation?

Read more on Rev. Sirico: The Church as the Bride of Caesar…

Rev. Sirico was interviewed by Kathryn Jean Lopez of National Review Online on the national debt of the United States, the debt ceiling, and the moral issues of the budget debate. Their discussion spanned from how a prudent, discerning legislator should look at the debt-ceiling debate to the mind set needed when considering spending cuts:

Read more on Rev Sirico: Budget, Debt, and Morality…

Published today on National Review Online:

I only met Edward Kennedy once.

I had been invited to visit then-senator Phil Gramm, who was contemplating a run for the Republican presidential nomination in 1996. Having read some of my musings on the topic, Senator Gramm wanted to brainstorm about some innovative welfare-reform policies that would simultaneously make economic sense and really help the poor.

After we had chatted for some time in his office, a bell rang and Senator Gramm rose. “I need to take a vote. Walk with me and let’s continue this conversation,” he said.

As we walked down the corridor, I could spy familiar names on the various Senate office doors. We came to an elevator that would take us down to an underground subway connecting the Senate offices to the Senate chamber. It was a small elevator, no more than a large closet. Senator Gramm, an aide, and I tucked ourselves in and the door began to slide shut.

Just before closing, an arm came through to stop the door’s close. As it reopened, I found myself standing face-to-face with the Lion of the Senate, arguably the most prominent Catholic layman in the country, scion of the most prominent Catholic family, perhaps, in U.S. history. Kennedy immediately looked me up and down, and then quizzically glanced over to Senator Gramm trying to figure out why his colleague was hanging out with a priest.

As Senator Kennedy stepped into the elevator, Senator Gramm welcomed him with his Southern tones, “Come on in, Teddy. We’ve called you here to pray for you.”

Without missing a beat, Senator Kennedy tossed a mischievous wink in my direction, nudging me with his elbow in Catholic camaraderie and replied in his Bostonian accent, “Uhh [there was that familiar pause of his], uhh, no Phil, Father and I have called you here to pray for you.”

There was laughter as the elevator door slid closed. It was my turn to speak so I decided to enter the spirit of the moment.

I stood erect, place my hand on Senator Kennedy’s broad shoulder and said, “Actually, senator, this is an exorcism.”

The laughter in that elevator, which spilled out onto the train platform, was electric, causing the by-standing senators to look in our direction and wonder what in the world would have Senators Kennedy and Gramm in such uproarious laughter with a Catholic priest.

And so, I had mixed feelings on the news of Ted Kennedy’s passing. A memory of a pleasant encounter, but knowledge that despite our common baptism, Senator Kennedy and I differed in some very radical ways on issues of public policy, economics, heath care, marriage, and, most fundamentally, on matters related to life. Read more on NRO: Kennedy the Catholic…