WebHow to Spend a Trillion Dollars: The 10 Global Problems We Can Actually Fix eBook : Hooper, Rowan: Amazon.com.au: Kindle Store IRA FLATOW: And you dont want to just stop at the moon. How likely are you to get the newest gadgets on the market? The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. But do that again on the moon on a bigger scale. Yeah, absolutely. 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. However, given the direction of current spending, the CBO baseline projects the annual deficit will be over $1 trillion dollars through 2029, and then it goes over $2 trillion dollars for the years spanning 2030-2033. 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. 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. It was like, oh, what would I do if I had all this money? I plan to invest it quickly, but I don't see the money going away for a very long time. And they only cost in the order of tens of billions of dollars each. I'm more likely to send my local Boys and Girls Club to a game. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. IRA FLATOW: So there are things that we could not do even if I gave you my blank check question. That's not going to be something that I spend money on. 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 most likely make a lot more artistic gifts for family and friends. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. 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. But Republicans have run into problems as Biden refuses to even discuss the House majoritys proposals. Remember what this bill is: This bill is to get us to the negotiating table. Its a machine with human-level intelligence. How to Spend a Trillion Dollars is the ultimate thought experiment but it is also a call to arms: these are all things we could do, if we put our minds to it - and our money. And you could raise the money like that. I hope that I will get to collaborate with some amazing new friends. The cookie is a session cookies and is deleted when all the browser windows are closed. I have a lot of artistic projects in mind. IRA FLATOW: Yeah, lets focus on clean energy for a moment. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. Is it a question of money, or is it a question of new ideas? So it should not be surprising that the new majority in the House wants to define policies that will create a trajectory toward some level of fiscal discipline, in combination with raising the debt ceiling. In the fourth quarter, GDP increased Youre not talking about intelligent life. Absolutely not, they are terrible investments. The outcome marked an escalation in the standoff between the House Speaker Kevin McCarthy (R-Calif.) and Biden, as Republican leaders hardened in their resolve to exploit a key fiscal deadline for political leverage even at the risk of causing the U.S. government to default. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Now, I think if you asked people what they would do with a trillion dollars, a lot of them would say, first off, cure all human disease. This cookie is native to PHP applications. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. 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. I might give it a try. I don't need much, just something that gets me from point A to point B. You can even share your results on social media and compare them with your pals'. )3 Also in the spring of 2020, Congress appropriated $3.6 trillion, $1.9 trillion of which had been disbursed by July 2020. The Source for news on Capitol Hill since 1955. That includes, for example, participating in 80 hours per month in employment or community service otherwise states could remove these enrollees from the safety-net program. Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. It will go pretty fast. But still, I think an alien bacterial life form found in this solar system would be a truly sensational discovery. This week, Biden threatened to veto the bill if it ever reaches his desk, arguing that it would inflict significant financial harm on families. I expect that I will be mingling with much more influential people. But McCarthys remarks cast doubt on that timeline. You would have to come up with some pretty crazy ideas to spend that 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. But you could do a huge amount of good tackling various diseases of course you could with a trillion dollars. Between now and then, the House has 15 days in session. I mean, its a really good point. Will you be buying new furniture for your home? So there are things that people think about that are still very, very far off. Hes a journalist with New Scientist and host of their podcast, and author of How to Save the World for Just a Trillion Dollars The 10 Biggest Problems We Can Actually Fix, recently out in paperback from The Experiment. They help us to know which pages are the most and least popular and see how visitors move around the site. 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. All rights reserved. Do you have information you want to share with HuffPost. That might be fun, maybe just something small. It seems like a good return on investment in this modern age. Ever since weve kind of evolved, weve been looking up to the stars and wondering if anything else is out there. They raised the debt ceiling three times during the Trump administration, she said, but now they are using the full faith and credit of the U.S. to try and force spending cuts Democrats will not accept. 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. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. A fifth of American carbon emissions come from our homes. Lets see what you could do with it. 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. "It's about cutting benefits for folks that they don't seem to care much about. In total, the spending reductions could achieve more than $3 trillion in savings over the next decade, according to the nonpartisan Congressional Budget Office, which scored a version of the legislation this week. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. It does a lot of what the 20 of us did in January, but theyre going to have to follow through on it., My question is, is this what leadership is going to demand from the Senate, or are we going to get something watered down?. Thats the question asked by Rowan Hooper. So you get double your money. And the goal is not to show how we can get the money, because Im only a journalist, so I dont have to get the money, but its to offer solutions. If someone handed you a million dollars, you might feel inclined to hoard it - but the rules of this quiz require that you blow the lot! Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. The bill would suspend the debt limit until March 31, 2024, or until the Treasury had used $1.5 trillion in borrowing authority, whichever arrived earlier. The 320-page package imposes a long list of Republican priorities, including There was lots of other cool things Id like to do, like create an interstellar starship. You focus on all sorts of options in your book. IRA FLATOW: Wow. Theres a lot of research going on already. That might be fun. And you can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. This cookie is managed by Amazon Web Services and is used for load balancing. WASHINGTONThe House on Wednesday passed a Republican debt ceiling plan that includes $4.5 trillion in cuts and raises the debt ceiling until May 2024, but Democrats say it won't ward off a potential government defaultthis summer. He advises Fortune 100 companies, foundations, and nonprofit organizations on strategic planning and public policy issues, as well as serving as an election analyst for CBS News. WebWith 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. $1 Trillion Would Pay: ESTATE TAXES FOR2,871 BILLIONAIRES Congress has reinstated the federal estate tax at least for the next couple of years with a 35% flat I will definitely be buying lots of jewelry. I think there are much better things I could do with my money. I might actually increase my debts. According to the CBO, Biden is going to match Trumps addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. But House Republicans have charged that the influx in funding would empower the IRS to hire thousands of new agents to audit innocent Americans. Nearly all of I recently did work to winterize my home. I want a functional home with plenty of space for my creative projects. That is exactly what I'm talking about! Three financial firms recently estimated early June as well. There are so many people to help. I mean, NASA have got projects going out to the moons of Jupiter and Saturn. No way, that's another terrible investment. Even if you just found some bacteria or something. I might have a few outfits crafted just for me, to highlight my unique style. Biden announced in August his plan to wipe out $10,000 in debt for Americans who earn less than $125,000 annually, and $20,000 for lower-income borrowers. My question is, is this what leadership is going to demand from the Senate, or are we going to get something watered down? Rep. Ralph Norman (R-S.C.) told HuffPost. 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. I have read, understood and accepted Gartner Separate Consent Letter , whereby I agree (1) to provide Gartner with my personal information, and understand that information will be transferred outside of mainland China and processed by Gartner group companies and other legitimate processing parties and Last year, the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech These cookies will be stored in your browser only with your consent. 2023 BuzzFeed, Inc. All rights reserved. IRA FLATOW: Yeah. 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. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. There are so many places to see. That sounds fun. 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? No, but I could see contributing to a soup kitchen. ROWAN HOOPER: Yeah, its actually surprisingly cheap. Its like weve had with the International Space Station. If you could get a treaty, get countries signed up into an Earth Fund, you could perhaps start with trying to save the Amazon or the Arctic. That would be another way. So they have to be problems that we can fix. That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. Used to help protect the website against Cross-Site Request Forgery attacks. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. I don't need much. I'll probably spruce it up and get it ready to sell for a profit. This cookie is set by GDPR Cookie Consent plugin. Pretend you have a And then youll get new ideas, and the thing will start rolling on. Rowan Hooper, journalist with New Scientist and host of their podcast, and author of How to Save the World for Just a Trillion Dollars The 10 Biggest Problems We Can Actually Fix, recently out in paperback from The Experiment. That would prevent a default, but it would VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. The sp_landing is set by Spotify to implement audio content from Spotify on the website and also registers information on user interaction related to the audio content. So its a fair deal more than them. How should we square pro-space arguments from tech CEOs with the history of imperialism and underinvestment in social equity programs? And they tacked on permitting legislation that could ease the way for more oil and gas drilling. I want to see sports all over the world. It's not really about the size, it's more about the potential resale value. I struggled. Republicans quickly blasted the financial relief as unfair, claiming that it is wrong to use taxpayer dollars paid, in part, by those who did not attend college to ease the debts of Americans who did. Do you anticipate that your circle of friends will change? I think a food truck would be right up my alley. For terms of use and more information, visit our policies pages athttp://www.sciencefriday.com/about/policies/. The cookie is used to store the user consent for the cookies in the category "Performance". In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. I will likely pick up a few pieces here and there. Created by Bluecadet. Possibly, especially if it sweetens a business deal. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. But if it did, the effect on the economy would be harmful compared with passage of a clean debt limit bill, according to, 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. That COVID funding was to sunset as the country returned to normal as it did last year. Learn more about recent Gartner press. And literally, if you could throw some money at it, throw more money at it than we do now, you might be able to answer that question. Copyright 2022 Science Friday Initiative. IRA FLATOW: Although who knows? 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 potential government defaultthis summer. Something that gets great gas mileage and can handle all kinds of terrain. Will you be hiring others to work with you? I will have a whole team of financial experts working with me. I'm definitely going to try a lot of new dishes. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. If I had a trillion dollars than I could probably spend it. And its something that you could do. 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. How would you use it? I do think, though I have to be an optimist about it that if you throw money at it, if you make some really big new experiments, that youll start to see little cracks in the standard model. 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. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. IRA FLATOW: So were not thinking a big GoFundMe campaign here. And I think that might start to move us to a new understanding. The cookie is used to store the user consent for the cookies in the category "Other. Towards renewable energy. While a trillion dollars cant solve every problem, he estimates it would go a long way towards tackling disease, combating global warming, protecting biodiversity, or even establishing a moon base. So the question of, are we alone in the universe, or even in the solar system, is a massive question. So how about cracking down on that unpaid tax a bit, freeing up a few trillion dollars. Maybe people would want to chip in for something on a large scale. Its about how to spend it. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. This website uses cookies to improve your experience. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time a 64 percent increase in 2022 over 2020. Its 1% of world GDP, is another way of looking at it. Absolutely. That is, actually, what the singularity is, isnt it? I'll probably integrate that into my plans somehow. I will have an advisor to guide me. The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act,"includes$4.5 trillion incuts to government spending and returns discretionary spending to fiscal year 2022 levels. But thats not something we can do anytime soon. That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). 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. I'll visit family and friends very regularly. These cookies help provide anonymized information on metrics the number of visitors, bounce rate, traffic source, etc. It's probably not for me, but I'd love to see others do it. Theyve been doing it a lot recently with the pandemic. Rep. Thomas Massie (R-Ky.) said he was ecumenical on the changes being discussed but otherwise declined to disclose his stance. We also use third-party cookies that help us analyze and understand how you use this website. I added some solar panels, and it was not cheap. Credit: Shutterstock. 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Numbers this big start to lose their meaning, right? (Video: The Washington Post), Repeal green energy programs, including some EV tax credits, Take back unspent covid aid and other measures, set aside to improve the Internal Revenue Service. A new Silicon Valley campaign has been launched to drive investment into the UKs trillion-dollar tech sector to fuel emerging technologies and economic growth, amid the UKs plans to boost R&D spend to 20 billion in 2024. I may support an artist, but I don't have any artistic plans for myself. HuffPost's top politics stories, straight to your inbox. ROWAN HOOPER: Well, I mean, if you ask Mark Zuckerberg, he says it is, because his stated aim so him and Priscilla Chan, his wife, started the Chan Zuckerberg Initiative. 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 late tweaks to the bill meant to satisfy far-right conservatives, GOP leaders agreed to speed up implementation of their new work requirements, which would take effect starting in the 2024 fiscal year. With it, Republicans also included a provision that would block one of Bidens programs meant to lower students monthly loan bills. It's broken into 10 chapters/ways to spend the trillion, each with its own allure and reward. If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including the Pentagon, the Department of Health and Human Services and the Environmental Protection Agency. Like the Federation. Not really. 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. I will leave the Biden reelection announcement to the Twittersphere to discuss. I've always been interested in making jewelry. House Republican leaders have made clear his budget isnt going anywhere; but it illustrates just how out of control Bidens spending policies really are. 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 For other inquiries, Contact Us. ROWAN HOOPER: Yeah, it might be worth doing. Heres how. Maxine Joselow and Rachel Roubein contributed to this report. Are you interested in purchasing jewelry? To inquire about a licence to reproduce material, visit our Syndication site. The bills savings would be even larger, but it includes one provision that would boost the deficit: taking back money the Internal Revenue Service was given to hire more than 80,000 new employees. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, , Senior Digital Technology and Science Reporter, A game is offering players the chance to try their luck at spending Elon Musk's net worth, The Tesla boss has amassed a $166billion fortune, Players soon learn that chewing through billions of dollars is more difficult than it might first seem, Items you can 'purchase' include a $50million launch of a Falcon 9 rocket, You can also nab yourself a few dozen $194,000 Telsa Model S electric cars, Musk has enough cash to buy everyone in Los Angeles a $41,000 Rolex, Musk could purchase a fair few New York City apartments, which fetch $1million on average, Elon Musk reveals he has Aspergers as he hosts Saturday Night Live and is joined by his mom on the show, Independent Press Standards Organisation (IPSO). The way you spend your money is completely up to you. Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. 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. Whether its your openness or your warmth, you carry with you some of the best of human qualities. Spending your cash your very own way will help us to nail down the best one. How quickly do you see yourself spending all your money?
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