It's a philosophical debate, and a personal one at that.
My thinking is more along the lines of help starts at home. How many people need help in Ontario, Canada, the North America? I'd rather not see our own population neglected as opposed to pumping more and more into foreign aid.
Sure, there are lots of people globally that need food, shelter, water; but there are right at home too. Teach them how to fish, then reach out to the others.
I think your heart is in the right place, but maybe look a little closer to home to see what can be done for your neighbours.
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