Giving Lots of Money

March 13, 2008

The recent New York Times Magazine (3-9-2008) is dedicated to philanthropic giving in the United States. The cover features Natalie Portman with a woman from Mexico who received a microloan. It is apparently good times for giving away lots of money. An article begins:

Philanthropy's largest problem these days probably isn't a lack of big gifts. Over the past few years, new records have been set in the number of individual donations of $100 million of more, and talking with those in the philanthropic community who advise potential donors reveals a sense of widespread anticipation that many billions of dollars, earned during the recent boom in the hedge-fund and private-equity markets, will soon pour into the social sector.

There is a slice of America that has grown phenomenally wealthy over the course of the 90s and the 00s. In the long term this boon of giving will be seen as a result of the rising levels of social inequality. In other words, it will be seen as a symptom of a sickness in our economic system.

My question is: why should I rejoice that those who made a truckload of cash from hedge-funds or private-equity markets get to make decisions about my world and what is important in it? I am glad all these entrepreneurs get to innovate and think outside the box with their wealth, but might there not be a skewed perspective on national priorities if the top 1% are the ones who get to address the problems? And then these philanthropists get to have buildings and theaters adorned with their meaningless names!

I would prefer a system where the people who could give 100 million dollars were made to pay a stiffer tax and we therefore got that money into the public treasury.. from where elected officials could apply this money to areas of our common life that matter to us. The main argument with this plan is that government makes a mess of everything and would squander the money. The entrepreneurs know best!

Have you noticed the double standard? The same people who insult government programs take umbrage at any attempt to call into question the competency of the military. Somehow the American military is the greatest thing on the face of the earth, but simultaneously any social program undertaken by the government is a waste of time. This is a false paradigm.. erected by people who want to see social programs fail.

This is not to say I don't see the writing on the wall. Millionaires are getting to write their names on our public space; charities and celebrities are becoming one thing. We will have none of this so far as we can help it.. and it is against this world that we will launch our critique.