CBS News’ 60 Minutes recently did a piece featuring Bill and Melinda Gates, along with Warren Buffett and a select group of other billionaires, describing the motivation behind a philanthropic initiative called The Giving Pledge.
Charlie Rose hosted the chat, titled The Giving Pledge: A New Club for Billionaires, briefly noting at the opening that the wealthiest 400 Americans hold as much wealth as half of all Americans living at the bottom of the wealth scale. (It’s actually much worse than that.) Said Rose:
“While resentment toward the super-rich grows, there may be a silver lining taking shape. It turns out a lot of those rich people are giving staggering sums of money away in what is being called a golden age of philanthropy.”
Silver lining for the golden age. Nice. But the 60 Minutes piece is perhaps more disturbing for what it leaves out – by glossing over the rising tide (or dark storm clouds, to extend Rose’s mixed metaphor) of inequality and by portraying public concern with this trend as resentment of the rich.
This isn’t about envy. It’s about equity and many see the rise of super-philanthropy as the flip side of astonishing new levels of inequality that deserve serious scrutiny. Continue reading