Category : Personal Finance

(WSJ) Food Banks Are Serving More People Again as Inflation Squeezes Budgets

Food banks are straining to meet growing demand caused by rising food prices, which are pinching budgets for households and the organizations themselves.

Forgotten Harvest, which serves the metro Detroit area, said demand increased 25% to 45% since December in different areas it serves. In March alone, demand rose 30% compared with the previous month.

Christopher Ivey, a spokesman for the food rescue, says metro Detroit is at the front of the bell curve, experiencing economic ripples before they hit other parts of the U.S.

“The need is growing quickly, as gas prices are continuing to rise,” he said. “As you know, there are shortages in the grocery store and the costs of the commodity goods are going up and up and up,” he said, adding that the organization is challenged by the increased demand but is still able to fulfill the needs of the public.

With inflation at a four-decade high, American households are feeling the pinch of higher prices across a range of products and services. The price of food at grocery stores in March was 10% higher than a year earlier, while food prices at restaurants were 6.9% higher than in March 2021, according to the Labor Department’s most recent consumer-price index.

Read it all.

Posted in * Economics, Politics, Dieting/Food/Nutrition, Economy, Personal Finance, Poverty

(NYT Op-ed) Ross Douthat–The huge Proliferation of Gambling in America is the Symptom of a Deeper Cultural Malaise

….in rationalizing our gambling regime by making it ever more universal, we’re following the same misguided principle that we’ve followed in other cases. With pornography, for instance, where the difficulty of identifying a perfectly consistent rule that would allow the publication of “Lolita” but not Penthouse has led to a world where online porn doubles as sex education and it’s assumed that the internet will always be a sewer and we just have to live with it. Or now with marijuana, where the injustice and hypocrisy of the drug war made a good case for partial decriminalization, but stopping at decriminalization may be impossible when the consistent logic of commercialization beckons.

The reliability of this process doesn’t mean that it can never be questioned or reversed. Part of what we’re witnessing from #MeToo-era feminism, for instance, is a backlash against the ruthless logic of an unregulated sexual marketplace, and a quest for some organic form of social regulation, some new set of imperfect-but-still-useful scruples and taboos.

But it’s a lot easier to tear down an inconsistent but workable system than it is to build a new one up from scratch — and the impulse to rebuild usually becomes powerful only once you’ve reached the bottom of consistency’s long slope.

I’m not sure where we are with gambling’s cultural trajectory. But every time this playoff season served up another ad for Caesars Sportsbook, it felt like a sign that we’ve accelerated downward, with a long way yet to fall.

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Posted in * Culture-Watch, * Economics, Politics, America/U.S.A., Consumer/consumer spending, Economy, Gambling, Law & Legal Issues, Personal Finance, Pornography, Sports, Supreme Court

Investors hold mining companies to account following Church of England intervention

A memorial event at which families of those killed in the devastating Brumadinho disaster shared testimonies and prayers, has catalysed investors to take further steps in recognition of the profound risks caused by tailings facilities.

Following the memorial event, Responsible Investor magazine contacted unresponsive companies named, during the event, resulting in further disclosure about tailings from ArcelorMittal. The Church of England Pensions Board has called on the company to publish its support of the global industry standard, and continue to make relevant disclosures for their facilities.

The event marked the third anniversary of the Brumadinho disaster. During the event the Church of England Pensions Board together with the United Nations Environment Programme provided an update on the implementation of the Global Industry Standard on Tailings Management (GISTM).

The £3.5/$4.7 billion Church of England Pensions Board, which set up and leads the 100 strong coalition of investors representing USD $20 trillion under management that form the Investor Mining and Tailings Safety Initiative, also announced that they will vote against the chairs of company boards at companies in which they invest that have not confirmed their intention to implement the Industry Standard.

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Posted in Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Pensions, Stock Market

(Bloomberg) American families are feeling the financial squeeze of soaring inflation

American families are feeling the financial squeeze of soaring inflation and a persistent pandemic as fractious Democrats return to Washington this week no closer to a deal on a tax and spending bill party leaders hoped would by now provide relief.

Despite gangbusters growth at a 6.9% annual rate during the final quarter of 2021, other economic measures tell a very different story. Average wages are falling behind inflation and consumer sentiment plummeted in January to the lowest in more than a decade.

