Because We Love Bono

I'm an econ major and I've been hoping for G8 to succeed for a long time now. What is G8? Well, it's a summit of eight developed countries around the world deciding how to combat global poverty and environmental depredation. They're trying to do it by getting debt cancellation for third world countries and dedicating 0.7 percent of gross national product (among developed countries) for foreign aid. For those of you who are going "Huh?" basically this means that every one hundred dollars you spend, seven cents goes overseas. Currently, at least for the US, only 0.18 percent of GNP goes overseas, or ... 1.8 cents per $100. To put *that* into perspective, that's $15 billion dollars for foreign aid per year compared to $450 billion dollars for military expenditure. $15 billion dollars for all of Africa. Our $15 billion dollars is $12 per sub-Saharan African per year. That means you could probably buy an African like... a t-shirt. 0.7 percent of GNP would be $70 per African per year, which could buy them safe water, anti-malarial and anti-AIDs drugs, contraception, the beginning of investment in improved farming, like, say, fertilizer and irrigation. The village could afford, oh, a truck.

Another thing to think about: The top 400 richest people in the US put together earn 69 billion dollars. The combined citizenry of Botswana, Uganda, Nigeria and Senegal earn.. $57 billion. So basically the 400 richest people in the US earn more than 161 million people in Africa.

It's about time for G8.