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How does Matthew 25:31ff. inform our position on economics?  Might it mean there are consequences for our economic policies that extend beyond taxes and bank accounts?

Does the statement, "God prefers the poor", made twice in the theme above, correctly communicate what the Bible teaches us about God? What do you mean by "poor"? Poor financially, poor in spirit, meek?

Without adequate explanation I believe this statement could do more harm than good in spreading the Gospel.

Ahh, good point.  I think there's a tendency for more affluent people (and compared to the rest of the world even the poorest of Americans is affluent by comparison to many in the world) to want to spiritualize Jesus' statements about the poor.  I don't think that's being fair to the Gospel.  I think the Gospel includes both spiritual and financial poverty (emotional, moral, etc., too), but we have to keep reminding ourselves that is <i>necessarily</i> includes financially poor.
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It is true that "prefer" isn't a word used in the Bible in reference to the poor.  I think it bears mentioning that God doesn't love any one person more than he loves any other.  But, we see God interceding on behalf of the poor in ways that he doesn't for the rich.  We also see the incarnation of God identifying most readily with situations of poverty:  he was born into poverty, he hung out with paupers, he claimed to be "good news to the poor," and he died an ignominious death.  
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There is an archaic meaning of "prefer" that means "to elevate," which may capture the essence of God's stance toward the poor.  Isaiah envisioned a day when every valley will be exalted and every mountain and hill made low.  John the Baptist applied this prophecy to Jesus.  The specific context of the prophecy is in reference to the fate of the rich and powerful and the poor and lowly in the kingdom of God.  The implication of such <i>preference</i> (so defined) would be that what is "good news" to some may come across as "bad news" to others.  I think the quality of the news is all in how one receives it.

I think it all goes back to being a servant.  We must do or give all we can to help the poor--financially, spiritually, emotionally, however it must be done.