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Understanding Economy
Our nation’s Founders firmly believed in the economic system of free market capitalism. They set up the U.S. government to interfere as little as possible in the business affairs of its citizens, so that each private individual would have an equal opportunity to work hard and earn the rewards of their efforts. A stark alternative to this view of economics is socialism, which replaces equal opportunity with equal outcome—artificially levelling the playing field and de-incentivizing hard work. Many U.S. politicians are now openly supporting these concepts. Understanding the economy—and where the candidates on your ballot align—is essential to voting wisely.
Where does the Bible stand?
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).
"But seek the welfare of the city where I have sent you into exile, and pray to the Lord on its behalf, for in its welfare you will find your welfare." (Jer 29:7 ESV).
Where do the parties stand?
REPUBLICAN PARTY PLATFORM
- ". . . if we don’t have Domestic Manufacturing with low Inflation, not only will our Economy—and even our Military Equipment and Supplies—be at the mercy of Foreign Nations, but our Towns, Communities, and People cannot thrive. The Republican Party must return to its roots as the Party of Industry, Manufacturing, Infrastructure, and Workers. President Trump’s economic policy to end Inflation and return Manufacturing Jobs is not only what the American Economy and American Workers need right now, it is also what they want right now." (pg. 5)
- "Our America First Economic Agenda rests on five pillars: Slashing Regulations, cutting Taxes, securing Fair Trade Deals, ensuring Reliable and Abundant Low Cost Energy, and championing Innovation. Together, we will restore Economic Prosperity and Opportunity for all Americans." (pg. 13)
- "Republicans will slash Regulations that stifle Jobs, Freedom, Innovation and make everything more expensive. We will implement Transparency and Common Sense in rulemaking." (pg. 13)
- "Republicans will make permanent the provisions of the Trump Tax Cuts and Jobs Act that doubled the standard deduction, expanded the Child Tax Credit, and spurred Economic Growth for all Americans. We will eliminate Taxes on Tips for millions of Restaurant and Hospitality Workers, and pursue additional Tax Cuts." (pg. 13)
- "Republicans will continue forging an America First Trade Policy as set forth in Chapter 5, standing up to Countries that cheat and prioritizing American Producers over Foreign Outsourcers. We will bring our critical Supply Chains back home. President Trump will turn American Trade Policy around, protecting U.S. Producers, and renegotiating failed agreements." (pg. 13)
- "Our Trade deficit in goods has grown to over $1 Trillion Dollars a year. Republicans will support baseline Tariffs on Foreign-made goods, pass the Trump Reciprocal Trade Act, and respond to unfair Trading practices. As Tariffs on Foreign Producers go up, Taxes on American Workers, Families, and Businesses can come down." (pg. 15)
- "Republicans will strengthen Buy American and Hire American Policies, banning companies that outsource jobs from doing business with the Federal Government." (pg. 15)
- "By protecting American Workers from unfair Foreign Competition and unleashing American Energy, Republicans will restore American Manufacturing, creating Jobs, Wealth, and Investment." (pg. 16)
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"Republicans will tackle Inflation, unleash American Energy,
restore Economic Growth, and secure our Borders to preserve Social Security and
Medicare funding for the next Generation and beyond. We will ensure these
programs remain solvent long into the future by reversing harmful Democrat
policies and unleashing a new Economic Boom." (pg. 17)
DEMOCRATIC PARTY PLATFORM
- "We oppose state right-to-work laws, which drive down wages and leave workers unsafe; and we support penalizing employers who engage in union busting." (pg. 9)
- "We also raised the minimum wage for federal contractors to $17.20 an hour, and will keep pushing Congress to increase it to at least $15 for all Americans." (pg. 9)
- "The Inflation Reduction Act is helping farmers and ranchers adopt climate-smart practices, which make the land more resilient and increase profitability, while connecting them to new markets and premiums for sustainably produced commodities." (pg. 12)
- The Administration "reversed a Trump-era policy that would have risked putting half-a-million children in poverty. It modernized SNAP benefits for the first time since 1975, permanently increasing them and lifting more than 2 million people, including over a million children, out of poverty as well." (pg. 12)
- "We remain committed to fighting poverty and enabling all Americans to live up to their God-given potential." (pg. 13)
- "Democrats are also ending giveaways to big corporations and special interests that have benefitted at the expense of American taxpayers for too long." (pg. 13)
- "We don’t believe we should add $5 trillion to the national debt to give more tax breaks skewed to the wealthy and big corporations." (pg. 14)
- "And instead of exploding the national deficit, our plan cuts it by $3 trillion over the next decade, delivering real results for the American people in a fiscally responsible way." (pg. 14)
- "Democrats will make billionaires pay a minimum income tax rate of 25 percent, raising $500 billion in 10 years. We’ll end the preferential treatment for capital gains for millionaires, so they pay the same rate on investment income as on wages." (pg. 15)
- "Democrats are improving IRS services for everyday taxpayers and reviving enforcement against wealthy and corporate tax cheats . . ." (pg. 16)
- Democrats “will create America’s first, full, national paid family and medical leave program, guaranteeing every American worker up to 12 weeks of paid time off to care for a new child or loved one to recover from an illness, in cases of domestic violence, or military deployment.” (pg. 22)
- "We’re at the dawn of a new era that will redefine the global economy, and that America must lead." (pg. 31)
- "Democrats launched the American Climate Corps, a new workforce training and service initiative that will put more than 20,000 young Americans to work . . ." (pg. 32)
- "Every major plank of our Investing in America agenda shares that commitment to environmental justice." (pg. 35)
- ". . . the Administration has championed an ambitious equity and racial justice agenda to ensure the full and fair participation of all communities in our economy and democracy . . ." (pg. 52)
Where do the candidates stand?
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