Employment, not charity, helps poor says world’s richest man

Carlos Slim, ranked the world’s richest man by Forbes, told the Wall Street Journal that the key to fixing poverty is employment, not charity:

“To give 50%, 40%, that does nothing,” Slim said. “There is a saying that we should leave a better country to our children. But it’s more important to leave better children to our country.”In a speech in Mexico City Thursday, he reiterated his point that the best way to fight poverty is to create jobs.

Now Mr. Slim isn’t un-charitable. He has contributed hundreds of millions of dollars to his foundation and has funded millions of dollars in joint-venture projects with the Bill and Melinda Gates Foundation.

There’s something to this: Many charities provide temporary relief, but no country’s widespread poverty has ever been solved by charity. It’s always been a new industry and an economic upturn that has helped. Too bad it’s more likely critics will dismiss him as a kooky self-interested billionaire.

Beltway ConfidentialcharityeconomicsUS

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