The conversation Milken had with Economic Club President David M. Rubenstein focused primarily on Milken’s philanthropic efforts, particularly in the health care arena. President Rubenstein credited Mr. Milken with being the “largest single personal investor in the education space in the United States”, revolutionizing the treatment of prostate cancer, being one of the largest backers of cancer research and “one of the original 40 signers of the Giving Pledge, developed by Warren Buffett and Bill Gates.” In Washington, D.C., President Rubenstein noted, the George Washington School of Public Health is now named the Milken Institute School of Public Health because of Mr. Milken’s generous contributions and support.
Excerpts from Event
There’s three ways to build human capital. One is education — lifelong education. Two is immigration ... and three is health — extending the length and quality.
America’s preoccupation at the federal level with housing and investment over the last 120 years ... has led to government policies and incentives that have encouraged a misallocation of assets and resources to larger houses and cars with more horsepower instead of investments in education, medical research, energy, and retirement security. ... So it’s only a logical outcome that the middle class in America has altered their spending patterns where more than 50 percent of the money that the middle class spends is on housing and transportation and only 2 percent is on the tutoring and education of their children.
... more than 50 percent of all economic growth in the last 200 years can be traced either to medical research or health. ... We’ve solved many life-threatening diseases, and we have solutions today for 500-600 life-threatening diseases out of, maybe, 7,000. We are entering this Golden Age of medicine with precision medicine and immunology and stem cells and the promise of this enormous investment that the American people have made.