Bill Gates is still the richest American with a net worth of about $66 billion. Gates shared his thoughts on why he thought capitalism was such a great economic system and also how the United States should tackle the national debt issue and get the economy going again.
Gates' positive comments about America and capitalism come at a time when 23 million Americans are out of work and those who aren’t in the privileged one percent are finding it difficult to achieve their dreams. People like Gates and more or less the Forbes 400 in general have either been blessed with a chunk of money handed to them or have had social capital that has led them to their billions.
Gates has been instrumental in the Giving Pledge along with Warren Buffet which has now 92 wealthy families committed to it. But there are criticisms against these Foundations because they do reduce tax revenues. Still, it is great for the U.S. economy when there is a lot of philanthropy that funds innovation and takes care of the poor; something capitalism does not do. Even helping communities abroad like what the Bill and Melinda Gates Foundation does is important for us here at home because it will increase the buying power in the global economy and reduce a lot of problems that are holding the human race back.
Having listened to Bill Gates regularly and reading his blog often, I definitely agree with his policies and views. As much as people criticize Microsoft and their monopoly, Gates the person is different from the businessman.