More Americans are having trouble paying their bills than at any time since last March, shortly before the Biden administration began distributing stimulus checks and other relief measures. Hunger is rising again.

It’s an ominous start to a midterm election year for Democrats struggling to hold on to razor-thin majorities in Congress. President Joe Biden began his term with ambitions to address long-festering economic inequalities and lift prospects for the poor and middle class but an intra-party rift has halted progress on his centerpiece tax and social spending plan.

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Posted in America/U.S.A., Consumer/consumer spending, Economy, Personal Finance

(Church Times) Pensions Board puts pressure on mining companies to adopt global safety standards

On the third anniversary of the mining disaster that killed 270 people in Brumadinho, in Brazil, the Church of England Pensions Board has stepped up the pressure on companies to adopt new global safety standards.

The disaster happened when a mine-waste facility, a tailings dam, collapsed. The new Global Industry Standard on Tailings Management was developed in response by a coalition of investors led by the Pensions Board and the Council on Ethics of the Swedish AP Funds…. Now, they have published the names of the companies that have committed themselves to the new measures.

Seventy-nine mining companies — one third of those employing tailings dams — have either made a commitment to the new Global Industry Standard on Tailings Management or are still assessing their compliance. The list includes several of the largest companies, including BHP, Anglo, Glencore, Rio Tinto, and Vale.

The Brumadinho disaster of 2019 is not an isolated incident. Another 12 such collapses have been reported in the past three years. In three instances — two of which took place in Myanmar and one in Peru — workers were killed. The collapses also cause significant environmental damage.

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Posted in Anthropology, Brazil, Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Globalization, Labor/Labor Unions/Labor Market, Myanmar/Burma, Pensions, Stock Market

([London] Times) A Chance for Christians to put their faith in wealth creation

Some Christians may think that the words “faith” and “wealth creation” are incompatible, but Matt Bird isn’t one of them. Last year the social entrepreneur called on Britain’s churches to start businesses and to encourage their parishioners to do the same. Now Bird, founder and chief executive of Nayba, the Christian charity, wants them to go a step further.

“A food parcel can sustain a person and their family for a few days, but a small business can sustain it indefinitely,” he said. “The Church often over-spiritualises and underplays practical answers to community needs. I believe that the ability to start a business is a God-given gift and that we should encourage the Church to do this as a way of serving the community.”

He wrote his column in The Times in January 2021 — headlined “It’s time for faith-driven entrepreneurs to emerge” — expecting to be “shot down in flames” for suggesting that the Church should get involved in profit-making. Instead, he has been inundated with inquiries from churches nationwide eager to help people to become entrepreneurs. He rapidly formulated his ideas into a book and a month later published The Spirit of Enterprise: Helping entrepreneurs transform neighbourhoods on Amazon.

Read it all (subscription required).

Posted in Anthropology, Corporations/Corporate Life, England / UK, Personal Finance, Religion & Culture

(Chronicle Live) ‘The exact opposite of levelling up’ – North East groups including the Bp of Durham call for Universal Credit uplift to be kept

An unprecedented coalition of groups in the North East – including business leaders, unions, charities and the Bishop of Durham – have come together to condemn the Government’s planned cut to universal credit as ‘the exact opposite of levelling up’.

Groups including the North East Child Poverty Commission, Children North East and the North East England Chamber of Commerce have signed the letter to Chancellor Rishi Sunak opposing the ending of the Government’s £20 universal credit uplift.

The benefit increase came into force at the beginning of the pandemic but ministers have confirmed that it will phased out over the coming months, despite opposition from across the policital spectrum and from a number of charities.

A total of 17 North East organisations have signed the letter, as has Bishop of Durham the Rt Rev Paul Butler, who takes responsibility for child poverty for the Church of England.

It points out that the cut in benefits will take £5m a week from the regional economy and make it harder for the North East to recover from the Covid crisis.

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Posted in Church of England (CoE), CoE Bishops, Economy, Ethics / Moral Theology, Personal Finance, Politics in General, Religion & Culture

(NYT Dealbook) Rescue Package Includes $86 Billion Bailout for Failing Pensions

Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.

Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now.

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Posted in Ethics / Moral Theology, Health & Medicine, Pensions, Politics in General, Senate, The U.S. Government

(Forbes) 49% Of Americans Who Lost Pay In Covid Pandemic Still Have not Returned to Their Previous Income Level

Nearly half of all U.S. adults who took pay cuts during the Covid-19 pandemic still have not returned to their previous incomes, according to a Pew Research Center report released Friday, indicating the pandemic’s lasting impact on many Americans’ finances.

