Monday, March 30, 2020
Where is Bill Gates?
Where is Bill Gates?
Although I enjoy a TED Talk just as much as the next guy, it really makes you wonder if it is the best use of your time if you're the head of a multi-billion dollar charitable health foundation in the midst of a global pandemic. Rather than fielding questions as to what you'd do if you were President of the United States, perhaps it would be better to go through an action plan of what the Gates Foundation is proactively doing to help fight the coronavirus. Where is Bill Gates?
As the beneficiary of hundreds of millions of dollars in both Federal and State tax exemptions, the Gates Foundation holds a special place in global philanthropy. For the liberal elite, it is an invitation-only pass into the highest echelons of philanthropy. But the hairs on the back of your neck should tingle when you hear the words "philanthropy," especially when it coincides with massive tax breaks that would otherwise be funneling much needed funds into a government that is actually fighting the coronavirus with surges in public/private manufacturing of N95 masks and ventilators, an unrelenting pursuit of vaccines amongst big pharma, and most importantly, the frontline heroes (nurses, caregivers, EMTs, firefighter, doctors, etc.) who are completely overwhelmed. Where is Bill Gates?
Philanthropy, and foundations in particular, are touchy subjects. At face value, they are supposed to be the engines of direct, unbureaucratic good. And many, many are just that...they have minuscule operating budgets, shoestring infrastructure, and provide a world of good for many. To those, God bless you! My concerns, however, arise when an institution by its very mandate, say helping to alleviate global pandemics, does nothing when its very reason for relevance appears on the global stage. Then it is only morally right to ask questions. Where is Bill Gates?
A higher power lens needs to focus on the billions of dollars pledged and committed to private foundations when operating expenses run into the hundreds of millions, corporate infrastructure is grandiose, and financial control of donated assets remains intact to the donor(s). As taxpayers on the hook for capital gains and income taxes, we all should wonder why the U.S. Treasury isn't the first choice for billionaire philanthropists...especially when foundation mandates are ignored in the face of calamity. Something is seriously wrong when citizens of this great country are deprived of the economic and social benefits of hundreds of billions in sheltered assets. Where is Bill Gates?
When the last vestiges of the coronavirus are ultimately mopped up throughout the world, including the inevitable secondary and tertiary waves, we're going to need a "Marshall Plan" of restoration. Similar to post-9/11, there will be societal changes. The economy itself will shift, and survive. A reckoning needs to occur right quick, however, answering the question of why those with so much did so little. COVID-19 is going to leave generational scars on this country, especially in terms of income and wealth inequality. The salve, echoed by Truman and Reagan alike, was the philosophy Gen George C. Marshall coined with the comment: "There is no limit to the good you can do when you don't care who gets the credit." It's time to strip mega foundations of their tax-exempt status and restore accountability to the taxpayer. Where is Bill Gates? Who cares.