(CNN) – Microsoft founder Bill Gates told CNN Wednesday he hopes President-elect Barack Obama and Congress immediately craft a wide-ranging stimulus package to help jump-start the nation's sputtering economy, and double the United State's commitment to foreign aid.
"Clearly we need a stimulus that doesn’t undermine the incentive for businesses to be careful about their spending and making those correct investments," Gates told CNN's Wolf Blitzer in an exclusive interview airing on The Situation Room Wednesday and Thursday.
Watch Bill Gates on the economy
Gates, among the world's richest men and founder of the Bill & Melinda Gates foundation, is also calling on the future commander-in-chief to increase investments in the nation's education system and spur technological advances to improve agriculture, prevent disease, and economic growth in the world's poorest nations.
OPEN LETTER: Sign up for Gate's candid take
"The key point I’d make is that in addition to that stimulus, you’ve got to fund the kind of scientific work and educational investments that could really have us be a much better country as we emerge from the recession," he said.
According to Obama's Web site, the incoming president has pledged to double the United State's annual investment in foreign aid to $50 billion by the end of his first term, with the goal of fully funding debt cancellation for indebted poor nations and fighting AIDS and global poverty.
In the interview with CNN, Gates said he expects Obama will live up to that commitment.
"Obviously it's the Congress that gets to actually vote the final decision for how the money is spent but I do think he will get to that commitment," Gates said. "I am thrilled to be able to see that people are responding to the success stories. Aid from the United States did go up in the last eight years."
The interview came shortly before the Microsoft founder delivered a wide-ranging speech at George Washington University, during which he reiterated his call for a major new stimulus package to spur job growth.
"Spending is the only way we'll ever come out of this downturn, and with businesses, state governments and consumers pulling back, the federal government must step forward," Gates told the crowd.
The Bill & Melinda Gates Foundation has distributed more than $17 billion in grant commitments in all 50 states and 100 countries. In his interview with CNN, Gates said he had personally given over $30 billion to the foundation.
From CNN Politics
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Let's take care of ourselves first and never mind the foreign aid.
Here's an idea to the world's richest man... find a company that is floundering, and give them your own bailout. Or shut up!
How about this Mr Gates? Let's fix all the issues we have here at home before we start worrying about foreign aid.
What about single grandmothers like me losing their homes
cause I lost a job and had to take a lower paying job
the bank will not consolidate some loans I have with my home
so therefore they will take my home and put me and my grandchild
to live on the streets we have no where to go
Franklin Ky
Wow...you think so, Bill?! The guy never changes...always proposing as his own something positive already created or spoken of by others.
We need to spend money in US and not give it away to other countries. The US has always stepped up and helped every nation with their hand out but it is time to say "no more charity abroad " until every man, woman and child has a bed to sleep in and food on the table.
Bill and Melinda Gates have given millions away to foreign countries and have turned their back on the citizens in poverty in the US. It is their money and they can do as they like but they need to step back and see the hungry, sick and desperate children in the US that could use a helping hand.
How about this Mr Gates? Let's worry about our folks here at home before we start worrying about foreign aid. It's easy to sit their smugly and discuss your donations when you have a gazillion dollars, but when your in the real world, slugging it out in the trenches day to day, you'd like to see your tax dollars actually go to help you and your fellow Americans.
Who is he to press? He pressed Congress about more Visas for foreigner workers and he got it. Needless to say, he is paying to these workers much less than he would pay to Americans. It is how he got his billions. Is he hopping about a position in new administration?
Way to go Bill. If I were the richest man in the world, it would be pretty easy for me to recommend to Government how it should spend taxpayers dollars.
After all, very little of what government does will ever effect how you live out your life, but for me it can be the difference in being ravaged by those in power and finishing up a lifetime of work in a degree of comfort but not wealth.
You are an example of someone who was in the right place at the right time; a place where opportunity and prepareness met.
While you might say it was hard work, you have the same hours in your day I have and I'll bet there has never been a day you worked any harder than I have.
He probably wants Obama to allow more H1-b contractors into the U.S. so he and his fat cat buddies won't have to hire Americans to do I.T. work. The question is which economy Gates wants to stimulate. I doubt it is the American economy.
