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Bishops were prophetic on economy

Published: 10.10.08

Our faith calls us to measure this economy not only by what it produces, but also by how it touches human life and whether it protects or undermines the dignity of the human person.”
Economic Justice For All - 1986

The crisis in the U.S. economy has affected worldwide stock markets. In Hong Kong, Tokyo, Beijing, London and throughout the European Union, the ripples from the current recession are felt. Commenting on the interconnectedness of the world economy, the U.S. bishops said, “The pre-eminent role of the United States in an increasingly interdependent global economy is a central sign of our times. …

“Decisions made here have immediate effects in other countries; decisions made abroad have immediate consequences for steelworkers in Pittsburgh, oil company employees in Houston, and farmers in Iowa. U.S. economic growth is vitally dependent on resources from other countries and on their purchases of our goods and services.”

That’s not all that startling an analysis. Many other commentators are making similar observations these days. What makes this noteworthy is that the quote above comes from “Economic Justice for All,” the U.S. bishops’ 1986 pastoral letter on Catholic social teaching and the U.S. economy. No, that’s not a typo; the letter was written more than two decades ago.

In the document, the bishops laid out a scriptural and spiritual framework for teaching on the economy that reminded Americans of the interrelationships among people – whether rich or poor, laborer or corporate executive. “Our faith calls us to measure this economy not only by what it produces, but also by how it touches human life and whether it protects or undermines the dignity of the human person,” the bishops wrote.

They sought, above all, to remind workers, employers and government policy-makers to consider the needs of the poor and underprivileged in the development of economic ideas, from wages to international trade, what they called a “preferential option for the poor.”

In November 1995, as the 10th anniversary of the pastoral approached, the bishops released “A Decade After Economic Justice for All,” a follow-up message. Sadly, not a lot had changed. “Our letter was not an economic blueprint, but a moral challenge and a call to action. We called for a ‘New American Experiment’ of participation and collaboration for the common good that has yet to be really tried in our land,” the anniversary message read.

“Ten years after ‘Economic Justice for All,’ the nation needs to hear its message once again and respond to its continuing challenges. At a time of great national debate, the Catholic community must continue to speak for poor children and working families. Our nation must reduce its deficits, reform welfare, reshape its foreign assistance and reorder national priorities.”

The bishops could say the same thing still today.

They are not the only long-range visionaries. They noted that they were not writing as economists, but as pastors. However, others noted the perils on which the economy hinged. In a 1999 article, the New York Times reported a new program in which Fannie Mae, under pressure from the Clinton Administration, extended credit to banks so that they could make home loans to borrowers previously unable to qualify for a mortgage. The article warned that while moving such people into homeownership was good, Fannie Mae faced a greater risk of default if the economy soured. And here we are now: Wall Street may be getting a bailout, but lots of individual homeowners face foreclosure and are losing their homes. Where is the protection of human dignity for those people?

The bishops were prophetic, in many senses of the word. Perhaps our leaders ought to heed their words now, especially if they weren’t listening 20 years ago.

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