The theology embraced by American religious conservatives may render them immune to evidence and reason when it comes to economic management.
Is it merely partisan politics and the misguided ideology of "austerity" that leads conservatives to reject commonsense fixes for this miserable economy? Or is something else going on?
It may well be the latter. A study released last fall suggests that the theology embraced by American religious conservatives may render them immune to evidence and reason when it comes to economic management. The study found that a sizable minority share a uniquely faith-based view of how the economy functions, believing that both good and bad outcomes are an expression of God's will, and are therefore beyond the reach of mere mortals.
This may help explain the disconnect between the gravity of our economic crisis and lawmakers' – especially conservative lawmakers' -- decided lack of a sense of urgency in addressing it. Consider for a moment three related facts that, taken together, cast what appears to be the sheer madness of our nation's economic stewardship in sharp relief.
First, we have an “infrastructure gap” of over $2 trillion. According to a report by the American Society of Civil Engineers, the nation’s “deteriorating surface transportation infrastructure,” if not upgraded, “will cost the American economy more than 876,000 jobs, and suppress the growth of the country’s Gross Domestic Product by $897 billion by 2020.” That doesn't speak to energy or communications infrastructure – just roads and bridges and the like.
Second, the construction industry was absolutely devastated by the bursting housing bubble. While the overall unemployment rate hovers around 9 percent, it's still at 13.5 percent for construction workers. The Architechtural Record estimated that 20-30 percent of the nation's architects were jobless as of last fall.
Finally, in effect, investors are now willing to pay the United States government to lend it money. That's right, after factoring in inflation, the real interest the government must pay on five- and seven-year bonds is currently in negative territory.