Hey, Bill, why don't you open your wallet and spend some of those billions we gave you for a crappy operating system. Buffet, Exxon, you, and all the other billionaires could stimulate the economy if you really wanted to.
He Bill, why don't you throw some of YOUR own money into the stimulus package, after all, you could bail out the Big 3 automakers yourself.
First, CNN, your story is wrong. Gates isn't the world's richest man....Warren Buffett (from OMAHA NEBRASKA) is.
Second....Buffett has given advice to Obama already. Gates needs to hush.
Bill Gates is my hero. This is a man of great intellect.
Also, he inspired me into becoming a Computer Scientist.
i love bill and melinda gates.
Hey Bill, how about you fix that lousy Windows operating system. How about an investment in that.
More science and technology programs in universities could easily be created and funded by eliminating the wasteful spending on business schools and law schools. University presidents and administrators could do a lot for the country by simply deciding to reduce or eliminate business programs and pre-law programs for undergraduates and instead direct the exact same funds to new programs and departments in the natural sciences, applied sciences, and fields that actually have something to contribute to humankind. No stimulus package is needed for this, just a commitment to produce university graduates who actually can think and create something instead of just mindlessly exploit the system and the hard work of others.
You got it right Mr. Gates, education has to be a top priority in our country, this is the only way to prepare our future leaders. The stimulus package needs to focus on that.
I agree with Bill Gates! President-elect Obama will take care of the stimulus package, and we, Americans need to do our share as well.
No other president since FDR has faced such an economic disaster!
God bless President-elect Obama!
I agree with Bill Gates that funding education is probably the best investment we can make in our future. But that has to wait a bit, until we navigate out of this turbulent sea of the economy. We need to restore Americans' confidence in their government and in the financial institutions. When that is at least on the road to recovery, then we should turn our attention to elevating the quality of education of our future leaders. As Gates also says, we need to invest in the Third-World countries so that their standard of living is improved. What better way to cement relationships with the rest of the world and restore our place as the beacon of hope?
"to improve agriculture, prevent disease, and economic growth in the world's poorest nations."
Farmers are barely making a living in the US, our economy is in shambles and Bill Gates takes his billions overseas to help the Third World. Where did he get all his money from? Americans, by and large. And he wants us to do more overseas? I can just see it. He'll get the US to help farmers overseas and create competitors for US farmer thus driving them out of business. Corn and wheat are our "oil".
What has he done for us lately (except give us VISTA LOL)?
I admire the fact he's using his status to speak on the issues and economy and speak out for those who don't have the status to get their voice(s) heard. And it's nice to see a Seattlite in the news!
Is it true that we can cure tuberculosis worldwide for a fraction of the cost of one month at war?
all of his employees are in 3rd world countries -so why does he care anyway
This is coming from the richest man on the face of the universe!!! Uh! They will ignore you just like they have ignored everyone before you. Continue with your good work Bill
Aid to foreign countries while we are in a recession? So that they will be able to buy more microsoft products? At least a few of us will get richer in the down economy.
I am sorry to rain on anyone's parade, but Bill Gates could and should be using his Foundation's money to do some of those things that he wants the federal government to do. Why wait for Washington, he could begin erecting new schools or awarding scholarships TODAY!
Love your Windows products, Bill, but your generosity needs a reboot!.
Go Bill Go!!! Too bad he didn't want to run for President! He is a man with MUCH common sense!
You Are The Best.
Bill Gates has more money than the government. Why doesn't he put his own money where is mouth is?
Bill Gates the Billionaire. I bet he voted for McCain just like Donald Trump the Billionaire did. Sorry guys, you've got to cough up some more money. But don't worry, you can afford it. I agree with the investments that Bill is suggesting besides for the economic growth of the world's poorest nations. Yes, this is America and we do have a moral obligation to uphold, but we have got to get our house back in order before we go try and fix someone else's.
