economy

Philanthropy has work to do. And it's not simply to be charitable and feed the hungry. The scale of United States national debt is so big - we're talking $11-14 trillion - and there is national, state, and municipal deficits too. Meanwhile, the amount of money held in most foundations for social justice and community-based activism is growing smaller still.

President Obama's new budget proposals would limit itemized tax deductions to 28% for people who earn more than $250,000. It also calls for reinstating marginal tax rates of 39.6% for the same group. As a result, The Center on Philanthropy at Indiana University projects that overall charitable giving could decrease by 2.1% or $3.9 billion.

The goal of public policy post-Bush is, I hope, to advance the general welfare and thereby ensure economic security for Americans devastated by grossly under-supervised bank and finance giants. That goal must be put front and center as the test of any policy’s value.