Apple Has More Cash Money Than the US Government
In news so hilarious it's sad, Apple is the top Smartphone vendor and has more money than the federal government. Considering the pathetic deficit our country is in thanks to the mismanagement of our money by Congress, I think it might be safe to say even I have more money than the federal government. (Ok maybe not) From Mashable:
Also, with a $75.9 billion balance, Apple is obviously doing really well in the “cash reserves” department, but it sounds even better when you hear the U.S. Treasury Department say that the government now has a total operating balance of $73.8 billion.
Perhaps if Congress had supported the Cut Cap Balance pledge they wouldn't be in such an embarrassing predicament. FreedomWorks has a 10 top list of why CCB is a good plan but here's my favorite reason:
Unlike other plans, CCB meets the criteria set forth by Standard & Poor’s, which is that the debt must be stabilized as a share of our economy. Right now, U.S. government publicly held debt equals about 69 percent of GDP. It is on a trajectory to hit 100 percent of GDP by the end of this decade – which would likely cause higher interest rates and produce a measurable drag on economic growth. (For reference, troubled Greece’s debt-to-GDP ration is 150%.) The way to stabilize debt accumulation is to keep your annual deficits lower than your annual GDP growth rate. GDP is currently growing at between 2 and 3 percent a year. Our deficit currently stands at a staggering 10 percent of GDP. CCB is the only plan that would reduce spending significantly, reducing outlays by $111 billion in 2012 and about $7.5 trillion over the decade. We will need at least that much in savings, to have any hope of balancing the budget within 10 years. If we only reduce spending by $4 trillion, as President Obama and the Gang of Six have suggested, the debt-to-GDP ratio would slow down, halt, and begin to decline within the decade; but we would not balance the budget. Boehner’s plan tries to save a mere $2.8 trillion. And no plan can guarantee all its promised savings will actually materialize, unless we bind future Congresses with a constitutional amendment.
Ron Swanson does not approve.