What is $37 Billion Between Friends?
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Barbara Weinstein is the Legislative Director for the Religious Action Center of Reform Judaism. |
I’ve been captivated over the last day or so by the news of Warren Buffett’s gift to the Bill and Melinda Gates Foundation. There is something inherently fascinating about the world’s second richest man bestowing his billions on the world’s richest man’s foundation. Because it is tied to stock prices, the exact value of Buffett’s gift is unknowable. But at the stock’s value today, the donation to the Gates Foundation has a worth of about $37 billion.
Several elements have intrigued me about the Gates Foundation’s plans and Buffett’s actions. First, the Foundation’s primary goal is to eradicate diseases that strike particularly among the world’s poor. These titans of capitalism have noted plainly that finding cures for ailments that affect the poorest among us is one area where the market system simply does not work. Second, both Buffett and the Gateses have stated that one of the reasons for their philanthropic inclinations is their strong belief that their immense wealth should be used for the betterment of society, rather than being passed on to their descendants.
The commitment of these individuals to tackling some of the worlds more pressing human health crises and to using their wealth to help millions of people they will never meet is inspiring. And (permit me a little dig) it’s a refreshing change of attitude after watching weeks of congressional efforts to repeal the estate tax that applies only to the richest 1-2% of Americans. Even if most of us will never have a net worth in the billions, the example Buffett and the Gateses set this week is one we would do well to follow.