Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. So how about cracking down on that unpaid tax a bit, freeing up a few trillion dollars. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . That includes a partial end to tax credits for electric vehicles: It would ax the $4,000 credits for used vehicles and phase out some of the $7,500 credits for new EVs. Now, I have to caveat that by saying that you might only find that were not alone because theres a bacteria living on Enceladus or on Europa out in the solar system. The ultimate thought experiment opens our eyes to ten world-changing ideas within our grasp If we can come up with a trillion dollars to bail out banks, imagine what else we could do. In 2022, they increased to a record $4.8 trillion. Are you interested in purchasing jewelry? SPEND A TRILLION DOLLARS This cookie is native to PHP applications. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. The cookies is used to store the user consent for the cookies in the category "Necessary". But House Republicans have charged that the influx in funding would empower the IRS to hire thousands of new agents to audit innocent Americans. Funny Game Description Punish greedy fat cats and save honest peoples! I say cheap, you know, but to get to Mars, it would take all the trillion, I think. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. Apparently, Biden decided to ignore that crucial point. If you owned a trillion dollars and spent $1,000,000 each day, it would take you just under 2,740 years to spend it all. The $7.2 trillion added to the debt held by the public under Trump compares with $8.1 trillion added during the eight years of former President Barack Obama and Vice Will you be hiring others to work with you? Three financial firms recently estimated early June as well. Its like weve had with the International Space Station. Do you have information you want to share with HuffPost. I imagine that I will meet new people from around the world. SiteLock sets this cookie to provide cloud-based website security services. How should we square pro-space arguments from tech CEOs with the history of imperialism and underinvestment in social equity programs? spend The bill's odds of passing in the Senate, where Democrats have the majority, are low. I might actually increase my debts. This cookie is used to detect and defend when a client attempt to replay a cookie.This cookie manages the interaction with online bots and takes the appropriate actions. I hope that I will get to collaborate with some amazing new friends. IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. It might be something I invest in if it becomes popular and profitable. What's in the Republican debt limit bill? The proposal, explained YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. I'll keep eating the way I do. You Couldn't Spend So by 2030, theres $7 trillion in unpaid tax in the US. How likely are you to make updates to your landscaping? boost from the bipartisan Committee for a Responsible Federal Budget. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. I'm more likely to offer to do that for someone else who needs it. IRA FLATOW: Rowan, we could all use a little bit of optimism these days. Consider that U.S. GDP in 2019 was $21.4 trillion, which is expected to shrink in 2020. I will eat at fancy restaurants with business associates so I can write it off. That the ideas havent been coming. Absolutely. Not at all. That is exactly what I'm talking about! The TiPMix cookie is set by Azure to determine which web server the users must be directed to. Millions of low-income Americans who receive food stamps and health insurance from the federal government would have to work longer hours in exchange for benefits under the new GOP bill. About 275,000 people, on average, would lose eligibility for food assistance through the Supplemental Nutrition Assistance Program each month, and 19,000 more would see their benefits reduced, the CBO said. The next billion seconds is 31.7 years. I want a functional home with plenty of space for my creative projects. The nonpartisan Congressional Budget Office said the bill would cut the budget deficit by $4.8 trillion over 11 years, with the bulk of that savings coming from caps the bill would place on the annual funding voted on by lawmakers.If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including I would give a few tens of billions of dollars to some of the smaller space agencies, especially the African Space Agency and some of the ones in smaller countries other than the US and China, and make a Terran Alliance that would elevate other countries up into space so that its not just dominated by the US and China. The federal governments total public debt stood at just under $31.46 trillion as of Feb. 10, according to the Treasury Departments latest daily reckoning. That is not something that I'm really interested in doing. I might bid on some trips or adventures at a charity event. No way, that's another terrible investment. Absolutely. If Biden had returned to the 2019 pre-COVID spending levels and rejected the trillions of dollars in excess spending that has characterized his first two years, he could have come much closer to a balanced budget for 2022. With a million dollars, you could have that first issue comic book you've been dreaming about, or you could feed a small village for a number of years. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance. The JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application. Numbers this big start to lose their meaning, right? 14 Ways to Spend $1 Trillion | Kiplinger While the economy skirts recession in both scenarios, recession risks are uncomfortably high, with a consensus of economists and many investors and business executives expecting a downturn beginning late this year or early next. Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. Hit to education:McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says. I could use that for a number of things. It would subject adults without children to new work requirements until they reach age 56, replacing current law, which only imposes those rules until age 49. We could do loads of observations of dark energy, dark matter. Which new hobby would you most likely see yourself taking up? We pay for your stories! So if you think about it as the richest people in the world, its either Jeff Bezos or Elon Musk, and theyve got about $220 billion. ROWAN HOOPER: One of the fun ones Id like to do is I call it the Terran Alliance, which is effectively a space agency for the world. NID cookie, set by Google, is used for advertising purposes; to limit the number of times the user sees an ad, to mute unwanted ads, and to measure the effectiveness of ads. The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act," includes $4.5 trillion in cuts to government spending and returns discretionary spending to fiscal year CQ Roll Call is a part of FiscalNote, the leading technology innovator at the intersection of global business and government. I would be more likely to buy furniture for those in need. I think there are much better things I could do with my money. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. I will definitely dress the part of the successful entrepreneur. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. IRA FLATOW: Yeah, lets focus on clean energy for a moment. You focus on all sorts of options in your book. I'll visit family and friends very regularly. Thats the question asked by Rowan Hooper. Science Friday transcripts are produced on a tight deadline by 3Play Media. Heres how. You would have to come up with some pretty crazy ideas to spend that Let us know in the comments! This cookie is associated with Django web development platform for python. WebHow To Spend a Trillion Dollars is both original and ingenious. I plan to invest it quickly, but I don't see the money going away for a very long time. 2023 BuzzFeed, Inc. All rights reserved. I will bring back loads of gifts for family and friends from my travels. Tell us about the things you would do with your cool million, and we'll be able to tell you which of your traits is the most positive. It does not store any personal data. So I think putting lots more money into what were already doing in terms of wind power and solar, especially, but also nuclear, would help just speed up that process of the transition to a carbon-neutral economy, to a carbon-neutral state. IRA FLATOW: OK, well, speaking of that being very far off, you have an option you call discover a new reality. And that is let me read from the book to break or fill the gaps in the standard model of particle physics to understand the missing 95% of reality. So its just a matter of having enough money to do that? And I think that might start to move us to a new understanding. That would prevent a default, but it would That will be a blast. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. How far can a trillion dollars take you there? Congress would eventually appropriate $2.13 trillion more, notably in December 2020 and March 2021.4 For observers who remembered the federal governments response to the Financial Crisis of Number of The GOP bill would also make it harder for states to spare certain families on SNAP from federal work requirements a flexibility some states have used to help lower-income people during times of high unemployment. It's an interesting idea. A load balancing cookie set to ensure requests by a client are sent to the same origin server. I might get something that would be a fun project to work on. ROWAN HOOPER: Well, globally, it wont get us to carbon zero. If youre a regular listener to the program, you have heard me ask researchers the question I call the blank check question. Imagine I gave you unlimited resources, a blank check, to spend on your research. Not really. Instead, focusing on one of the most important issues Biden never mentioned in his Tuesday announcement video: the economy, specifically the countrys staggering debt, a looming catastrophe waiting to happen. In speech after speech, Biden seems unwilling to address the extensive inflationary effects of his spending policies or their potential negative economic impact on future prosperity. If you look at the James Webb Space Telescope, its only just launched. House Speaker Kevin McCarthy (R-Calif.) told reporters late in the day that he thought the bill would still pass this week but acknowledged there were wrinkles that needed to be ironed out. Lets begin with some context here. How much of your money will go to charity? I expect that I will be mingling with much more influential people.
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