What if the price tag wasnt unlimited, just really high? And most of all is basic health care globally would cost a lot of money. And then I just started thinking, you know, there is a lot of money out there. But Republicans have run into problems as Biden refuses to even discuss the House majoritys proposals. IRA FLATOW: So were not thinking a big GoFundMe campaign here. How big of a priority will it be for you to pay off your debts? Publisher: Profile Books Ltd. ISBN: 9781788163453. How likely are you to get the newest gadgets on the market? With that, lets jump into the 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. Number of The use of these cookies is strictly limited to measuring the site's audience. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . Here's your chance to live out the life of a multi-billionaire. What would you do with a trillion dollars? Bidens own proposed 2024 budget would be 55 percent higher than Trumps spending in 2019, and his budget projections are even more alarming. 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. It does not store any personal data. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts Its like weve had with the International Space Station. 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. 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. And so I think I would, as you said, use half a trillion dollars on projects like that to speed the transition to renewable energy around the world. AWSALB is an application load balancer cookie set by Amazon Web Services to map the session to the target. Possibly, especially if it sweetens a business deal. 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. ROWAN HOOPER: Yeah, I did. Cookie used to remember the user's Disqus login credentials across websites that use Disqus. You focus on all sorts of options in your book. The way you spend your money is completely up to you. 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. And they only cost in the order of tens of billions of dollars each. Will you be buying new furniture for your home? McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. 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. A load balancing cookie set to ensure requests by a client are sent to the same origin server. Thats the question asked by Rowan Hooper. 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. What size house will you buy for yourself? Maybe people would want to chip in for something on a large scale. As the debate over the debt ceiling and fiscal discipline rages on, here are five key economic factors to keep in mind in the coming weeks. 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? Whether its your openness or your warmth, you carry with you some of the best of human qualities. 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. IRA FLATOW: How much is a trillion dollars? These caps are aggressive but reasonable and achievable assuming lawmakers consider all parts of the discretionary budget when meeting these caps, the deficit hawk group said. "It's about cutting benefits for folks that they don't seem to care much about. Will you make investments in the stock market? House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. More people, better technology, some costly ingredient or supply? , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. He previously served as the director of planning for Speaker Newt Gingrich. 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). 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 Revenues from both individual income taxes and corporate income taxes were the highest they have ever been. The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. I'll definitely be interested in purchasing artwork that reminds me of special places. A free game challenges players to try their luck at spending the kooky Tesla boss's $166billion (116billion) fortune in just 30 seconds. Its 1% of world GDP, is another way of looking at it. 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. 30 Broad Street, Suite 801 And it would be just a beacon of hope. 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 If Bidens 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. The reason Ive written that chapter is that theres billions of dollars being invested around the world in the race for artificial general intelligence. Or some sort of universal treaty, like we had with the ozone layer. The bill's odds of passing in the Senate, where Democrats have the majority, are low. First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. That is going to cost around $100 trillion in investment by 2050 to get us, globally, to zero carbon emissions. Azure sets this cookie for routing production traffic by specifying the production slot. Learn more about recent Gartner press. Theyre technologically out of reach. In 2022, they increased to a record $4.8 trillion. So they have to be problems that we can fix. How likely are you to make updates to your landscaping? Or if you prefer, a thousand billion. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. Perhaps I will try to do it now. I might bid on some trips or adventures at a charity event. I've always wanted to have a beautiful zen garden on my property. And you could raise the money like that. Put the hurt on dudes in suits! How likely are you to start a new business? Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. IRA FLATOW: When you decided on the 10 problems, did you have to sit down and think about, gee, what problems can we actually fix? I have a lot of artistic projects in mind. I may hire some guides on my travels. Rep. Thomas Massie (R-Ky.) said he was ecumenical on the changes being discussed but otherwise declined to disclose his stance. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. 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. That's not going to be something that I spend money on. I will most likely make a lot more artistic gifts for family and friends. I might actually increase my debts. Which new hobby would you most likely see yourself taking up? You couldnt build a solar shield around the planet to deflect sunlight away, because its technologically not possible. You couldnt build a particle collider thats within the orbit of Mars that would allow us to really throw particles, collide particles together with such velocity that youd be able to really probe the structure of reality much more than we can do with the Large Hadron Collider. I might actually start building some custom pieces. 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 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. That will be a blast. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. But still, I think an alien bacterial life form found in this solar system would be a truly sensational discovery. IF you've ever wondered how tricky it would be to empty Elon Musk's coffers, then have we got the website for you. :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. I don't think so. 