Westchester County, which lies directly north of New York City, is well known for its many classic suburban communities where cars line up at train stations at 6 p.m. each day to pick up returning executives and money managers.
How should Christians understand—and what should they learn from—the worst economic downturn since the Depression? Does the crisis raise fundamental moral or theological questions about our economic system? Four scholars offer their reflections in this issue of the Century: Dennis P. McCann, Jon P. Gunnemann, Deirdre McCloskey and D. Stephen Long.
Religious organizations reported a 5.5 percent increase in donations last year, a marked contrast from the nationwide 2 percent decline in charitable giving, according to a study by the Giving USA Foundation.
The recession has forced seminaries to undertake cost-cutting measures that affect people, projects and their own best-laid plans for sustainability. “The current economic environment has magnified any weaknesses present in seminaries,” according to Daniel Aleshire, executive director of the Association of Theological Schools.
Bishops in the United Methodist Church have voted themselves a pay cut after “recognizing the financial challenges facing the church.”
The UMC’s 50 active U.S. bishops voted to give up their planned pay raises for next year and instead reduce their salaries to the 2008 level, dropping their annual pay from $125,650 to $121,000, according to United Methodist News Service.
The annual Family Fest at Bethany Christian Schools in Goshen, Indiana, is usually a joyous event as families auction off handmade quilts, furniture and other goods in the annual school fund-raiser. But this year, double-digit unemployment rates overshadowed the event with a sense of anxiety. The event failed to match last year’s proceeds.
The Return of Depression Economics and the Crisis of 2008
If the economic recession has made people more receptive to spiritual concerns and theological insights, that interest has not translated into sales of religion books (see Marcia Nelson’s report in this issue).
Conventional wisdom holds that when times get bad, people turn to religion. But that’s not the case in religion publishing. Like other business executives in the current economic doldrums, religion publishers are cutting expenses in the face of declining sales.