Some 44% of American adults told Pew in a late January poll that somebody in their household has either lost a job or endured a pay cut since February 2020.

Among Americans who took a pay cut in the last year, 49% say they still make less money than they did prior to the pandemic, compared to 34% who earn roughly the same amount as before and 16% whose pay has increased.

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Posted in Economy, Health & Medicine, Personal Finance

(H Post) Archbishop of Canterbury and Bishop of Kensington: Only A Shared Long-Term Vision Will End Our Housing Crisis

To solve the housing crisis, we need a similar long-term goal. Our housing crisis is really an affordability crisis. We don’t just need more houses, we need more good quality houses that people can genuinely afford.

What if we were to set a target for the number of truly affordable homes we need in 20 years’ time? What if we were to work out the financial gap between the cost of providing them and what they would cost at normal market prices? What if successive governments then had the task of planning ahead how to meet that gap by whatever means necessary?

The Church of England is stepping up to play its part. We own land and property and are looking to make some of that land available for affordable housing, and inviting others to do the same, even though it is bound to mean an element of sacrifice. Jesus taught us that there are two simple tasks at the heart of human life: to love God and to love our neighbour, whoever they happen to be. If that neighbour doesn’t have somewhere safe, stable and satisfying to live in, then we must do all we can to help them find that.

Thirty years ago, ideas such as the minimum wage as a way of fighting poverty and the need for radical policies on climate change seemed fringe issues – cranky policies proposed by a few wild and weird figures on the edges of political life. Now they are mainstream, and every government has to sign up to them. We need the same for housing.

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Posted in --Justin Welby, Anthropology, Archbishop of Canterbury, Church of England (CoE), CoE Bishops, Economy, England / UK, Ethics / Moral Theology, Housing/Real Estate Market, Personal Finance, Religion & Culture

(NYT front page) For Latinos in Los Angeles, the Cost of Inequality Is Death

p class=”css-axufdj evys1bk0″>Over the New Year’s holiday, the grown children of two immigrant families called 911 to report that their fathers were having difficulty breathing. The men, born in Mexico and living three miles from each other in the United States, both had diabetes and high blood pressure. They both worked low-wage, essential jobs — one a minibus driver, the other a cook. And they both hadn’t realized how sick they were.

Three weeks later, the men — Emilio Virgen, 63, and Gabriel Flores, 50 — both died from Covid-19. Their stories were hauntingly familiar at Martin Luther King Jr. Community Hospital in Los Angeles, by size the hardest-hit hospital in the hardest-hit county in California, the state now leading the nation in cases and on the brink of surpassing New York with the highest death toll.

In the intensive care unit on Jan. 21, Mr. Virgen became No. 207 on the hospital’s list of Covid-19 fatalities; Mr. Flores, just down the hall, became No. 208.

The New York Times spent more than a week inside the hospital, during a period when nearly a quarter of all Covid-19 patients there were dying, despite advances in knowledge of the disease. It was an outcome that approached that of some New York hospitals last spring, when the city was the epicenter of the pandemic.

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Posted in Economy, Health & Medicine, Personal Finance

(Bloomberg) Millions of Renters Are Fighting to Stay Housed as Evictions Near

Mari Finkley has already been homeless once during the pandemic. For two weeks in October, she lived out of her Dodge Journey with her dog and 11-year-old godson. The 29-year-old found a new place, and fresh hope. But she’s behind on her rent again.

Finkley was pushed out of her Gainesville, Fla., home by her previous landlord after she stopped driving for Uber and fell behind on the rent. She suffers from severe asthma, and her doctor warned her the job put her at high risk for exposure to Covid-19.

“Are you going to risk potentially dying just to pay a bill?” Finkley says. “But if you don’t pay the bill you’re going to be homeless. You have to literally decide what’s worse.”

Finkley is a member of a burgeoning class of long-term underemployed and unemployed Americans who have slipped into poverty during the pandemic. Many of them are renters teetering on the verge of homelessness, even as large swaths of the U.S. economy have rebounded and coronavirus vaccines raise hopes for a brighter 2021….

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Posted in * Economics, Politics, America/U.S.A., Economy, Ethics / Moral Theology, Health & Medicine, Housing/Real Estate Market, Personal Finance

(WSJ) The Covid Economy Carves Deep Divide Between Haves and Have-Nots

A two-track recovery is emerging from the country’s pandemic-driven economic contraction. Some workers, companies and regions show signs of coming out fine or even stronger. The rest are mired in a deep decline with an uncertain path ahead.

Just months ago, economists were predicting a V-shaped recovery—a rapid rebound from a steep fall—or a U-shaped path—a prolonged downturn before healing began.

What has developed is more like a K. On the upper arm of the K are well-educated and well-off people, businesses tied to the digital economy or supplying domestic necessities, and regions such as tech-forward Western cities. By and large, they are prospering.

On the bottom arm are lower-wage workers with fewer credentials, old-line businesses and regions tied to tourism and public gatherings. They can expect to bear years-long scars from the crisis.

The divergence helps explain the striking disconnect of a stock market and household wealth near record highs, while lines stretch at food banks and applications for jobless benefits continue to grow.

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Posted in America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Pastoral Theology, Personal Finance, Politics in General

(FT) Suicides rise after Coronavirus puts squeeze on India’s middle class

Even before Covid-19 hit, white-collar workers were under immense pressure as India’s growth stalled. Suicides among professionals have climbed for two consecutive years, averaging 23 a day in 2019, according to the National Crime Records Bureau.

“It’s the uncertainty that causes the maximum distress,” said Lakshmi Vijayakumar, a psychiatrist and suicide expert in Chennai, who added that the pandemic had led to significantly more suicides among professionals. “They are burnt out and Zoomed out,” she said. “There is the fear of infection and financial insecurity.”

The pandemic has compounded India’s economic challenges, with millions losing their jobs. The country’s economic output shrank by 24 per cent in the three months to June compared with the same period last year, the steepest fall among the world’s largest economies.

While casual labourers are beginning to pick up more work, middle-class professionals are still struggling.

Read it all.

Posted in Economy, Health & Medicine, India, Personal Finance, Psychology

(NYT Magazine) Elderly and Homeless: America’s Next Housing Crisis

Oliver was born at the tail end of the baby boom, when American families celebrated postwar prosperity by having more children than ever before — 72.5 million between 1946 and 1964, or nearly 40 percent of the population of the United States at the time. Many of those children went on to live stable, successful lives. Others teetered on the edge as they aged, working jobs that didn’t come with 401(k) plans or pensions and didn’t pay enough to build a nest egg, always one misfortune away from losing all they had. Amid the pandemic, many of them are now facing homelessness, at an age when they are often too old to be attractive to employers but are not old enough to collect Social Security.

Policymakers had decades to prepare for this momentous demographic shift, but the social safety net has only frayed under a relentless political pressure to slash funding for programs that senior citizens rely on to make ends meet, like subsidized housing, food and health care. “It’s the first thing fiscally conservative people want to cut,” says Wendy Johnson, executive director of Justa Center in Phoenix, the only daytime resource center in the state set up exclusively for older homeless adults. “But this is every single senior to whom we promised that if they paid into the system, we’d take care of them.”

Last year, after analyzing historical records of shelter admissions in three major American cities, a team of researchers led by Dennis P. Culhane, a professor at the University of Pennsylvania and one of the country’s leading authorities on homelessness, published a sobering projection: In the next 10 years, the number of elderly people experiencing homelessness in the United States would nearly triple, as a wave of baby boomers who have historically made up the largest share of the homeless population ages. And that was before a pandemic arrived to stretch what remains of the social safety net to the breaking point.

“If we’re forecasting a flood, where the water will reach up to our heads,” Culhane told me, “it’s already up to our knees, and rising very, very fast.”

Read it all.

Posted in * Culture-Watch, Aging / the Elderly, America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, Pastoral Theology, Personal Finance, Poverty, Theology

(W Post) U.S. faces shortage of up to 8 billion meals in next 12 months, leading food bank says

Bill Blackmer lost his job in telecommunications on April 18. Blackmer lives with his wife, Mary, and two young daughters in Weymouth, Mass.

“I waited until after dinner, once everything had settled down, to tell her,” he remembers. “Mary didn’t say anything, just grabbed her stomach and took three steps back and sat down.”

He is among tens of millions of Americans who have turned to a local food bank for help after becoming newly food insecure because of the pandemic and its fallout. About 10 percent of American adults, 22.3 million, reported they sometimes or often didn’t have enough to eat within the past week, according to the U.S. Census Bureau’s most recent Household Pulse Survey fielded between Aug. 19 and 31. That is up from 18 million before March 13.

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Posted in America/U.S.A., Dieting/Food/Nutrition, Economy, Health & Medicine, Personal Finance, Poverty

(Bloomberg) Religion Meets Profit Generation in a Slew of New Faith-Based ETFs

As much as Samim Abedi loved his job as part of the team that managed Google’s corporate investment portfolio, he couldn’t always square the work with his Muslim faith. He worried that some of the companies whose securities he traded had ties to alcohol or tobacco or gambling.

So he quit to join Wahed Invest, which in July 2019 launched the first exchange-traded fund in the U.S. that’s compliant with Sharia, Islam’s religious law. It’s one of eight ETFs introduced in the U.S. last year that incorporate faith-based principles, raising the total to 11. More are coming: In June, money manager Global X filed to launch a bond fund aligned to Catholic values. “We’re all trying to solve the same question,” says Abedi, the global head of portfolio management for Wahed. “How do we invest our wealth in ways that align with our ethics?”

Religion-based funds can differ on what they consider ethical. A stock fund that caters to Catholics shuns companies that sell weapons or exploit child labor. Several ETFs for Muslims steer clear of anything related to interest-based finance, which the religion frowns upon. Those funds invest in a Sharia-compliant alternative to bonds called sukuk, which provide regular payments that are considered profit-sharing rather than interest.

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Posted in Corporations/Corporate Life, Ethics / Moral Theology, Islam, Other Churches, Personal Finance, Religion & Culture, Stock Market

(NYT) Vast Federal Aid Has Capped Rise in Poverty, Studies Find

An unprecedented expansion of federal aid has prevented the rise in poverty that experts predicted this year when the coronavirus sent unemployment to the highest level since the Great Depression, two new studies suggest. The assistance could even cause official measures of poverty to fall.

The studies carry important caveats. Many Americans have suffered hunger or other hardships amid long delays in receiving the assistance, and much of the aid is scheduled to expire next month. Millions of people have been excluded from receiving any help, especially undocumented migrants, who often have American children.

Still, the evidence suggests that the programs Congress hastily authorized in March have done much to protect the needy, a finding likely to shape the debate over next steps at a time when 13.3 percent of Americans remain unemployed.

Democrats, who want to continue the expiring aid, can cite the effect of the programs on poverty as a reason to continue them, while Republicans may use it to bolster their doubts about whether more spending is needed or affordable.

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Posted in * Economics, Politics, Anthropology, Ethics / Moral Theology, Personal Finance, Poverty, The U.S. Government

Yesterday’s NYT Front Page–Renters Out of Work, Money And, Very Soon, Their Homes

The United States, already wrestling with an economic collapse not seen in a generation, is facing a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans who have little financial cushion and few choices when looking for new housing.

The hardest hit are tenants who had low incomes and little savings even before the pandemic, and whose housing costs ate up more of their paychecks. They were also more likely to work in industries where job losses have been particularly severe.

Temporary government assistance has helped, as have government orders that put evictions on hold in many cities. But evictions will soon be allowed in about half of the states, according to Emily A. Benfer, a housing expert and associate professor at Columbia Law School who is tracking eviction policies.

“I think we will enter into a severe renter crisis and very quickly,” Professor Benfer said. Without a new round of government intervention, she added, “we will have an avalanche of evictions across the country.”

Read it all.

Posted in America/U.S.A., Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance

Archbp John Sentamu: Carers who risk their lives need funding, not applause

“I feel like a Roman gladiator in the ring, clapped by cheering crowds as I risk death.” These words from a brave care worker stopped me in my tracks. I heard them through my work with the Living Wage Foundation. This person, who asked to remain anonymous, does vital work on a zero-hours contract, paid just £8.72 an hour. The clapping on a Thursday is a kind gesture – but it won’t pay the rent.

The fate of the country is in the hands of people like this brave care worker. It is just morally wrong for them to face infection and potential death and to do it for poverty pay. Almost half of all care workers are earning below the foundation’s Real Living Wage.

For me this is simply unacceptable. And while so many of us across the country take to our doorsteps every Thursday at 8pm to clap for carers and other key workers, this week my prayer is that we begin to show real compassion and protect our key workers – whether British, European or even former refugees – who are the most at-risk group when it comes to catching Covid-19.

They are literally risking their lives for us, day in, day out, and they do it for a wage that means they struggle to stay afloat financially.

Read it all.

Posted in Anthropology, Archbishop of York John Sentamu, Corporations/Corporate Life, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Personal Finance, Religion & Culture

(NPR) Rent Is Due Today, But Millions Of Americans Won’t Be Paying

More than 30 million people have applied for unemployment as of April 30, as a result of the coronavirus pandemic. Many are falling behind on their rent and are being evicted, despite new rules designed to stop evictions. Experts say the moratoriums by state and local officials don’t go far enough and are leaving tenants vulnerable.

“My main concern is that I’ll be evicted,” says David Perez. The self-employed father of one sells artisanal wares, like wallets and sandals, at a flea market in Elkridge, Md. “What’s going to happen to my family?”

Perez hasn’t had any income since the end of February because the flea market closed, and he says that he and his 14-year-old daughter are living off food donated from his church. He has already lost his van because he couldn’t make his monthly payments.

Maryland Gov. Larry Hogan issued an executive order on March 5 to block evictions, and state courts are not accepting eviction case filings until after the end of the public health emergency….

Read it all.

Posted in America/U.S.A., Economy, Health & Medicine, Housing/Real Estate Market, Personal Finance

(AP) As offerings dwindle, some churches fear for their future

As in-person worship services are canceled or downsized amid the coronavirus outbreak, some churches across the U.S. are bracing for a painful drop in weekly contributions and possible cutbacks in programs and staff.

One church leader, Bishop Paul Egensteiner of the Evangelical Lutheran Church in America’s Metropolitan New York Synod, said some of the 190 churches in his region were unlikely to survive because of a two-pronged financial hit. Their offerings are dwindling, and they are losing income from tenants such as preschools which can no longer afford to rent church venues.

“As much as I’d like to help them, everybody’s reserves are taking a hit because of the stock market,” Egensteiner said,

At Friendship Baptist Church in Baltimore, a mostly African American congregation of about 1,100, the Rev. Alvin Gwynn Sr. bucked the cancellation trend by holding services last Sunday. But attendance was down by about 50%, and Gwynn said the day’s offering netted about $5,000 compared to a normal intake of about $15,000.

“It cuts into our ministry,” he said. “If this keeps up, we can’t fund all our outreach to help other people.”

Read it all.

Posted in America/U.S.A., Economy, Health & Medicine, Labor/Labor Unions/Labor Market, Parish Ministry, Personal Finance, Religion & Culture, Stewardship

EF Interviews Jonathan Tame, the Director of the Jubilee Centre in Cambridge–“The Bible says debt is a form of enslavement, and interest a means of oppression”

Q. You mentioned the precarious jobs and low wages. An example of that is a much praised film in the UK, titled “Sorry We Missed You”, a story about a man who starts working as a deliveryman in one of the new businesses such as Amazon, Uber… What ‘curses’ come with these new types of jobs linked to mobile phone ‘apps’ and the new ‘needs’ of costumers to have everything as fast and as cheap as possible?

A. Yes, it has been very interesting in the last decade that the combination of the new technologies that developed, especially smartphone apps, and that high unemployment at the beginning of the decade following the financial crisis, created the perfect conditions for what we call the ‘gig economy’ to emerge.

This form of capitalism, if you like, has developed where we have a cultural individualism and a market economy; but the consumer’s choice and freedom are becoming the most important thing of all. So we have 24/7 shopping, and somehow, we accept the ‘curse’ zero-hours contracts. And people who have to deliver this service are people we don’t really see, that are kind of invisible and anonymous. They are working having very anti-social hours and often not given much advance warning, only one day or two before they are told when they can work. This makes the worker in this ‘gig economy’… Well, it is a new kind of oppression, to be honest.

The loss of rights, the loss of freedom, especially for family relationships which came out in the film, is a very high price to pay for this new kind of consumerism – the new way we do buying and selling. So yes, it is something we should look out very critically.

