Thursday, December 3, 2015

on that whole charity thing

Angry Bear - giving $45 billion to charity is old hat. Y'know, he has a point:

Facebook founder and his wife have decided to give away 99% of their fortune. That is $45 billion.


I have a better idea. If what is wanted is for this money to work for all, if we are to achieve the Donald’s directive of everyone moving into the upper stratum, that wages are too high (as even Caterpillar has acted on multiple times), then we have change our idea about what a billionaire should be doing when they decide to give away their excess wealth from unearned income.

Put it in a trust fund for their employees. Think about it. Facebook has (most recent count I could find) 11,996 employees. They could just distribute it to all of them for a share of $3,751,250.42 each. Ok, but not the most assured security for their employees. Instead, they could put it in a trust fund that then distributes its earnings. You know, kind of like that old fashioned pension system - only for active employees. If it earned 5%/year, the employees would receive $187,562.52 each per year. Heck, put it in tax free bonds and make it a real Xmas gift each year (less earnings but…)

Even if they only put 10% of the $45 billion in a fund to be distributed you’re talking about $18,756.25 per year (5% earnings). That would go a long way toward helping their employees make ends meet.

Consider also what all that money being spent by the 11,996 employees would do for their local economy and on whole the US economy. At 5% earnings distributed to the employees we’re talking $2,250,000,000 a year additional economic activity. Ok, let’s say 5% is wishful thinking. Then cut it in half. It’s still one S@#$ load of money.

Come on Zuckerberg. You’re supposed to be some kind of hot shot forward thinker. Think about the contributions your employees made toward your amassing this pile of earnings/wealth compared to what you paid them. Think about what you would have been paying them if we still had a system in place that assured wages tracked equally with productivity as in the past.

But I'm sure it's no big deal what Zuckerberg does. After all, I bet his employees will be happy about all that charitable giving the company did when they're in their 60s and living in a cardboard box under a bridge, eating cat food.

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