$66 Billion in Unearned Guilt

I've been thinking about how to blog this story since it broke: Megabillionaire Warren Buffet recently donated (evading the estate tax in the process) $37 billion of his $44 billion in personal wealth to a charitable foundation established by Microsoft co-founder Bill Gates and his wife Melinda. Combined with the $29 billion already under foundation control the resulting $66 billion is five times the wealth of the next largest, the Ford foundation.

I won't belabor the contradictions of Buffet praising the estate tax as an "equitable tax...in keeping with the idea of equality of opportunity in this country, not giving incredible head starts to certain people who were very selective about the womb from which they emerged." Or of his criticism of "dynastic wealth" coupled with the likely, though I haven't been able to document it, multi-million dollar inheritances he'll leave his own children.

I'm most interested in the issue raised by John J. Miller on the Opinion Journal page of July 7th. "The Microsoft mogul and his wife should not leave their foundation to posterity," he writes.

I fully agree with many points made in this editorial. For example:

"Surely there are better reasons to embark upon the world's biggest grant-making program than to salve the conscience of a guy who has no business feeling guilty in the first place."

And, "If Mr. Gates views his foundation as a vehicle for guilt riddance, chances are his grants will fail often and spectacularly. Yet if he views it as a way of furthering his already enormous contribution to society through nonprofit rather than for-profit means, then perhaps he will make a positive difference in the areas where he is focusing his efforts: global health and American education."

But Mr. Miller's principal point is not just that a charitable foundation should be used to further the values of its benefactor(s), but that it must necessarily be constrained to shut itself down after some arbitrary number of years for fear of the "harmful trend" of "an organization that exists in perpetuity, clinging tightly to its assets and ever further removed from its benefactors and their intentions."

It seems to me that if you want your wealth to live on and contribute in your image after your passing, you'd want it to do so for as long as possible. The trick here is to build something that can't be highjacked by others for their own purposes after your passing. This is exactly the problem that faced the founders of the United States government. So here we have another instance of resignation that nothing can retain its original nature and purpose against the pressure of revisionism.

The irony here is that the Gates Foundation, which has chosen to make a positive difference in the areas of global health and American education, has an opportunity to counteract such pressures. The reason the American Constitution, the American government and the American way of life are under threat today is precisely because of revisionist pressures endemic to modern American education. If the Gates Foundation threw even a fraction of its weight behind a return to accurate and objective teaching of American history and civics it could single handedly save the nation from apathetic disintegration.

Alas, such an effort is unlikely from a man who says, "We really owe it to society to give the wealth back."

Current Events Education Freedom on the March History Philosophy Posted by JohnGalt at July 11, 2006 4:13 PM