Gates Foundation To Increase Giving This Year

There may be a scary economic recession, but the Gates Foundation won't be slowing down on their philanthropy this year, according to Bill Gates' first annual nine-page letter to the Foundation supporters at large. "The goal of our foundation is to make investments whose payback to society is very high rather than to pay out the minimum to make the endowment last as long as possible," he writes.

I am impressed by individuals who continue to give generously even in these difficult times. I believe that the wealthy have a responsibility to invest in addressing inequity. This is especially true when the constraints on others are so great. Otherwise, we will come out of the economic downturn in a world that is even more unequal, with greater inequities in health and education, and fewer opportunities for people to improve their lives. There is no reason to accept that, when we know how to make huge gains over the long term.

The real question here, though, is if Bill will take the recession as a cue to return to his old 7-Eleven-brand coffee drinking days.