The Catholic Church is a Hot Financial Mess
Thousands of claims for damages following sexual-abuse cases, which typically cost the church over $1m per victim, according to lawyers involved, have led to a liquidity crisis. This seems to have encouraged a pre-existing trend towards replacing dollars from the faithful with publicly raised debt as a way of financing church business. The church is also increasingly keen to defend its access to public health-care subsidies while claiming a right not to provide certain medical services to which it objects, such as contraception. This increased reliance on taxpayers has not been matched by increased openness and accountability. The church, like other religious groups in America, is not subject to the same disclosure requirements as other non-profits or private entities.
The Economist has a very good look at the financial mismanagement that has occurred behind the scenes of the Catholic Church in America, and well, it’s not pretty. You can argue that the church has done a lot of good for the poor and needy in communities, but they’ve done not-so-good things as well, and mismanaging money is just one of them.
Wow, I didn’t realize the scope of the abuse cases until I read: “the various sexual-abuse cases that have cost the American church more than $3 billion so far.”
That’s $3 billion that could’ve gone to shelters or food.
@forget it i quit That’s astounding.
On the bright side, the Leadership Conference of Women Religious appears to basically rock.
They’re only doing good stuff for the poor now though because for hundreds of years they hoarded wealth like a crazy old miser in the woods.
In many 3rd world countries and poor communities, the Catholic Church is the richest organization around. Fancy Churches while people live in slums.
The hypocrisy goes further when they want to use Tax Dollars, but not obey the laws of the land or agree to service people based on the beliefs of the person receiving the service as opposed to their own.
It’s fatuous.
“Um, I swore a oath to heal the sick, but I will only heal how I want you to be healed, F*** your own needs and wants”
That’s their policy.
It’s ridiculous.
You “can argue” that the church does a lot for the poor? Are you kidding me? It’s the country’s largest charitable organization, as the article cites.