I am sooooo happy that Bill Gates has given sooooooo much for foreign aid. The only sad part is I work in a field that sees the poor, hungry, elderly who can't afford their medications, children that go to bed hungry who have parents who both work in jobs that just barely keep them above poverty. And right now, food banks across the country have no food to give to the hungry. Let's take care of these in need here before we promise billions more to other countries. I admire his determination, I just feel he and the many "celebrities" that do their best philanthropic activities overseas need to look in their own back yards first.
Easy for Bill Gates to give advice on what to do in the US ecomnomy, when he shelters not paying taxes here in the US by moving his business oversea's to avoid tax dollars.
He also thinks Americans should be charitable and contribute money to those less fortunate overseas!
As a resident of Michigan that has lost over 400,000jobs, and more on the way and our income is less ,then it was 15yrs ago and mortgage and everyhing else is higher, I am not worried about those overseas that now have the jobs we once had! If he is so gung ho on this country why doesn't he move back here and put some of the tax dollars back into this economy rather then burden what is left of the low paid tax payers. Yes he is so rich and successful and he had help that many do not afforded to them and if he is so concerned about workers perhaps he should hire a few instead of pushing for more visas
Gates could fund the school system all on his own....but anyway glad to see folks are involved...hopefuly he will offer more ideas
WHy doesn't Bill Gates by the Big Three? AutoSoft or MicroMotors?
Gates can give all the money he wants to foreigners, but America needs to get real about taking care of its own. Gates hasn't got a clue about the street I live on.
Based on Bill Gates speaking with CNN today. I agree that it will take more than the government $700B package to resolve the many issues that USA faces. In fact I agree with him, that private investors should come together and support many areas. It is "we, us, we are all in this together".
Mr. Gates, I am sure Obama will make the effort to improve the educational system and update the electrical grid if you fund it!
Remember you also have all of Warren Buffets funds in addition to yours, that would go a long way to both efforts.
Gates and Obama–now there's a power-packed team!
I think that at this pint Bill gates could be richer then our entire country.
Why doesn't he show an example how to stimulate our economy by bringing back tens of thousands of jobs that Microsoft outsourced to India?!
He is someone we all should listen to.
Hey, open your wallet pal. Time to be a patriot Bill, time to chip in, time to be part of the America dream and change Obama and Biden want the rest of us working stiff have to pay in taxes soon.
Let's see, give the money to the heads of households who will go out and spend that money, thereby giving it to the companies who want it, will save it and thereby expand the pool of money available to lend or pay off debts which will also expand the pool of money available to lend OR give it directly to the companies who will use it to buy other companies, send their executives to a spa or create a supply that no one can afford.
Choices, choices . . .
Bill,
I have one word for you and it is why I have lost all respect for you and Microsoft.....
VISTA!
Next time get the bugs out before you force sell!
A billionaire is giving advice... asking to help the other countries of the world? How bout you take a billion of your own dollars, give each household in America a 100 grand, help us out who are hungry, who work two jobs and still can't get ahead... how bout instead, you just move to Africa and forget you were even born here.
Mr. Gates everybody speaks of a stimulus package, to the bank, to the stock market, to big financial groups who were well educated to serve the people and big corporations. Why don’t we direct this stimulus package directly to the people?
My suggestion is to give; every NON millionaire resident of the USA one million dollars for them to pay all their Mortgages and Bills. The banks get all their money back and companies can create jobs and this solves all the financial problems for everybody!!!
Agree with Bill 100% not because he has money, but because what he is saying makes absolute sense. There is no doubt that Obama will follow thru on much of these ideas as it's clear her truly understands the predicament the country is in.
You know what? Who cares? Here's yet another absolute jerk whose opinion gets published and listened to just because he's rich. Micro$oft is a monopolistic, cut-throat, randian, anti-trust violating demon of the capitalist world. Gates' can take his opinion and shove it you-know-where.(and I don't care if he's right or how much he gives to chairty in an attempt to absolve himself of his sins).
he is just wonderful man , GOD gifted ,keep it up Bill may GOD bless your family
My suggestion is to give; every NON millionaire resident of the USA one million dollars for them to pay only "their residents home Mortgage" and Bills. The banks get all their money back and companies can create jobs and this solves all the financial problems for everybody!!!
