Where the Parties Stand
Democratic Party Platform
- “Democrats commit to forging a new social and economic contract with the American people—a contract that invests in the people and promotes shared prosperity, not one that benefits only big corporations and the wealthiest few. One that affirms housing is a right and not a privilege…, which makes a commitment that no one will be homeless or go hungry in the richest country on earth, …. [and] one that closes racial gaps in income and wealth, guarantees the right to join or form a union, raises wages and ensures equal pay for women and paid family leave for all.” (Pages 4 & 6)
- Democrats believe in an “economic contract that raises wages and restores workers’ rights to organize, join a union, and collectively bargain.” (Page 14)
- “Democrats recognize that climate change poses serious risks to the economy and the financial system.” (Page 54)
- Democrats believe in an economic contract addressing “America’s long and ongoing history of racism and disenfranchisement…” (Page 14)
- Democrats will fight to raise “the federal minimum wage so it reaches $15 an hour by 2026.” (Page 14)
- “Democrats will … repeal so-called ‘right to work’ laws….” (Page 14)
- “We will improve compensation and benefits for child care providers and enact universal, high-quality pre-K programs for three- and four-year-olds.” (Page 16)
- “Corporate tax rates, which were cut sharply by the 2017 Republican tax cut, must be raised, and ‘trickle-down’ tax cuts must be rejected. Estate taxes should also be raised back to the historical norm.” (Page 22)
- “Democrats will reform the tax code to be more progressive and equitable…” (Page 23)
Republican Party Platform
- “Republicans consider the establishment of a pro-growth tax code a moral imperative.” (Page 1)
- “To guard against hypertaxation of the American people in any restructuring of the federal tax system, any value added tax or national sales tax must be tied to the simultaneous repeal of the Sixteenth Amendment, which established the federal income tax.” (Page 2)
- “We propose to level the international playing field by lowering the corporate tax rate to be on a par with, or below, the rates of other industrial nations.” (Page 2)
- “We envision a worldwide multilateral agreement among nations committed to the principles of open markets, what has been called a “Reagan Economic Zone,” in which free trade will truly be fair trade for all concerned.” (Page 2)
- “We propose the dynamic compassion of work requirements in a growing economy, where opportunity takes the place of a hand-out…. We call for removal of structural impediments which progressives throw in the path of poor people: Over-regulation of start-up enterprises, excessive licensing requirements, needless restrictions on formation of schools and day-care centers serving neighborhood families, and restrictions on providing public services…” (Page 32)
What the Bible Says
The Bible has much to say about money. Many parables and principles are discussed in Scripture, and a Biblical view of economics must include the whole of Scripture and many principles. Therefore, we can consider these principles for economic issues:
- God must be glorified. 1 Corinthians 10:31 states all we do must glorify Him.
- Private property and ownership must be respected. While everything belongs to God (Psalm 24:1), He has made us stewards of the resources He has provided (Genesis 1:26-28). An economic system must allow for individuals to have rights to use those resources without excessive impediment of government.
- Evil and sin must be restrained. All have and will sin; therefore, the economic system should protect against evil intent and reward those acting righteously.
- The defenseless must be protected. (Proverbs 29:7, Psalm 82:2-4, James 1:26-27).
- The next generation should be left an inheritance (Proverbs 13:22).