Peter Buffett Blows the Whistle on So-called Philanthropy
|November 14, 2013||Posted by Staff under Inequality / Concentration|
This 2013 excerpt of Other Words, Aug 7, is by Sam Pizzigati, author of The Rich Don’t Always Win: The Forgotten Triumph over Plutocracy that Created the American Middle Class.
Some 97 percent of the world’s “high-net-worth individuals” do give annually to charity. Yet only one-third of these extremely wealthy folks give away over 1 percent of their net worth. The rich, in other words, could afford to give away far more than they actually do.
Peter Buffett runs a foundation his father Warren Buffett created. He says American philanthropy has become our “charitable-industrial complex.”
In elite philanthropic gatherings, notes the 55-year-old Buffett, you’ll see “heads of state meeting with investment managers and corporate leaders,” all of them “searching for answers with their right hand to problems that others in the room have created with their left.”
And the answers that do eventually emerge seldom discomfort the problem-creators. These answers almost always keep, Buffett charges, “the existing structure of inequality in place.”
Peter Buffett dubs this comforting charade “conscience laundering.” Philanthropy helps the wealthy feel less torn “about accumulating more than any one person could possibly need to live on.” They “sleep better at night while others get just enough to keep the pot from boiling over.”