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: What was your original goal with this book? 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. I can't see that my clothing will change at all. The tough part is deciding which one to start on. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. I may do a bit of traveling, but it's not my top priority. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. And what we need to do is push it faster, get it rolling faster. I really want to experiment with an electric car. And when we do get to the moon and start building on it, if you have an alliance, a true alliance of peoples, then I think it would be better for humanity. With SNAP, they also included new language that says the purpose of the program is to assist low-income adults in obtaining employment.. I will have an advisor to guide me. , which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. That sounds fun. Rowan Hooper looks at the problems facing the world today - all the big ones - and presents solutions that are Yeah. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. The game was created by British car rental firm Leasing Options to demonstrate how outrageously large the entrepreneurs wealth is. 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. 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. The cookie is used to store the user consent for the cookies in the category "Performance". House speaker Kevin McCarthy (R-Calif.) outlined the partys new proposal at the New York Stock Exchange on April 17. That is, actually, what the singularity is, isnt it? If you look at the James Webb Space Telescope, its only just launched. I'm more likely to send my local Boys and Girls Club to a game. 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. 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. ROWAN HOOPER: Yeah, its actually surprisingly cheap. In 2020, federal income tax revenues were $3.4 trillion. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. 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 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. 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? (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. Necessary cookies are absolutely essential for the website to function properly. But opting out of some of these cookies may have an effect on your browsing experience. IRA FLATOW: Rowan, we could all use a little bit of optimism these days. Yeah. I'm sure that I'll bring back some pieces from my travels. Yeah, absolutely. 2023 BuzzFeed, Inc. All rights reserved. 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. No, but I could see contributing to a soup kitchen. 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 added some solar panels, and it was not cheap. But a trillion dollars? LinkedIn sets this cookie to remember a user's language setting. I may start a charity, but probably not a business. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Web$4.5 trillion. New York, NY 10004. The pattern element in the name contains the unique identity number of the account or website it relates to. If you had one trillion dollars, you could spend it in a lot There are some travel books that I'll want to pick up. 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 the first eight months of this fiscal year, it spent $730,000,000,000 or an average of $91,250,000,000 per month. 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. 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. ROWAN HOOPER: Well, I think the lowest-hanging fruit is unpaid tax in the United States, which the Treasury estimates at $7 trillion by the end of the decade. It's got to be unique. The cookie is used to store the user consent for the cookies in the category "Other. The White House rebuked the Republicans' plan and said the president would veto the bill if it came to his desk. 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. 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 eat at fancy restaurants with business associates so I can write it off. This cookie is set by GDPR Cookie Consent plugin. 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. You would have to come up with some pretty crazy ideas to spend that LinkedIn sets the lidc cookie to facilitate data center selection. I plan to take in as many new experiences as I can. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 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?. GOP leaders also included a slew of additional policies, such as the adoption of what is called the Reins Act, which would grant Congress major new authority to review and overturn health, labor and other rules issued by federal agencies. That could cost us under a trillion bucks? 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. Imports turned up. Part of HuffPost Politics. And its something that you could do. SiteLock sets this cookie to provide cloud-based website security services. Potential cracks in the GOP lines persisted. 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. Do you have information you want to share with HuffPost. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. People are wondering now if science is slowing down, right? It would be fun to see what happens. I might actually take time to write a book. And thats one of your options. 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 cookie is used to store the user consent for the cookies in the category "Analytics". So interestingly, this is what Jeff Bezoss Earth Fund is doing on a smaller scale than a trillion dollars, but still, theyre doing it on a very effective scale by purchasing land that is both vital for carbon stores and for biodiversity. Youll find places where something looks funny, and then you can go and theorize about whats happening. So they think its doable. The next trillion seconds is 317 centuries. Now, I have to caveat that by saying that you might only find that were not alone because theres a bacteria living on Enceladus or on Europa out in the solar system. Kind of cheap. The game presents Musks net worth, which you can spend on an array of different items by clicking Are you interested in purchasing jewelry? 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. VigLink sets this cookie to show users relevant advertisements and also limit the number of adverts that are shown to them. I'm sure I could come up with a great menu of unique dishes. 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. 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. His 2024 proposed budget has spending that will reach the $7 trillion threshold in 2025, $8 trillion in 2028, $9 trillion in 2031, and $10 trillion in 2033.