The challenges ahead are easy to understate and misunderstand. Things are still likely to get worse before they get better with respect to covid-19. Even when things open up, the virus will still likely plague us until there is a vaccine. Many jobs will not return, and the prospects for many will include requiring financial assistance, and/or abandoning mortgages that can no longer be afforded.
So when people like Jack Dorsey donate:
“$1 billion, or almost 30% of his net worth, to first fight the coronavirus and then help the causes of girls’ health and education, as well as experiment with universal basic income.” (Source)
This is amazing to see! And he isn’t the only one. Bill Gates is leading the charge to find a vaccine. Athletes are donating to food banks. Oprah, Rihanna, and Bono, three people so well known that they only need one name, have all stepped up to make significant donations to help during this crisis. Beyond that, countless middle class people are supporting their communities in their own way. A local archery club is donating lessons in exchange for food bank donations. People are making masks and hospital caps to donate. Some people are even doing things like paying their hair salon stylist after cutting their own hair. People everywhere are finding ways to be charitable. This is wonderful to see, and rewarding for those that are being charitable as well as those receiving charity.
But I wonder about the ultra wealthy and their total contributions. How many people with more than $100 million in the bank are really doing their part? It’s easy to be blind to your privilege, to not recognize that what you take for granted is what others cannot. I think that many of these wealthy people only see the billionaires ‘ahead’ of them, and not those with less doing more. And as for the billionaires, well they have no excuse.
It saddens me that people who are the most privileged do not have the charitable hearts that so many less privileged people do. The wealth inequity in our world is grotesquely skewed and now more than ever is the time for the privileged wealthy to do their part. Will they?
Let’s remember how ‘generous’ the wealthy were in our time of need the next time we’re taking about tax rates and tax policy. Which – given the scale of the deficits we’ve had to run – will be soon.
I hope that you are right Stephen, and that changes happen at the policy level, and not just in a general hike in taxes. It seems backwards to me that the richer you are, the easier it is to shelter your wealth and avoid taxes.