Reply to Common occupations for heirs and those financed by the bank of Mom and Dad

Forum Index » Jobs and Careers

Reply to "Common occupations for heirs and those financed by the bank of Mom and Dad"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote]But perhaps the biggest long-term impact may come from the nonprofit institutions that the wealthy fund. Nonprofit foundations have been growing rapidly in size and influence since the late ’20s, paralleling the expansion of other parts of the clerisy like the universities and government. Between 2001 and 2011, the number of nonprofits increased 25 percent to more than 1.5 million. Their total employment has also soared: By 2010, 10.7 million people were employed by nonprofits—more than the number of people working in the construction and finance sectors combined—and the category has expanded far more rapidly than the rest of the economy, adding two million jobs since 2002. By 2010, nonprofits accounted for an economy of roughly $780 billion and paid upwards of 9 percent of wages and 10 percent of jobs in the overall economy.
Nonprofits, due to their accumulated wealth, are able to thrive even in tough times, adding jobs even in the worst years of the Great Recession.
In the past these organizations might have tended to be conservative, as inherited wealth followed the old notions of noblesse oblige and supported traditional aid to the poor, such as scholarships and food banks. But the new rich, particularly the young, tend to be more progressive, or at least gentry liberal. The direction of this rapidly expanding part of the clerisy will be increasingly important in the future, and already many of the largest foundations—Ford, Rockefeller, Carnegie, and MacArthur—veer far toward a left social-action agenda.This is particularly ironic since their founders were conservative, or even reactionary, and generally held strong, sometimes fundamentalist, religious beliefs.
Much of this shift reflects the social phenomena of inheritors in general. Not involved with making their fortunes, and sometimes even embarrassed by how those fortunes were made, the new generation of “trust-fund progressives” often adopt viewpoints at odds with those of their ancestors. One particularly amusing, and revealing, development has been the recent announcement by the Rockefeller heirs that they would divest themselves of the very fossil fuels that built their vast fortune.
Of course, there remain many conservative foundations, such as those funded by the Koch brothers, who wield their fortunes for highly conservative causes. But roughly 75 percent of the political contributions of nonprofits tend to go in a left, green, or progressive direction.
This trend is likely to accelerate, as millennials—who will inherit the most money and may be the most inheritance-dominated generation in recent American history—enter adulthood. Schooled in political correctness, and not needing to engage in the mundane work of business, this large cadre of heirs to great fortunes will almost surely seek to shape what we think, how we live, and how we vote. They may consider themselves progressives, but they may more likely help shape a future that looks ever less like the egalitarian American of our imaginings, and ever more like a less elegant version of Downton Abbey.[/quote]

https://www.thedailybeast.com/trustafarians-want-to-tell-you-how-to-live[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics