I worry about major philanthropy as a substitute for government, since there is no democratic process for deciding where money goes. (Of course that assumes a democracy...) There's plenty of literature about where the rich donate, and anti-poverty organizations are generally lower on the list than arts organizations, educational institutions, and health-related causes.
BUT, I'm also tremendously worried about the cultural trend, a la Peter Thiel, to disparage philanthropy and limit giving. The lack of trust in nonprofits and the lack of care for the people who benefit from them is perhaps the worst indicator of where we are right now. I'll take some billionaire-directed medical research any day over Peter Thiel calling the giving pledge an “Epstein-adjacent, fake Boomer club.”
Finally, I have to mention the role of the legal industry in this an, as you point out, all the IRS opinion letters that people get to protect themselves from their "playing in the gray." If we did better as tax lawyers, maybe that would help too. I do realize law is a service industry, but saying no to clients who want to do certain things instead of continually thinking of new ways to enable them would be a great start!
(last last thought, I'm curious what you think about split-interest trusts!)
David, I was stunned… and then delighted… that you keep track of your spending every week via a spreadsheet. To me, that means you are controlling your wealth, rather than the other way around. If you did go on a mad spending spree one week, you’d see it immediately on your spreadsheet the next. Presumably that would cause you to pause and reflect… what prompted the spree, how do you feel about it, etc. I tend to think “well, I have enough” so it’s okay to order the more expensive bottle of wine at the wine bar (in Paris!), rather than putting that spend into a bigger picture. I think you’ve got a lot to teach me about money, even if I’m in a completely different tax bracket! 🙏
David - thanks for all of this - I too track relentlessly though my zeros are fewer. On the social safety net- I recently wrote on the striking inequity among Boomers, those 62-80 with the lowest quintile (15 million people) destined to live out their lives in poverty. As Americans we should be ashamed of this. If there was ever a cause for basic income this is it.
Thanks for this look at where we are now versus where we were, historically. It doesn’t surprise me that the tech bros give virtually nothing, as they all seem to be sociopaths who constitutionally don’t care about people’s welfare. (For some, it’s even tworse than that.) As a trying-to-be multiracial democracy, our country’s attitude about social services has been manipulated and distorted by the wealthy, who would rather keep “their” money for themselves, thank you very much. Jeremy Ney’s graph says it all. To rely on individuals to pay for the myriad programs to help those in need, or deliver benefits like healthcare and housing that are basic human rights, simply doesn’t work. Even with Carnegie’s massive wealth, it didn’t work. Government has its inefficiencies but it’s the only entity that is controlled by we the people.
Thanks for the tip on Puerto Rico! Kidding.
How do your children feel about this kind of thinking? Are you leaving them anything?
I worry about major philanthropy as a substitute for government, since there is no democratic process for deciding where money goes. (Of course that assumes a democracy...) There's plenty of literature about where the rich donate, and anti-poverty organizations are generally lower on the list than arts organizations, educational institutions, and health-related causes.
BUT, I'm also tremendously worried about the cultural trend, a la Peter Thiel, to disparage philanthropy and limit giving. The lack of trust in nonprofits and the lack of care for the people who benefit from them is perhaps the worst indicator of where we are right now. I'll take some billionaire-directed medical research any day over Peter Thiel calling the giving pledge an “Epstein-adjacent, fake Boomer club.”
Finally, I have to mention the role of the legal industry in this an, as you point out, all the IRS opinion letters that people get to protect themselves from their "playing in the gray." If we did better as tax lawyers, maybe that would help too. I do realize law is a service industry, but saying no to clients who want to do certain things instead of continually thinking of new ways to enable them would be a great start!
(last last thought, I'm curious what you think about split-interest trusts!)
David, I was stunned… and then delighted… that you keep track of your spending every week via a spreadsheet. To me, that means you are controlling your wealth, rather than the other way around. If you did go on a mad spending spree one week, you’d see it immediately on your spreadsheet the next. Presumably that would cause you to pause and reflect… what prompted the spree, how do you feel about it, etc. I tend to think “well, I have enough” so it’s okay to order the more expensive bottle of wine at the wine bar (in Paris!), rather than putting that spend into a bigger picture. I think you’ve got a lot to teach me about money, even if I’m in a completely different tax bracket! 🙏
We’re all thinking similarly this week @Jeremy Ney !!
David - thanks for all of this - I too track relentlessly though my zeros are fewer. On the social safety net- I recently wrote on the striking inequity among Boomers, those 62-80 with the lowest quintile (15 million people) destined to live out their lives in poverty. As Americans we should be ashamed of this. If there was ever a cause for basic income this is it.
With apologies for the blatant self promotion: https://aging4thquarter.substack.com/p/rich-boomers-poor-boomers?r=3su1z&utm_medium=ios
Thanks for this look at where we are now versus where we were, historically. It doesn’t surprise me that the tech bros give virtually nothing, as they all seem to be sociopaths who constitutionally don’t care about people’s welfare. (For some, it’s even tworse than that.) As a trying-to-be multiracial democracy, our country’s attitude about social services has been manipulated and distorted by the wealthy, who would rather keep “their” money for themselves, thank you very much. Jeremy Ney’s graph says it all. To rely on individuals to pay for the myriad programs to help those in need, or deliver benefits like healthcare and housing that are basic human rights, simply doesn’t work. Even with Carnegie’s massive wealth, it didn’t work. Government has its inefficiencies but it’s the only entity that is controlled by we the people.
PS thanks for a wonderful event last night.