Thursday, July 17, 2014

The Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes. The campaign specifically focuses on billionaires (or those who would be billionaires if not for their philanthropy) and was made public in 2010 by Warren Buffett and Bill Gates. The Huffington Post reported in April 2012 that "81 billionaires committed to giving at least half of their fortunes to charity".[1]As of May 2014, 127 billionaire or former billionaire individuals and couples have signed the pledge.[2] While I find that interesting I am more concern with the money they don’t give away. There are only two things they can do with it and that is either save it or spend it. In Economics there is a rule that says savings equals investment meaning that the money that banks have to lend out for investments purposes comes from savings. So if the rich save their money it is used for investments in other new and or expanding businesses. If they spend their money it adds growth to the economy. Even those who spend lavishly on themselves create jobs for people to make the things they buy. Building huge homes is a waste to me but if I am in the construction business it is a good thing. You could say the same for yachts and Rolls Royce. I am not sure where the animosity toward the rich comes from but I believe back in the days of the Robber Barons when most people had hardly enough to eat would be a likely place. Of course if you go back to the days when Royalty lived in fine castles and the peons were almost like slaves that could be another starting point. I am sure there are rich people who are despicable as is the case with any group but there are also many rich who are sharing and caring. What would you say is a proper amount for them to give or save or invest? It is difficult to answer a question like that.

No comments:

Post a Comment