Fiscal crisis response must not forget human cost, Bishop Murphy says
Bishop William Murphy
Bishop William Murphy

.- William Murphy, Bishop of Rockville Centre and chairman of the U.S. Conference of Catholic Bishops’ (USCCB) Committee on Domestic Justice and Human Development, has written to U.S. political leaders and the Secretary of the Treasury asking that the Bush administration and Congress make a moral response to the financial crisis.

“The economic crisis facing our nation is both terribly disturbing and enormously complicated,” Bishop Murphy wrote in his September 26 letter. “I write to offer the prayers of the U.S. Catholic Bishops and express the concerns of our Conference as you face difficult choices on how to limit the damage and move forward with prudence and justice.”

While saying that the bishops do not bring “technical expertise,” the bishop explained, “we believe our faith and moral principles can help guide the search for just and effective responses to the economic turmoil threatening our people.”

Bishop Murphy urged that the “enormous human impact” of the crisis be at the center of the debate over the response plan. People are losing their jobs, their benefits, and even their homes while some people risk losing their life savings.

“The scandalous search for excessive economic rewards even to the point of dangerous speculation that exacerbates the pain and losses of the more vulnerable are egregious examples of an economic ethic that places economic gain above all other values,” he wrote.

Attributing the crisis to “greed, speculation, exploitation of vulnerable people and dishonest practices,” Bishop Murphy said those responsible for the crisis should be held accountable.

Citing John Paul II’s words about the human needs not met by the free market, the bishop wrote that the crisis showed the market has limitations as well as advantages. He then endorsed “effective public regulation and protection” when necessary.

The principle of solidarity “reminds us that we are in this together and warns us that concern for narrow interests alone can make things worse.” Calling for a commitment to the common good, Bishop Murphy said protection of the vulnerable workers, business owners, homeowners, renters, and stockholders should be included in efforts to protect financial institutions.

The bishop added that the principle of subsidiarity means that private actors and institutions should accept their own obligations. If they do not, larger entities such as the government will have to step in.

“This is a challenging time for our nation,” Bishop Murphy wrote. “Everyone who carries responsibility should exercise it according to their respective roles and with a great sensitivity to reforming practices and setting forth new guidelines that will serve all people, all institutions of the economy and the common good of the people as a nation.”

Bishop Murphy closed his letter by repeating the Catholic tradition’s call for a “society of work, enterprise and participation” which is not directed against the market but demands its appropriate control to ensure that the “basic needs of the whole society are satisfied.”

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages


Ads by Google (What's this?)
Ads by Google (What's this?)

Featured Videos

Pope Francis celebrates the closing Mass and announces site of next World Youth Day
Pope Francis celebrates the closing Mass and announces site of next World Youth Day
Pope Francis visits poor neighborhood and meets with young people from Argentina
Pope Francis celebrates Mass at the National Shrine of Our Lady of Aparecida
Denver rally draws hundreds in support of religious freedom
Pope Francis prays over a sick man in St Peter's Square
Denver women's clinic will offer natural, Catholic care
Interview Clips: Barbara Nicolosi speaks to CNA
US Cardinals press conference at North American College
Pope Benedict to retire to monastery inside Vatican City
Pope cites waning strength as reason for resignation
Hundreds convene in Denver to urge respect for life
New Orange bishop encourages Catholic unity in diversity
Chinese pro-life activist calls for reform, international attention
At Lincoln installation, Bishop Conley says holiness is success
Mother Cabrini shrine reopens in Chicago after a decade
Ordination of 33 deacons fills St. Peter's with joy
Cardinal says "Charity is the mother of all the virtues"
Augustine Institute expands evangelization effort with new campus
Bishops recall 'Way of St. James' as chance to trust in God
Los Angeles cathedral's newest chapel houses Guadalupe relic

Liturgical Calendar

April 18, 2014

Friday of the Passion of the Lord (Good Friday)

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Jn 18:1 - 19:42


Daily Readings

First Reading:: Is 52:13-53:12
Second Reading:: Heb 4:14-16; 5:7-9
Gospel:: Jn 18:1-19:42

Homily of the Day

Jn 18:1 - 19:42


Ads by AdsLiveMedia.com

Ads by AdsLiveMedia.com
Text only

Follow us: