Daily Archives: October 27, 2023

(USA Today) Hardship withdrawals from Fidelity Investments 401(k) accounts have tripled in five years

More people are making hardship withdrawals from their 401(k) accounts, raiding retirement funds to cover emergency medical expenses or to avoid losing a home.

Hardship withdrawals from Fidelity Investments 401(k) accounts have tripled in five years, according to a report from the investment firm. The share of plan participants withdrawing money rose from 2.1% in 2018 to 6.9% in 2023.

“It’s a big problem, and it’s a growing problem,” said Kirsten Hunter Peterson, vice president of thought leadership at Fidelity.

Vanguard reports that hardship withdrawals have doubled in a four-year span, from a monthly rate of 2.1 transactions per 1,000 participants in 2018 to 4.3 in 2022.

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Posted in * Economics, Politics, Aging / the Elderly, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Pensions, Personal Finance & Investing

Martin Davie–Why the Church of England Bishops Cannot Do what they are doing with Prayers for Same Sex couples

The first thing to note is that it is not only difficult, but impossible, to argue that what the bishops are proposing is not a departure from teaching contained in the bishops’ statements concerning Civil Partnerships and same-sex marriages in 2005, 2014 and 2019. In these statements the bishops said that public prayers should not be said for same-sex couples. What is now being proposed is that such prayers should be offered. If the Bishops previous teaching constitutes doctrine for the purposes of clause (g) of the February General Synod motion and for the purposes of the Canons, then what is proposed is contrary to the doctrine of the Church of England.

The bishops argument seems to be that this change from previous teaching is not indicative of a change in any ‘essential matter’ because they are not proposing any change to the Church’s doctrine of marriage or its doctrine of sexual ethics which says that sexual intercourse should only take place within marriage (meaning a marriage with two people of the  opposite sex). Where their argument falls down is that if the Church of England’s doctrines of marriage and sexual ethics are viwed alongside the Church’s doctrine concerning the need for repentance and forgiveness for sin, then what they are proposing is necessarily a change of doctrine in an ‘essential matter.’

To understand why this is the case, the point that has to be grasped is that it is an absolutely essential part of Church of England doctrine that in order for people to be rightly related to God in this life and eternally happy with him in the next, they have to acknowledge, repent of, and confess their sins, not only in private but in the context of public worship, so that their sins may be forgiven and no longer constitute a barrier between them and God.

This doctrine is made crystal clear, for example, in the opening paragraphs of the service of Morning Prayer in the Book of Common Prayer:

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Posted in - Anglican: Analysis, --Civil Unions & Partnerships, Anthropology, Church of England (CoE), CoE Bishops, England / UK, Ethics / Moral Theology, Liturgy, Music, Worship, Parish Ministry, Pastoral Theology, Religion & Culture, Same-sex blessings, Sexuality, Sexuality Debate (in Anglican Communion), Spirituality/Prayer, Theology, Theology: Scripture

(RU) Dorothy Sayers: murder mysteries, theology and classical education

Some British intellectuals were attempting to restore shaken public faith that good could defeat evil. Sayers, Chesterton and other masters of detective fiction truly believed that the great mysteries of their troubled age “were solvable,” said [Lesley-Anne] Williams in one of her lectures.

“I don’t think that we’re in a golden age of mystery now. I think part of that is, you have to have a belief that there is a truth that can be known,” she said. Thus, a yearning for absolutes could be “one of the reasons why people like mystery novels. They are kind of self-contained. You can trust the author to do certain things. … There is justice here and you have to have a belief in justice, you have to have a belief in truth to do that kind of mystery.”

In a 1957 eulogy for Sayers, Lewis stressed that his friend didn’t want to preach. She was striving to communicate clearly to a broader audience.

“There is in reality no cleavage between the detective stories and her other works,” wrote Lewis. “In them, as in it, she is first and foremost the craftsman, the professional. She always saw herself as one who has learned a trade, and respects it, and demands respect for it from others. We who loved her may (among ourselves) largely admit that this attitude was sometimes almost comically emphatic. …

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Posted in Books, Church History, Poetry & Literature, Theology

(Telegraph) Ambrose-Evans-Pritchard–A rising wave of property defaults threatens hundreds of US banks

America’s commercial property collapse is becoming a danger to the financial system.

Office blocks purchased with debt remain half empty, 18 months after the end of the pandemic. Thousands of buildings will have to be torn down. Hundreds of regional banks are sitting on crippling losses that they yet to acknowledge.

“It’s a trainwreck in slow motion,” said Professor Stijn Van Nieuwerburgh, a property and finance expert at Columbia University.

“The return to the office isn’t happening. Data from turnstile swipes shows that occupancy levels are still just 49pc of where they used to be. It has been stable for a year and a half,” he said. Sensors tracking physical presence in offices tell the same story. Hybrid work is here to stay.

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Posted in * Economics, Politics, Economy, Globalization, Housing/Real Estate Market, The Banking System/Sector

(NYT) Students on the Run, Schools Taken by Troops and a Generation’s Catastrophe

The young girls and boys, wearing colorful scarves, tattered shirts and flip-flops, ran across the dusty ground to form jagged lines and face the teachers at the start of the school day.

The children, hundreds of them gathered in makeshift classrooms, had arrived in this aid camp in recent months after fleeing the war in their homeland of Sudan. But even as they began to gain a sense of normalcy in their schooling, many were still burdened with memories of the vicious conflict they endured, which had left loved ones dead and their homes destroyed.

“We know that pain is lasting inside their hearts,” said Mujahid Yaqub, a 23-year-old who fled Sudan and now teaches English at the school in the Wedwil refugee center, in Aweil in South Sudan. Many of the children, he said, were unable to focus in class and often cried over the memories of their terrifying escape from shellings and massacres.

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Posted in Children, Death / Burial / Funerals, Foreign Relations, Military / Armed Forces, Politics in General, Sudan, Violence

A Prayer for the day from Frank Colquhoun

O Heavenly Father, who hast taught us to show forth thy praise in psalms and hymns and spiritual songs: So fill us, we pray thee, with thy Spirit that we may make melody to thee both in our hearts and with our lives, evermore giving thee thanks for all things, in the name of Jesus Christ our Lord.

Posted in Spirituality/Prayer

From the Morning Scripture Readings

Be watchful, stand firm in your faith, be courageous, be strong. Let all that you do be done in love.

–1 Corinthians 16:13-14

Posted in Theology: Scripture