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Posted in * Economics, Politics, Anthropology, Consumer/consumer spending, Economy, Ethics / Moral Theology, Personal Finance, Personal Finance & Investing, Theology, Theology: Scripture

(Express) Anger Bubbles over in Debate in House of Lords on war widows’ pensions

The Treasury has been at the centre of the resistance to demands for change highlighted by our War Widows’ Pensions Crusade.

In 2015 the Government ruled war widows could keep the £7,500-a-year “killed in active service” pension if they remarried.

But around 300 widows missed out as they’d remarried before then and the law was not backdated.

The Bishop of Peterborough, the Rt Rev Donald Allister, said the “particular scandal of this situation is that it only applies to those where the incident causing the death occurred between April 1973 and April 2005”.

Those widowed before or after didn’t lose their benefit if they remarried, he said. “This is complete nonsense and is shameful. It must be put right.”

Read it all.

Posted in Church of England (CoE), CoE Bishops, England / UK, Ethics / Moral Theology, Marriage & Family, Military / Armed Forces, Pensions, Politics in General

(NPR) Preparing For The End Of The World, On A Budget

At first glance, this modest home nestled against a hillside in the mountains somewhere west of Colorado Springs appears to have all the amenities you’d expect in a quiet retreat. There’s even a two-story tower built right in. An otherwise peaceful place to catch the 360-degree view of winter’s splendor.

“[It’s a] really nice place to sit and vacation — enjoy. But, if necessary, it’s a guard post,” Drew Miller pointed out.

A Harvard Ph.D. and former military intelligence officer with 30 years of experience, Miller would know a good defensible spot when he sees it. Miller is a self-described “prepper,” someone who makes active preparations to survive the fall of human civilization. The nationwide prepper community is often painted as composed of conspiracy-crazed eccentrics, he said, thanks in large part to television shows such as the National Geographic Channel’s Doomsday Preppers.

It’s a reputation he soundly rejects.

“These are people who are smartly concerned, who want some insurance so that if the electric system goes down, a pandemic occurs, you know, they can survive,” he said.

Read it all.

Posted in * Culture-Watch, America/U.S.A., Economy, Eschatology, Housing/Real Estate Market, Personal Finance, Religion & Culture

(CHE) The Big Lie–A professor schemed to get a raise and win his department’s respect. Instead, he wrecked his career

Brian and Stacey McNaughton had bought their single-family home in Fort Collins, Colo., six years earlier for $525,000. It was the sort of place, situated on an oversize corner lot in a neighborhood filled with doctors and lawyers, that projected the kind of solid middle-class status that the couple had achieved after years of study. Brian McNaughton, once a first-generation college student, was on the tenure track at Colorado State University, and his wife was a nurse anesthetist.

But all of that risked being torn asunder because of the big lie — a lie that they shared, and that Stacey McNaughton was now threatening to expose. She would recount to the police how she had signaled plans to call her husband’s boss, reveal his deception, and derail his career. The couple struggled for control of a phone, and the professor pleaded with his wife to reconsider, before Stacey McNaughton ran out the back door screaming for help. She jumped a fence and took refuge with some neighbors who were having a backyard campfire.

On that night and many thereafter, Brian McNaughton feared that his wife would tell people at Colorado State how he had fabricated a job offer from another university. It was a simple scheme, one designed to earn him the kind of money and respect that is often so elusive for early-career professors. As McNaughton had hoped, the fake letter spurred a counteroffer, forcing his dean and department chair to reconsider what he might be worth.

In July 2015, police responded to a domestic disturbance at the McNaughtons’ home. An officer’s body camera captured interviews with the couple and a secret recording that Stacey McNaughton had made of their argument.

Not long before, Stacey McNaughton had started secretly recording all of the couple’s conversations. In audio from that summer night, which she shared with an officer, she can be heard saying, “You wrote that letter, Brian — that lie. I told you don’t submit it.”

But he had done it, and there was no turning back.

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Posted in Education, Ethics / Moral Theology, Personal Finance, Psychology, Science & Technology

(America) How parishes can tackle the U.S. church’s money crisis

For the Catholic Church, this means starting with our mission of making disciples of Jesus Christ. But the road to the financial health of a parish also means seeing financial resources as a spiritual issue, and encouraging parishioners to contribute, as Christian disciples, relative to their means. We recommend three steps to get started.

