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. Or if you prefer, a thousand billion. Read an excerpt of How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. That will be a blast. I'm sure that I'll bring back some pieces from my travels. Its, what, 10 years late? These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. I'll probably spruce it up and get it ready to sell for a profit. Musk, who is based in California, has since been overtaken by Amazon boss Jeff Bezos, but still sits in third place on Bloomberg's billionaires index. They saw it as a critical way to ease a backlog at the tax agency while empowering it to investigate wealthy Americans and corporations that fail to pay what they owe a disparity known as the tax gap that may cost the government $1 trillion annually. Bidenpreviously said he will refuse to negotiate with Republicans over their proposal, claiming theplan would hurt "hard-working"peoplethe most. In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. Let's go shopping! And its about the same as some of the biggest companies, like Apple and Amazon. The missives, which analyzed an earlier version of the GOP plan, said cuts back to 2022 levels would also hamstring government agencies that respond to extreme weather, eliminate 170,000 slots in a key federal preschool program, and impact the IRS and its ability to provide timely refunds. I will mostly be interested in classic cars that hold their value well. 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. Its like weve had with the International Space Station. Not at all. 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. Do you have any artistic projects in mind for the money? 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 might have a few outfits crafted just for me, to highlight my unique style. How big of a priority will it be for you to pay off your debts? The billionaire recently warned that humanitymay wipe itself outbefore his aerospace company SpaceX has a chance to colonise Mars. So the question of, are we alone in the universe, or even in the solar system, is a massive question. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. Do it right and save the Biden says McCarthy risking default on national debt: 'What are MAGA Republicans doing in Congress?'. In between those are a brand new PlayStation 5, a $1million New York City apartment and even a $4.5million private jet. Nearly all of It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. Youre not talking about intelligent life. This cookie is associated with Django web development platform for python. Spending a million dollars in a day is easy. The cuts probably would target federal health care, science, education, climate, energy, labor and research programs, while leaving untouched the Pentagon and services for veterans. What's in the Republican debt limit bill? The proposal, explained Youve mentioned a couple of philanthropists and billionaires. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? I may do some traveling to scout out some investment opportunities. Theres a lot of research going on already. The bill, if it passes the House, would almost certainly not become law given the Democrats hold on the Senate and the threat of President Joe Bidens veto pen. The next trillion seconds is 317 centuries. It's about finding ways to squeeze out more of America's middle class.". Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. So they have to be problems that we can fix. That is going to be my favorite new pastime. If it makes sense for the work I have planned, sure. The game presents Musks net worth, which you can spend on an array of different items by clicking on them as fast as you can. Trillion-dollar deficits: Biden's new normal - Roll Call IRA FLATOW: So there are things that we could not do even if I gave you my blank check question. If I had a trillion dollars than I could probably spend it. Used by Yahoo to provide ads, content or analytics. So I do think that money has been holding us back. Copyright 2023 CQ Roll Call. If you look at the James Webb Space Telescope, its only just launched. I don't think much will change, but I do hope to make friendships with those I help. Analyzing the GOP proposal, the left-leaning Center on Budget and Policy Priorities predicted that 10 million people in states that have expanded Medicaid coverage are at a significant risk of losing benefits if the bill became law. Do you anticipate that your circle of friends will change? And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. You focus on all sorts of options in your book. The game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. I would be more likely to buy furniture for those in need. So they think its doable. If you had one trillion dollars, you could spend it in a lot 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. Ive thrown more than a few numbers out there but when it comes to the debt ceiling debate, these are important in the face of White House resistance to even discuss either the debt or the deficit. Earlier this year, they voted to undo the budget boost, though the legislation has no chance of passage in the Senate. Holding a 222-213 margin in the House, McCarthy can lose only four Republican votes and still be able to pass the bill if all the representatives show up and vote along party lines. It wont get us to a carbon-neutral state at all. But do that again on the moon on a bigger scale. I will leave the Biden reelection announcement to the Twittersphere to discuss. Heres how. Absolutely. IRA FLATOW: Wow. The GOP proposal would slash the federal budget back to levels adopted in the 2022 fiscal year, then cap federal agencies future budgets at 1 percent for the next decade. Fidelity to the original aired/published audio or video file might vary, and text might be updated or amended in the future. In fact, Bidens 2024 budget proposal also projected that when that $10 trillion mark is reached, the deficit for that year will be over $2 trillion. New York, NY 10004. I have a lot of questions, said Rep. Brian Fitzpatrick (R-Pa.), the co-chair of the bipartisan Problem Solvers Caucus, who is seen as a moderate in the party. Trillion Spending This cookie is set by GDPR Cookie Consent plugin. Keep the coal in the ground, because at the moment theres still too much coal-fired power stations being used being built, even in those countries. 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 ROWAN HOOPER: Thank you, Ira. Created by Bluecadet. It seems like a good return on investment in this modern age. But in terms of the amount of money thats out there, if you look at just private equity firms, the amount of money they have before they invest it they call it dry powder in 2020, at the start of 2020, they had $1.45 trillion of dry powder, cash, just sitting around. Rowan Hooper looks at the problems facing the world today - all the big ones - and presents solutions that are Currentdollar GDP increased 5.1 percent at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion. 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. Musk hasnamed himself the "Dogefather"in a tweet which appears to have sent the cryptocurrency Dogecoin soaring. I recently did work to winterize my home. But yeah, to go to the moon, to go to the South Pole, build a base there, start mining water, put up some solar panels you could do that relatively cheaply, with, say, a few of hundreds of billions of dollars. The cookie is a session cookies and is deleted when all the browser windows are closed. I'm more likely to make a donation to my local library. But they do that a lot. That might be fun. 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. We also use third-party cookies that help us analyze and understand how you use this website. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. I will definitely dress the part of the successful entrepreneur. Even if you spend a dollar each second, it would still take you at least 31,700 years to spend 1 trillion dollars. It would work better. Three financial firms recently estimated early June as well. All rights reserved. Lets see what you could do with it. Tumblr. Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. The timing of the government spending cuts in [the bill] is thus especially inopportune as it would meaningfully increase the likelihood of such a downturn, the company said. Speaker McCarthy unveils $1.5T debt bill, pushes toward vote It's an interesting idea. IRA FLATOW: This is Science Friday from WNYC Studios, talking with Rowan Hooper, author of How to Save the World for Just a Trillion Dollars The 10 Biggest Problems We Can Actually Fix. How to Spend a Trillion Dollars Learn more about recent Gartner press. ROWAN HOOPER: Its $1,000 billion. boost from the bipartisan Committee for a Responsible Federal Budget. 5 facts about the U.S. national debt | Pew Research Center 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 Adjusting the 2019 spending for inflation, and given the remarkable increase in revenues, the deficit in 2022 would have been only $194 billion instead of a deficit of $1.3 trillion. I will spend it fairly quickly. The 320-page bill included $4.5 trillion in spending cuts, including strengthened work requirements on welfare programs, rescinding unspent pandemic funds, and banning student-loan forgiveness. "It's about cutting benefits for folks that they don't seem to care much about. So there are things that people think about that are still very, very far off. I expect that I will be mingling with much more influential people. Gross Domestic Product, First Quarter 2023 (Advance Estimate) I will be starting numerous new businesses. Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. That is going to cost around $100 trillion in investment by 2050 to get us, globally, to zero carbon emissions. But to settle on the moon, you could do it in under a trillion dollars, yeah. I think Im better at spending it.
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