Actually, I'm pretty sure that - as with much modern liberalism - half the time this sort of thing is just a way of subtly boasting about being so rich you can even throw money down the drain and not notice it. Still, he might actually mean it, in which case I have no option but to cite P J O'Rourke:
There is no virtue in compulsory government charity, and there is no virtue in advocating it. A politician who portrays himself as caring and sensitive because he wants to expand the government's charitable programs is merely saying that he is willing to do good with other people's money. Well, who isn't? And a voter who takes pride in supporting such programs is telling us that he will do good with his own money— if a gun is held to his head.