Apple & Bill Gates Have More Cash Than The Federal Government
Who’s ready for iAmerica?
As the BBC has reported, the software company Apple has more cash on hand than the United States federal government, according to the company’s financial records.
Apple’s quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.
The feds could probably learn a thing or two from Apple’s success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation‘s history if Washington doesn’t come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation‘s financial house in order.
Meanwhile, Apple’s financial report shows that the company’s profits, even through the last recession, are booming.
People had been writing that the US’s cash balance had gotten so bad that it was less than some companies. Now it’s so bad that it’s less than some people.
Terrible, terrible. It just goes to show that Congress needs to get its act together now and raise the debt ceiling.
(Of course, net worth and cash on hand are different concepts, so it’s kind of comparing apples and oranges, but what matters is that it’s a powerful symbol.)