IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. But to settle on the moon, you could do it in under a trillion dollars, yeah. Its to show that theres so much pessimism and doom out there, especially around the climate change and the biodiversity crises. One week after unveiling the so-called Limit, Save, Grow Act, Republicans brought the measure to the House floor and embarked on what proved to be a raucous debate. Is that really possible, even with a trillion bucks? And the good thing is theres a lot of projects already going to the moon that you could piggyback on or you could augment and speed it up. 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. 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 President Biden. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. You might not be the type to buy a yacht, but you might splash out on something you've always wanted. Cookie used to remember the user's Disqus login credentials across websites that use Disqus. And one is to settle off the planet, to set up a colony on the moon. 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'm more likely to make a donation to my local library. What size house will you buy for yourself? 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. For McCarthy, the process proved precarious, forcing him to make late changes to the legislation to assuage about a dozen moderate and conservative holdouts. I am definitely buying an RV to travel around the country in. Pretend you have a House Republicans pass debt-ceiling hike, hoping to spur Biden to What If You Had to Spend $1 Trillion in 24 Hours? There are so many people to help. I might actually start building some custom pieces. 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. AWSALB is an application load balancer cookie set by Amazon Web Services to map the session to the target. I will leave the Biden reelection announcement to the Twittersphere to discuss. What would you do with a trillion dollars? But you could do a huge amount of good tackling various diseases of course you could with a trillion dollars. We could do loads of observations of dark energy, dark matter. With SNAP, they also included new language that says the purpose of the program is to assist low-income adults in obtaining employment.. potential government defaultthis summer. I really like this idea because you effectively get twice the bang for your buck, because if you invest in areas of rich biodiversity or areas that are vital for biodiversity, they also tend to be areas that are vital for carbon storage areas. 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 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. This would not be a focus of my spending. You can even share your results on social media and compare them with your pals'. LinkedIn sets this cookie to store performed actions on the website. Which location sounds the most appealing for a second residence? The GOP plan officially aims to block Bidens forthcoming program to cancel thousands of dollars in college debt, a program long sought by cash-strapped students that the Supreme Court is also examining. IRA FLATOW: How much is a trillion dollars? I don't plan to be home very often. The bill's odds of passing in the Senate, where Democrats have the majority, are low. Used by Yahoo to provide ads, content or analytics. So I just wanted to show that there are solutions out there, and we can do this. Youve mentioned a couple of philanthropists and billionaires. In 2020, federal income tax revenues were $3.4 trillion. 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. 2023 BuzzFeed, Inc. All rights reserved. I might bid on some trips or adventures at a charity event. I can't see myself buying anything along these lines. David Winston is the president of The Winston Group and a longtime adviser to congressional Republicans. This cookie is set by GDPR Cookie Consent plugin. Will you be attending a lot more live music and theater shows? 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. I may hire some guides on my travels. If it improves the value of my home, I will probably do it. 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. My first step will be to pay off all my debts and the debts of those close to me. 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. 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. So its a fair deal more than them. Trillion Spending Meanwhile, lawmakers are facing a time crunch to avoid default. Will you make investments in the stock market? The cookie is used to store the user consent for the cookies in the category "Analytics". Save the World for Just a Trillion Dollars IRA FLATOW: Although who knows? Others were concerned the bill did not go far enough in its cuts or it would get watered down. And thats one of your options. Publisher: Profile Books Ltd. ISBN: 9781788163453. We could go to the far side of the moon and put a space observatory there, a science observatory on the far side of the moon. 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. That is, actually, what the singularity is, isnt it? How much of your money will go to charity? I might give it a try. And you can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. No, but I could see contributing to a soup kitchen. This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites. Towards renewable energy. I'll keep eating the way I do. GOP leaders updated their bill in the hours before debate to allow some of those investments to continue. I mean, NASA have got projects going out to the moons of Jupiter and Saturn. 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. I'm sure that I'll bring back some pieces from my travels. That initiative essentially shielded more of Americans income from calculations on what they owe under a repayment program known as IDR, which applies to federal loans. SiteLock sets this cookie to provide cloud-based website security services. Email us at tech@the-sun.co.uk, Olly Murs breaks down on stage over Caroline Flack 'regret', Fulham's Pereira stretchered off with suspected broken leg in worrying scenes, One dead and seven injured as knifeman goes on bloody rampage near club, We work in top seaside town - tourists queue just to get into the pub, News Group Newspapers Limited in England No. 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. The cookie does not store any personally identifiable data. Speaker McCarthy unveils $1.5T debt bill, pushes toward vote Bidens political decision to propose these levels of spending, despite the current $31 trillion federal debt, shows how important it is for Congress to clearly establish some level of fiscal discipline. These cuts are tied to a $1.5 trillion increase of the debt ceiling until May 2024. Numbers this big start to lose their meaning, right? WebFor 5 million dollars, you can fly a group around the world in a private jet for 25 days multiple times! 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. Learn more about recent Gartner press. This cookie is used for storing country code selected from country selector. That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). 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. But House Republicans have charged that the influx in funding would empower the IRS to hire thousands of new agents to audit innocent Americans. ROWAN HOOPER: Yeah, I did. 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. All rights reserved. In dealing with the debt and deficit, President Biden has had the advantage of a 43 percent increase in federal tax receipts from 2020 to 2022, thanks to the 2017 Tax Cuts and Jobs Act. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. , 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 rules would cover beneficiaries from age 19 until age 56, with some exceptions, such as for those who are pregnant or caring for young children. trillion In its own analysis, the CBO found that the new IRS spending would have a significant return on investment, helping to reduce the deficit by $120 billion over the next decade. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. What happens if the US hits the debt ceiling? Maxine Joselow and Rachel Roubein contributed to this report. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. But Republicans ultimately dialed back some of their original plans, under pressure from moderate lawmakers particularly those in Midwestern states who balked at unwinding tax credits meant to boost ethanol and solar energy. 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. There will definitely be a charity aspect of my new venture. It's not really about the size, it's more about the potential resale value. 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. I added some solar panels, and it was not cheap. I don't think so. I can't see this happening, but I may support a local artist or two. This website uses cookies to improve your experience. Is it a question of money, or is it a question of new ideas? Even with dozens of private jets in your shopping basket, the total spend hardly makes a dent in Musk's extortionate bank balance. The trillion-dollar gambling game - Josimarfootball.com I will have a whole team of financial experts working with me. If it makes sense for the work I have planned, sure. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. If you had one trillion dollars, you could spend it in a lot LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. Absolutely. And can money spur these new ideas about what the universe is made of? Newsroom, Announcements and Media Contacts | Gartner ROWAN HOOPER: Well, what I would do is give a lot of money, a few hundred billion, to countries like India and China, especially, and basically stop them developing more fossil fuels by giving them money that says, use this to develop renewable energy, and dont use coal. I will likely bring someone in to manage my charity. White House: Nothing New To Say, House Republicans Have A And their stated aim is to cure all disease and to extend human life to age 100 on average by the end of the century. And its about the same as some of the biggest companies, like Apple and Amazon. 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. 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. 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. The president and his White House have taken the 2020 COVID-19, one-time-only crisis budget as his administrations working baseline, rather than the pre-Covid 2019 budget, which had a significant $4.4 trillion price tag. However, one Democratic member, Dan Kildee (Mich.), is expected to be out all week as he recovers from cancer surgery, meaning the Democratic vote would top out at 212. And thats what Id like to see on a much bigger scale. Im Ira Flatow. 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. How would you use it? In the first eight months of this fiscal year, it spent $730,000,000,000 or an average of $91,250,000,000 per month. The cuts in annual spending would still leave it in 2024 at about $125 billion above what former President Donald Trump had proposed in his final budget. 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. I dont think its doable on a trillion dollars because theres just so much that needs to be done. The next trillion seconds is 317 centuries. Talk about that. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. Translating that from dollars into seconds that would be 6.4 centuries. I plan to take in as many new experiences as I can. IRA FLATOW: [LAUGHS] Absolutely. But do that again on the moon on a bigger scale. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money? Do you have information you want to share with HuffPost? Will you be buying new furniture for your home? That is a very strong possibility, especially if it is an innovative idea. "It's about cutting benefits for folks that they don't seem to care much about. This cookie is set by the provider Akamai Bot Manager. So they think its doable. IRA FLATOW: So there are things that we could not do even if I gave you my blank check question. How far can a trillion dollars take you there? trillion Fidelity to the original aired/published audio or video file might vary, and text might be updated or amended in the future. IRA FLATOW: Yeah, you certainly could. 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. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . I will most likely make a lot more artistic gifts for family and friends. ROWAN HOOPER: Sure. House Republicans pass debt-ceiling hike, hoping to spur Biden to Do you think you will purchase a recreational vehicle? Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. ROWAN HOOPER: Yeah. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. WebIf you managed to spend a million dollars per minute for 24 hours every day, it'd take you around 7 years to spend a trillion dollars. I imagine that I will meet new people from around the world. Like the Federation. This cookie is set by GDPR Cookie Consent plugin. The way you spend your money is completely up to you. CQ Roll Call is a part of FiscalNote, the leading technology innovator at the intersection of global business and government. That is exactly what I'm talking about! But we can tackle them bit by bit. That might be fun, maybe just something small. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. There are some travel books that I'll want to pick up. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. I will mostly be interested in classic cars that hold their value well. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. So there are things that people think about that are still very, very far off. a Trillion Dollars They start from a single $8 Big Mac burger, all the way up to a $50million launch of a Falcon 9 rocket built by the 49-year-old's company, SpaceX. I'll visit family and friends very regularly. The CBO said other parts of the bill, meant to impose new or additional work requirements on some recipients of Medicaid and food assistance, would mean reductions in the number of people on those programs. WebIn june 2020, the International Energy Agency estimated that governments worldwide would be spending $9 trillion in a matter of months on firing up their post-pandemic economies; another estimate put that figure at $12 trillion.4 In 2020, globally, more than $6 trillion was created through quantitative easing.5 Tumblr. 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 2022 levels. As a result, the GOP repeal would wipe out those savings before Washington can take advantage of them, essentially adding to the deficit in the process. And it would be just a beacon of hope. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. world for just a trillion dollars 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. 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. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. That is not something that I'm really interested in doing. Spend a Trillion Dollars 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. I don't need much, just something that gets me from point A to point B. And most of all is basic health care globally would cost a lot of money. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. 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. This cookie is used to manage the interaction with the online bots. In between those are a brand new PlayStation 5, a $1million New York City apartment and even a $4.5million private jet. With it, Republicans also included a provision that would block one of Bidens programs meant to lower students monthly loan bills. You focus on all sorts of options in your book. Yeah, absolutely. House speaker Kevin McCarthy (R-Calif.) outlined the partys new proposal at the New York Stock Exchange on April 17. 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 2022 levels. Hit to education:McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says. But they do that a lot. Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. Hooper joins Ira to talk about his book, How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix, and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. Heres what you can do about it, and how to balance individual and systemic action. How to Spend a Trillion Dollars That would be another way. Potential cracks in the GOP lines persisted. Quick game challenges you to spend Elon Musk's $166bn fortune I may collaborate with others, but I don't see hiring people. FactCheck.org The pattern element in the name contains the unique identity number of the account or website it relates to. We're simply going to observe the choices you make and try to figure you out a little. Last year, the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech I'll probably integrate that into my plans somehow. It's got to be unique. A Trillion Dollars Gross Domestic Product, First Quarter 2023 (Advance Estimate) 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. 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. So I do think that money has been holding us back. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. It's not my top priority, but I won't be going any further into debt. This cookie is set by GDPR Cookie Consent plugin. A few people have suggested that. 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. It is an 8% increase over this year's budget. 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. Earlier this year, they voted to undo the budget boost, though the legislation has no chance of passage in the Senate. 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. There was lots of other cool things Id like to do, like create an interstellar starship. Learn more about recent Gartner press. To spend it on experiments that are doable now would only cost in the order of billions or tens of billions of dollars, which doesnt really add up to I couldnt spend the whole trillion in that chapter. I've always wanted to have a beautiful zen garden on my property. Its a good bill, to be honest with you. Do you have one of your favorite ideas, besides what you think where we should spend it, one that you would like to spend it on, just maybe for fun? It is the federal government's other trillion-dollar baby. I recently did work to winterize my home. Senate Majority Leader Chuck Schumer described it as "dead on arrival," asSenate Democrats won't agree to the GOP spending cuts. Heres how. Given that both the CBO and Bidens numbers show trillion-dollar deficits as far as the eye can see, perhaps it is time for the president to find a way to come to the table and discuss how to address this challenge rather than accepting trillion-dollar deficits as the new normal. Do you see yourself buying a lot more gifts for others? HuffPost's top politics stories, straight to your inbox. He previously served as the director of planning for Speaker Newt Gingrich. IRA FLATOW: What was your original goal with this book? In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. ROWAN HOOPER: Yeah. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better experience for the visitors. I want to see sports all over the world. 5 facts about the U.S. national debt | Pew Research Center And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. So you protect those, you end up drawing down more carbon or protecting carbon sources and preserving areas vital for biodiversity. If you look at the James Webb Space Telescope, its only just launched. 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?