Preach and teach about money more. The Bible has some great wisdom on how to handle money, and Jesus had more to say about it than any other issue. The pulpit needs to be leveraged to give parishioners insight on money and how giving can be an act of faith. Beyond the pulpit, parishes can host courses to help people get out of debt and more skillfully manage their money.

Talk about money more but ask for it less. Incessant, guilt-tinged “asks” for causes ranging from busted boilers to leaky roofs create the impression that all the church talks about is money. These asks take the form of second collections, special appeals, sales in the lobby and, of course, raffles, bake sales and bingo. These fundraisers create confusion, and parishes should wean themselves off of them. At Mass, pass the offering basket once, and, barring an extraordinary event, ask for additional financial support no more than once a year.

Lead by example. The Gospels say that people followed Jesus because he spoke as one having authority. Church leaders can speak with authority about money when we ourselves are giving at a sacrificial level through our gifts of time, talent or, when possible, financial resources. Our credibility is further enhanced when we are good stewards of the money we receive in offerings, honoring parish budgets, avoiding unnecessary debt and eliminating unneeded expenses.

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Posted in Parish Ministry, Personal Finance, Religion & Culture, Roman Catholic, Stewardship

(FT) Some of Brazil’s evangelical church preach the Bolsonaro revolution

Paulo Guedes, Mr Bolsonaro’s economy minister, was spotted in Congress recently wearing a bracelet with a Bible verse given to him by an evangelical pastor. “These guys support the president,” he beamed. Mr Guedes is leading his own crusade to bring the free-market economics he learnt from Milton Friedman in Chicago to his homeland. The Universal Church’s message that state handouts are no way to live is music to his ears.

The Sunday service featured on its giant screens the story of a believer who raised himself from scavenging on a rubbish dump at the age of 17 to the ranks of the bourgeoisie. Now a successful lawyer and the proud owner of three apartments, he was invited on stage by Mr Macedo to explain how his devotion to the church had transformed his life. His strict adherence to a rule that believers tithe one-tenth of their income to the church — even when eking out an existence on a rubbish dump — was emphasised repeatedly.

Mr Mendonça says the message is an entrepreneurial one. “The same things you hear at a seminar for people starting their own business — the need to believe in your potential and in what you do, to be creative and to take risks — are exactly the same” as the advice in church, he says.

The formula has worked for Mr Macedo. His personal wealth has been estimated by Forbes magazine at $1.1bn, making him one of the world’s richest religious leaders.

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Posted in Anthropology, Brazil, Consumer/consumer spending, Economy, Ethics / Moral Theology, Evangelicals, Personal Finance, Politics in General, Religion & Culture

(BBC) Edinburgh hosts world summit on ethical finance

Scotland’s role as a global leader in ethical finance is being highlighted at a world summit in Edinburgh.

Senior representatives from more than 200 companies and organisations are attending Ethical Finance 2019.

Speakers include Scotland’s First Minister Nicola Sturgeon and the Archbishop of Canterbury.

The summit aims to “help define and shape the transition to a sustainable financial system where finance delivers positive change”.

The event is being hosted by the Scotland-based Global Ethical Finance Initiative (GEFI).

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Posted in --Justin Welby, --Scotland, Archbishop of Canterbury, Corporations/Corporate Life, Ethics / Moral Theology, Personal Finance, Scotland, Stock Market, The Banking System/Sector

(NPR) Older Americans Are Increasingly Unwilling — Or Unable — To Retire

Bob Orozco barks out instructions like a drill sergeant. The 40 or so older adults in this class follow his lead, stretching and bending and marching in place.

It goes like this for nearly an hour, with 89-year-old Orozco doing every move he asks of his class. He does that in each of the 11 classes he teaches every week at this YMCA in Laguna Niguel, Calif.

“I probably will work until something stops me,” Orozco says.

He may be an outlier, still working at 89, but statistics show that there may be more people like him in the near future. About 1 in 4 adults age 65 and older is now in the workforce. That number is expected to increase, making it the fastest-growing group of workers in the country.

Older adults are turning their backs on retirement for many reasons. Some, like Orozco, just love what they do. Others, though, need the money, and there are a lot of reasons why they do.

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Posted in * Culture-Watch, Aging / the Elderly, America/U.S.A., Anthropology, Economy, Labor/Labor Unions/Labor Market, Pensions, Personal Finance, Social Security, Theology