• Private Wealth to the Rescue

    Philanthropy and business are taking on the coronavirus.

    Bill Gates and his wife Melinda Gates introduce the Goalkeepers event at the Lincoln Center in New York, Sept. 26, 2018.

    PHOTO: LUDOVIC MARIN/AGENCE FRANCE-PRESSE/GETTY IMAGES

    Liberals these days often treat the rich as if they’re the coronavirus, so it’s worth highlighting how many affluent Americans are using their wealth to stop its spread—not that they’ll get much credit for it.

    The Bill and Melinda Gates Foundation along with Mastercard’s Impact Fund and the British health philanthropy Wellcome on Tuesday announced a $125 million project to accelerate coronavirus vaccines and treatments. Gates Foundation President Trevor Mundel says the idea is to have this “incubator” finance drug development before government funds become available.

    Congress last week authorized $3 billion for coronavirus drug treatments, but there’s no guarantee that the funds will finance treatments with the most therapeutic potential. Failed green energy companies Solyndra and Fisker, which received 2009 stimulus dollars, showed that government is a lousy venture capitalist. The failure of cellulosic ethanol projects is another example.

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    Posted by Dana West @ 10:01 am for Colorado politics, Economy, Editorial, Issues, Liberal Logic, National politics, NSRF Business, ObamaCare, POTUS |

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