Pledged for good: American billionaires step up to make a difference
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The decision by more than three dozen U.S. billionaires to give at least half their fortunes to charity is certainly admirable. Called the Giving Pledge, the program announced Wednesday was the response to a call in June by Bill and Melinda Gates and Warren Buffett.
The wealth of private citizens is a subject that is, if not concealed, closely held. It is typically not discussed, even with family members and close friends. What the public hears about great American fortunes might come only once a year, in Forbes magazine's report on the subject, for example.
Americans are increasingly aware that more wealth is being concentrated in a few hands. Even so, the United States as a society is still eons from a 1789-type French revolution, when the less fortunate revolt against the status quo and redistribute wealth.
The Gates-Buffett program estimates it can draw $600 billion into philanthropy, about what Americans gave last year, according to The New York Times. Among the list of pledgers are: Paul Allen, Michael Bloomberg, Diane Von Furstenberg, Barron Hilton, George Lucas, T. Boone Pickens, David Rockefeller and Ted Turner.
Absent anything other than the pressure that might come from an awareness by the very rich of the inequities in American society, it is truly laudable that the billionaires have taken the pledge. We can only hope that other wealthy Americans will follow their lead.
Everyone will be watching to see what they do with the money they give away. The key point is that they do things that will benefit Americans over the long haul. There is certainly plenty to do.
First Published August 6, 2010 12:00 am