I agree with your saying Mr. Gates, however we really need to put funds into our own country. After we start putting money into energy exploration in wind, clean-coal, solar, and safe nuclear and oil drilling we will be in much better shape as a country to help others. Once we are better off at home, we will be better prepared to help those abroad.
I agree with Bill EXCEPT on double foreign aid. Our wallet's (as a nation) are stretched thin and we need to be reevaluating out spending. The economy needs a boost. We should take care of our own, first and foremost. I'm all about foreign aid, but doubling it?!? Hell no. Not while people in our own nation are suffering. Sorry.
Let me see if I get this straight about the plan – Bail out Banks, Bail out the Auto Corporations, bail out the states... I think I'm beginning to understand trickle up economics.
Too bad there were no Republicans in the crowd at Geo. Washington University – they are still insisting we do not need a stimulus package.
Most–if not all–foreign aid just ends up in the bank accounts of the wealthy or government leaders, so doubling the amount will only add to the corruption–and will not do a thing for the country intended, so, sorry Bill Gates, but this is a bad idea. As for another stimulus, it better involve direct investment in businesses that are directly related to national security–food production and distribution, energy, public transit, water, waste–and not to luxury items (like auto makers) or to keeping businesses that failed on life support.
...And he could stop pressing for the capability of hiring more foreign workers for his company. He should be mentoring the college students of information technology who are American citizens!!
Yup, you have to spend money to make money, not give money to companies and not expect them to pay it back.
I sure believe Gates is right, and WE, the people deserve that, above and ahead of the 3 auto makers ! If I make mistakes and bad choices, I alone have to pay for them or go banrupt, so WHY should the auto makers be any different...put the people ( who voted you in Obama ) 1st...
THANK YOU
I agree with Bill Gates. A stimulus is an absolute necessity. I don't however think it should be in the form of a no strings handout. As for increasing foreign aid, I do not agree that we should continue supporting those third world countries that openly display their hatred of the U.S. Those monies should be removed and applied to those who are more friendly. As for the economy in this country; there is enough work on our own infrastructure to keep hundreds of thousands of workers busy and productive for at least a quarter century or more. These are just a few musings of an 86 year old who has lived thru it all; wars, depressions, and above all....some great times in the U.S.
Jesse Callahan
Brookeland, Texas
OK !!!! first things first. Let's get our house in order then we can think about the other houses. I am an african and american citizen. But for now let's get the american economy back of track, then we can think about africa.
didn't I read somewhere that bill gates was in congress trying to get visas extended to fill jobs that apparently couldn't be filled in the us.
Here we go with the money going out of our country for aid to help poor nations. Go ahead Bill and Melinda, you have plenty of money to keep giving.
Good thing someone does because I can't stand them.
The Gates are great philanthropists.
Bill could bail out the auto industry without even breaking a sweat.
I wonder if we're going to see our first trillionaire within a decade?
Hey Bill......Keep encouraging the knuckleheads in Washington, D.C.!
The only reason your business is down is because of the defective products you produce like XBOX with the eventual "Red Ring of DEATH"! You cannot 100% back you product because it is mads overseas! You are another company that has shifted all your technical support to the terrorist supporting countries, and the bulk of your manufacturing business there too!
If you have not noticed, we as a country have been giving aid over seas since NAFTA! Putting people to work in other countries! FORD built an exceptionally automated plant in South America! Now FORD is asking for a BAILOUT(Handout)!
The problem is that businessmen like you no longer have the confidence in our country and continue to send it all over seas!
So why should we listen to you and have the idiots in Washington, D.C. support these companies?
For what.......To make the rest of the world more prosperous???
Wait, lemmie guess – Bill wants MORE cheap foreign labor, right? Go away, Bill. You're a disgrace to this country.
gates talk is cheap. if you were really serious why dont you step up and help out youre country. break out the check book and lets see
agood stimulus to help your country out?
How about Bill Gates giving up his quest for those M1 Visa's or whatever they're called. The visas that will allow more cheap Chinese and Indian labor to come and WORK FOR HIM..
How about HE gives OUR high school and college graduates some inscentives to stay in school. How about HE offers them a job with GOOD PAY in HIS company.
