Loading
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

RESOURCES »

Ads by Google (What's this?)

Featured Videos

Pilgrimage from Czech Republic to Assisi and Rome for intentions
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day
Missionary of Charity, Korea
Testimony of Christian Love during Pope's Visit to Korea
Religious Sisters in South Korea react to Pope Francis kissing a baby
Warm atmosphere during Holy Mass at Daejeon World Cup Stadium
Images inside Pope Francis flight to South Korea
The tombs of the early Christians
Missionaries of Africa, called "the White Fathers"
Italian youth give testimony after mission to Peru
Interview with Iraqi Ambassador to the Holy See on the persecution of Christians
New book 'The Vatican unknown'
A Look at India from Rome
3D Church mapping
#PAUSEforPeace Initiative
Dedicating art to San Juan de la Cruz
A state without territory elects new government
The renewal of the Legionaries of Christ
Presentation of the book "The Pastor"
Sep
2

Liturgical Calendar

September 2, 2014

Tuesday of the Twenty-Second Week in Ordinary Time

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Lk 4:31-37

Gospel
Date
09/02/14
09/01/14
08/31/14

Daily Readings


First Reading:: 1 Cor 2:10B-16
Gospel:: Lk 4:31-37

Saint of the Day

Martyrs of September »

Saint
Date
08/31/14

Homily of the Day

Lk 4:31-37

Homily
Date
09/02/14
09/01/14
08/31/14
     HTML
Text only
Headlines
  

Follow us: