I will spend it fairly quickly. So I just wanted to show that there are solutions out there, and we can do this. This website uses cookies to improve your experience while you navigate through the website. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. Even if you just found some bacteria or something. 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 Azure sets this cookie for routing production traffic by specifying the production slot. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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. Republicans have made no secret about their opposition to the Inflation Reduction Acts investments to fight climate change. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. The cookie is used to store the user consent for the cookies in the category "Other. Copyright 2023 CQ Roll Call. Imports turned up. )3 Also in the spring of 2020, Congress appropriated $3.6 trillion, $1.9 trillion of which had been disbursed by July 2020. 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 This cookie, set by Cloudflare, is used to support Cloudflare Bot Management. Credit: Shutterstock. Will you be buying new furniture for your home? View our online Press Pack. It might be something I invest in if it becomes popular and profitable. But opting out of some of these cookies may have an effect on your browsing experience. In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. To inquire about a licence to reproduce material, visit our Syndication site. 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. 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. 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. That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). How could we do that? 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. I really want to experiment with an electric car. How big of a priority will it be for you to pay off your debts? 30 Broad Street, Suite 801 Maxine Joselow and Rachel Roubein contributed to this report. Three financial firms recently estimated early June as well. How likely are you to make updates to your landscaping? My first step will be to pay off all my debts and the debts of those close to me. 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. 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. 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. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. That could cost us under a trillion bucks? Spending your cash your very own way will help us to nail down the best one. But you could do a huge amount of good tackling various diseases of course you could with a trillion dollars. 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. Musk hasnamed himself the "Dogefather"in a tweet which appears to have sent the cryptocurrency Dogecoin soaring. This cookie is used for storing country code selected from country selector. But a trillion dollars? What would you do with a trillion dollars? You can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. We pay for your stories! The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. Because the IRS was expected to get more money through tougher enforcement of tax laws with more manpower, taking the money back for those workers would mean the government would lose out on $191 billion over 11 years, the CBO said. This cookie is native to PHP applications. And you can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. Invest in quality science journalism by making a donation to Science Friday. And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. 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. 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. 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. These cookies ensure basic functionalities and security features of the website, anonymously. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. OK, so lets narrow it down just a bit. Theyre technologically out of reach. 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. Its going to be incredible when thats up. 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. Used to help protect the website against Cross-Site Request Forgery attacks. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. That is going to be my favorite new pastime. Tumblr. Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money? But to settle on the moon, you could do it in under a trillion dollars, yeah. The next trillion seconds is 317 centuries. IRA FLATOW: Yeah, lets focus on clean energy for a moment. I'm going to buy a lot more clothes from all the places I'm going to visit. 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? Yeah. The next billion seconds is 31.7 years. 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. But Here's what to expect if we reach debt limit. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. 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. Norman was one of a group of House Republicans who voted against McCarthy becoming speaker until he agreed to a list of their policy demands. Lets see what you could do with it. As Science Fridays director and senior producer, Charles Bergquist channels the chaos of a live production studio into something sounding like a radio program. I'll probably spruce it up and get it ready to sell for a profit. Absolutely. Ever since weve kind of evolved, weve been looking up to the stars and wondering if anything else is out there. Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. McCarthy, GOP debt limit plan proposes $4.5 trillion in cuts, eliminates student loan forgiveness, House GOP leaders blast Biden before debt limit vote, $4.5 trillion incuts to government spending, McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says, Your California Privacy Rights / Privacy Policy, Rescinding the funding for 87,000 IRS agents, Reallocatingunspent COVID-19 reliefmoney, EliminatingBiden's student loan forgiveness plan, Ending tax credits for companies that invest in green energy, Raising the age limit to 56 from 50 on work requirements to receive federal food aid from the Supplemental Nutrition Assistance Program, or SNAP, Blockingthe Biden administration from limiting consumer access to gas stoves or ovens. This cookie is set by GDPR Cookie Consent plugin. We're simply going to observe the choices you make and try to figure you out a little. I might actually increase my debts. The way you spend your money is completely up to you. A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. In January, he became the wealthiest man on the planet after Teslas unrelenting shares surged almost 750 per cent. I imagine that I will meet new people from around the world. Rep. Thomas Massie (R-Ky.) said he was ecumenical on the changes being discussed but otherwise declined to disclose his stance. What happens if the US hits the debt ceiling? ROWAN HOOPER: Sure. As of last month, U.S. debt was $26.5 trillion. 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. Even if you spend a dollar each second, it would still take you at least 31,700 years to spend 1 trillion dollars. This cookie is set by GDPR Cookie Consent plugin. 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. What size house will you buy for yourself? 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. But McCarthys remarks cast doubt on that timeline. Even a billion is possible. We could do loads of observations of dark energy, dark matter. 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. IRA FLATOW: Is that the singularity were talking about here? Democrats originally approved the money last year as part of the Inflation Reduction Act, a centerpiece of Bidens economic agenda that aimed to lower health-care costs and boost clean energy. Created by Bluecadet. Rowan Hooper is a journalist and podcast host at New Scientist, and author of the book How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix (The Experiment, 2022). I hope that I will get to collaborate with some amazing new friends. That might be fun, maybe just something small. So by 2030, theres $7 trillion in unpaid tax in the US. Will you make any upgrades to your current home? IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. Possibly, especially if it sweetens a business deal. WebHow To Spend a Trillion Dollars is both original and ingenious. 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. And how did it actually wind up? SiteLock sets this cookie to provide cloud-based website security services. I think that would be something really worth doing, because then you get this pristine view into the galaxy, into the universe, that we simply cant do on Earth. Instead, he saw that supersized budget in 2020 not as a crisis, but an opportunity that could be exploited going forward to pay for what amounted to a historic spending spree that kicked off with the $1.9 trillion American Rescue Plan and drove what became the worst inflation in 40 years. 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. The reason Ive written that chapter is that theres billions of dollars being invested around the world in the race for artificial general intelligence. The sp_t cookie 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. :McCarthy, GOP debt limit plan proposes $4.5 trillion in cuts, eliminates student loan forgiveness, 'Playing with American lives':House GOP leaders blast Biden before debt limit vote. Not surprisingly, for the first time in history, U.S. debt is predicted to exceed the nations Gross Domestic Product by the end of 2020. I probably won't, but I will definitely support those who are passionate about green technology. I'm sure I could come up with a great menu of unique dishes. I may collaborate with others, but I don't see hiring people. If the federal government defaults on its payments this summer, the United States could see a recession, rise in unemployment or stock market crash,expertstold USA TODAY. 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. IRA FLATOW: This is Science Friday. But House Republicans have charged that the influx in funding would empower the IRS to hire thousands of new agents to audit innocent Americans. 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. Do you have information you want to share with HuffPost. But if we had our blank check, we could have got a whole load of projects up and running. I am definitely buying an RV to travel around the country in. These cookies help provide anonymized information on metrics the number of visitors, bounce rate, traffic source, etc. I will be starting numerous new businesses. I want to show that we can solve a lot of this, and whats holding us back, actually, is just investing wisely. Youll find places where something looks funny, and then you can go and theorize about whats happening. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. Rowan, welcome to Science Friday.
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