I mean, NASA have got projects going out to the moons of Jupiter and Saturn. 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. The game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. It's an interesting idea. Do you have any artistic projects in mind for the money? 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. 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. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. 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, it might be worth doing. There's a lot more to being positive than being positive, after all. I probably won't, but I will definitely support those who are passionate about green technology. 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. By that, I mean finding life outside of our planet. All rights reserved. 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. But the bill does not specify the exact agencies or programs on the chopping block, leaving the task to lawmakers on congressional appropriations committees who craft spending bills that keep the government running and stave off a shutdown. The cookie does not store any personally identifiable data. 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. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile. IF you've ever wondered how tricky it would be to empty Elon Musk's coffers, then have we got the website for you. 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. Yeah. 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. If it improves the value of my home, I will probably do it. 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. But Republicans have run into problems as Biden refuses to even discuss the House majoritys proposals. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. The GOP debt ceiling legislation would repeal broad swaths of the tax policies meant to cut greenhouse gas emissions and incentivize the deployment of green energy. But they do that a lot. I plan to take in as many new experiences as I can. 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. The next billion seconds is 31.7 years. Just before the evening vote, former Speaker Nancy Pelosi accused Republicans of "playing with fire" by not raising a clean debt ceiling. The bill did get a boost from the bipartisan Committee for a Responsible Federal Budget, which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. I want to show that we can solve a lot of this, and whats holding us back, actually, is just investing wisely. Will you make investments in the stock market? Or some sort of universal treaty, like we had with the ozone layer. I will likely purchase some pieces that are recommended by an expert for their value. Kind of cheap. It's not really about the size, it's more about the potential resale value. But still, I think an alien bacterial life form found in this solar system would be a truly sensational discovery. That is not something that I'm really interested in doing. The cookie is used to store the user consent for the cookies in the category "Performance". 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. Potential cracks in the GOP lines persisted. After we feel like we've gathered bits of your personality through your spending, we'll tell you which of your traits shines like the sun. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. This would not be a focus of my spending. From the obvious (fix climate change) to something you might not have thought about in a while (expand our concept of reality), it's consistently thought-provoking material. 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. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. You can even share your results on social media and compare them with your pals'. I can't see myself buying anything along these lines. If you look at the James Webb Space Telescope, its only just launched. I've always wanted to have a beautiful zen garden on my property. This cookie is used for storing country code selected from country selector. 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. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time a 64 percent increase in 2022 over 2020. 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. Web$4.5 trillion. You might not be the type to buy a yacht, but you might splash out on something you've always wanted. 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. How likely are you to start a new business? I don't think that will be something I will spend money on. IRA FLATOW: An idea you have is called second genesis, to develop a machine with human-level intelligence, a machine you would agree is as conscious as you and me. How likely are you to make updates to your landscaping? Its 1% of world GDP, is another way of looking at it. 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. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. Hand out moneys to homeowners. I mean, one of the criteria used to select them was that they were actually fixable problems, right? What would you do with a trillion dollars? 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 will make some alterations and updates that fit my personal style. 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. I don't think so. 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. I plan to invest it quickly, but I don't see the money going away for a very long time. 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 cookies is used to store the user consent for the cookies in the category "Necessary". I may start a charity, but probably not a business. Do you have information you want to share with HuffPost? 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. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. LinkedIn sets this cookie to remember a user's language setting. Highlighting the harm of such cuts earlier this year, Biden administration officials predicted more flight delays, slower Social Security checks, reduced college aid for needy students and significant reductions in the number of people served by affordable housing programs, according to letters they sent to Congress earlier this year. Like the Federation. A load balancing cookie set to ensure requests by a client are sent to the same origin server. Which new hobby would you most likely see yourself taking up? 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. WebFor 5 million dollars, you can fly a group around the world in a private jet for 25 days multiple times! In the fourth quarter, GDP increased Do you think your eating habits might change? I will likely pick up a few pieces here and there. 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 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. Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. It would work better. 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. But in a new book, journalist Rowan Hooper imagines spending a trillion dollarsnot on fancy dinners, sparkly jewels or mega yachts, but on tackling ten global challenges. The JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application. Translating that from dollars into seconds that would be 6.4 centuries. 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. And again, its being dominated by China and the US, in particular. 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? 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. I struggled. This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites. Publisher: Profile Books Ltd. ISBN: 9781788163453. 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?. In 2020, because of the pandemic, the budget jumped 47 percent to $6.5 trillion, as both Democrats and Republicans supported the need for emergency funding. I want a functional home with plenty of space for my creative projects. Are you targeting governments? 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. 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. I can't see that my clothing will change at all. And lets hope it brings me in a few more hundreds of millions of dollars. Its going to be incredible when thats up. 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. 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. That would be another way. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. A trillion dollars is a million dollars multiplied by a million. I might actually start building some custom pieces. 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. I've always been interested in making jewelry. 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. 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. He previously served as the director of planning for Speaker Newt Gingrich. It's not my top priority, but I won't be going any further into debt. 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. But to settle on the moon, you could do it in under a trillion dollars, yeah. And then youll get new ideas, and the thing will start rolling on. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. I really want to experiment with an electric car. No way, that's another terrible investment. If you had one trillion dollars, you could spend it in a lot Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. IRA FLATOW: And you dont want to just stop at the moon. There will be some, primarily as a tax write-off. That is exactly what I'm talking about! And yes, the problems are massive. Its a good bill, to be honest with you. So how about cracking down on that unpaid tax a bit, freeing up a few trillion dollars. I expect that I will be mingling with much more influential people. That is, actually, what the singularity is, isnt it? Will you be hiring others to work with you? this year or early next. Necessary cookies are absolutely essential for the website to function properly. If it makes sense for the work I have planned, sure. 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. And I think that would be actually, now I say it, it sounds a bit like Star Trek, doesnt it? But McCarthys remarks cast doubt on that timeline. 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 may invest in some high-end pieces that should increase in value. 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. It wont get us to a carbon-neutral state at all. Do you think you will purchase a recreational vehicle? ROWAN HOOPER: Thank you, Ira. As you click on each item - which you can "buy" as many of as you like - your total spend goes up while the billionaire's net worth is whittled down. The CBO baseline is projecting that if things stay on the current path for the next 10 years (2024-2033), the debt will be increased by $20.2 billion. 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. But it makes it more equitable. 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. 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 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. Players soon learn that chewing through billions of dollars is more difficult than it might first seem. 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. I will spend it fairly quickly. 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. 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 ROWAN HOOPER: Yeah. David Winston is the president of The Winston Group and a longtime adviser to congressional Republicans. Contrary to Bidens constant complaint that business doesnt pay its fair share, revenues from corporate income taxes in 2022 were over $400 billion, also for the first time, and an increase of 101 percent over 2020. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. And the first one is half a trillion to spend on transitioning the world to renewable energy. This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. Will you be buying new furniture for your home? There are so many people to help. ROWAN HOOPER: Sure. How much of your money will go to charity? What do you make of the game? Favorite topics includeplanetary sciences, chemistry, materials, and shiny things with blinking lights. Learn more about recent Gartner press. Thepassage sets the stage for a debt ceiling showdown between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., who have disputed government spending levels and have not agreed on how to raise the debt ceiling. ROWAN HOOPER: The original goal was to daydream, you know? 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.
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