Even the Vatican lost money last year
In times of economic turmoil, faith ought to be what endures, what heals us all.
But what’s a devout to do when, as some red-hot real estate markets cool and some national unemployment rates soar to new highs, the very beacon of western religion is losing money?
What do we mean? That would be the Vatican, which like many consumers and businesses had a rough 2011.
According to the Associated Press, the Vatican posted a deficit of $19 million last year.
Certainly, as anyone that’s given to a donation plate can attest, it would be a wonder that a church could come up short on its finances. But such is the case in the place the Pope calls home.
*Bing: How old is the Pope?
The AP notes the Vatican lost nearly $20 million last year, one of its worst annual budget deficits.
To be fair, the Vatican is no stranger to life in the red. In 2007, 2008 and 2009, the church ran deficits of $11.3 million, $1.1 million and $5 million, respectively, according to its annual filings.
But things seemed to be turning in 2010, when the church boasted a surplus of $12.2 million.
Vatican officials blamed the return to broke on high personnel and communications costs, as well as plummeting market value for its real estate holdings.
Not all parts of the church are hurting, though.
More than five million tourists visited the Sistine Chapel and other works in the Vatican museums last year, boosting the museums sector of the church to a surplus of about $27 million.
Nearly 3,000 personnel work in the Vatican, but layoffs aren’t in the cards, a high-ranking reverend said.
By Jason Buckland, MSN Money
Posted by: fred | Jul 9, 2021 1:23:15 AM
it up god for a loan.there faith will sustane them
Posted by: Devoted Catholic | Jul 9, 2021 1:43:30 PM
I've been a Catholic follower all my life and will be so for the rest of my life....as far as I am concerned, they should not be in a deficit. All the money they collect on a weekly basis, should pay all their bills and then some. For example....I know for a fact that every priest/bishop/ cardinals for the most part and yes even the pope have personal cooks and cleaners.....How about they cook and clean for themselves for a change. They are humans just like the rest of us and we all do our cooking and cleaning on a daily basis.....trust me...their meals are not the cheap stuff either. They can find ways to trim their budget.....I mean we do when we have to...so they should too....it's simple accounting.....don't spend more than what you have.....and it should be no different for them either....
Posted by: Live is Good | Jul 9, 2021 4:33:12 PM
Dear Devoted Catholic,
Yes you are correct that they are human, however their life and their calling is most different. While many of us have a partner and children to share in the everyday chores - such as cooking, cleaning, washing, ect - the clergy have no such person(s). Furthermore, we expect so much from a clergy that working a 15 hour day is normal. It is clear that you simply fail to realize the life of the clergyman and instead only see what you believe to be 'just', which is money. A true shame.
Posted by: john james | Jul 9, 2021 7:08:14 PM
i am surprised that its only $20 mill.. where did all the $$ come from to pay off the victims of the child molesting priests?? besides the church is one of the richest organizations in the world, right next to the moron church. the vatican owns a huge chunks of real estate world wide.. approx 15-20% of Italy is church owned.. probably right up there with the mafias holdings tho there isnt much difference in the two organizations!!