But then again, how would he make his BILLIONS if he has to pay AMERICAN workers a decent wage?
What an interesting country and culture that can produce both a Bill Gates and a George W. Bush.
I couldn't figure out how to leave a question for the auto execs ... so I am leaving it here.
I would ask them – How much of YOUR OWN financial compensation are you giving up to help make any bailout work? Would you be willing to drastically reduce your and the other executives salaries to make these companies more solvent?
Can Bill lower my taxes?
Kind of easy to talk about spending when you are in his kind of income bracket.
Bill Gates should have been the SOS or somewhere in Obamas cabinet. He is a good man and he cares alot about others, exspecially those who are less fortunate.
". . . his call for a major new stimulus package to spur job growth."
I'm getting sick of all these companies wanting a handout. Because of the wide-ranging impact the automotive industry has throughout our nation with complimentary companies, we need to bail them out or risk throwing the economy into a depression. However, American companies like Microsoft (which Gates is no longer active with) need to get back to making decent, WORKING products that American's want. Folks argue that it is the price of the products but if you supply us with products that work, are not junk, and don't break the moment the warranty (if there is one) lapses, there are a multitude of people that will buy American products.
And all this from a man that outsources job at the drop of a hat. Mr. Gates is forever trying to get more visas for foreign workers to come into our country. He has been generous but he probably has 50 billion dollars left. In 1999 he was worth 100 billion dollars.
How can we take Bill Gates seriously, when he is one of those who has some contribution to the situation we are in now? Is he not one of those who were exporting jobs from this country and importing Hi-Tech workers to this country in the past years? I appreciate those who keep the jobs in U.S. and hire US workers by training them when required.
Perhaps Bill Gates would be interested in finding candidates that support the economic plan of President Obama instead of funding the likes of republicans that want to stifle change.
Why would we want to double the United States commitment for foreign aid when today in Des Moines, Iowa the city are removing homeless people from there shacks they call home. We should be helping our own people before we help others. Some of them gave years of service to protect this country and this is how we show our thanks.
Good point Tek....good point
To whom this may concern, we american people need a financial bailout to help save thier home and other loans such as auto loans credit card ect.we have had home owners, that houses are either in forclosure or already have been forclosured.I understand that the carmakers need a bailout, but what about the tax payers, that are taking the most hit in this economy.
Since the Iraq war is costing us 10 billions a month, do the math ...
Gates is doing everything he can to help foreign countries. He should put as much effort into helping out his own country.
Bill...shut up! you're already worth 10% of the bailout. You should not talk! Put your money where your mouth is...give me 10billion, i need a handout. whatever...loser~!
This guy is so smart and at the same a moron.He thinks everyone should ride a bicycle,but own a laptop with Windows installed of course.
Bill Gates dropped out of Harvard to become not only a very rich man, but changed the way the world does business, communicates, learns, and basically, changed the world. I don't recall Obama wanting Bill Gates as an economic advisor – he wants Warren Buffet. The moral of the story you can drop out of Harvard and change the world without promoting yourself as someone who can change the world. One is true brillance – the other pure ego.
We need to save and produce. Not spend more and more. Can someone please explain to me how doing the same thing that got us into this problem will get us out? No more spending and no more bailouts!
Tek, there are not enough good American engineers to fill all of the tech jobs in America. There are two (closely related) reasons for this: first, Americans would rather get an MBA, law, or medical degree than a degree in engineering; second, most Americans are not trained well enough in math and science to be successful engineers (and, for the most part, this isn't training that can be done after somebody has already graduated from college - it needs to start when they are in kindergarten). If we want to remain a superpower, we need to do two things related to the tech industry: first, in the short term, we need to import more hi-tech works and encourage foreigners getting Ph.D's in engineering to stay in America so that American businesses benefit from their brains (and state and federal governments benefit from their tax dollars); second, in the long term, we need to improve math and science education starting from as early as kindergarten so that American students can compete with students from India, China, Iran, etc.
Yamas the world needs help notice that peace of the people work that out inventions ect. save many. They can get rich but really in( peace ) not moneys. patrick3jordan@yahoo