How to Spend a Trillion Dollars is the ultimate thought experiment but it is also a call to arms: these are all things we could do, if we put our minds to it - and our money. ROWAN HOOPER: Well, globally, it wont get us to carbon zero. VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. It seems like a good return on investment in this modern age. The GOP bill targets at least some of the $80 billion set aside to improve the Internal Revenue Service and help the government pursue unpaid taxes. 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. Towards renewable energy. That is exactly what I'm talking about! I don't think so. We're simply going to observe the choices you make and try to figure you out a little. How likely are you to get the newest gadgets on the market? 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. 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. The next million seconds will take 11.6 days. Or some sort of universal treaty, like we had with the ozone layer. Talk about that. , with the bulk of that savings coming from caps the bill would place on the annual funding voted on by lawmakers. Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. IRA FLATOW: So there are things that we could not do even if I gave you my blank check question. And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. If someone handed you a million dollars, you might feel inclined to hoard it - but the rules of this quiz require that you blow the lot! 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. 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. The GOP's debt ceiling plan, dubbed the "Limit, Save, Grow Act,"includes$4.5 trillion incuts to government spending and returns discretionary spending to fiscal year 2022 levels. But opting out of some of these cookies may have an effect on your browsing experience. 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. 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. 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. Do you think your eating habits might change? 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. Will you be attending a lot more live music and theater shows? The Tesla boss has amassed a $166billion fortune Credit: Reuters. 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). 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. It's broken into 10 chapters/ways to spend the trillion, each with its own allure and reward. IRA FLATOW: Wow. 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. 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. Worse, CBO baseline spending projections show that Bidens proposed budgets for the next two years will continue the $6 trillion-dollar spending of 2020 and drive it even higher through the rest of his term and beyond. But the Biden administration may run out of options as soon as early June. According to the CBO, Biden is going to match Trumps addition to the national debt in just three years, reaching a total of $7.1 trillion over his four years. Credit: Shutterstock. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. A free game challenges players to try their luck at spending the kooky Tesla boss's $166billion (116billion) fortune in just 30 seconds. 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. I will bring back loads of gifts for family and friends from my travels. Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. I might do a video series of my world travels. There's a lot more to being positive than being positive, after all. And you can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. Maybe people would want to chip in for something on a large scale. Hit to education:McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says. And what if the result needed to be making the world a better place? LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. 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 I may do some traveling to scout out some investment opportunities. Not at all. 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.If adhered to, the caps would cut about $3.2 trillion from the pool of yearly appropriations to agencies including 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. This cookie is set by GDPR Cookie Consent plugin. No, but I could see contributing to a soup kitchen. 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 might bid on some trips or adventures at a charity event. You can even share your results on social media and compare them with your pals'. Just before the evening vote, former Speaker Nancy Pelosi accused Republicans of "playing with fire" by not raising a clean debt ceiling. This cookie is set by GDPR Cookie Consent plugin. In total, the spending reductions could achieve more than $3 trillion in savings over the next decade, according to the nonpartisan Congressional Budget Office, which scored a version of the legislation this week. 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. I will be starting numerous new businesses. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. Would you like to open your own restaurant? Are you targeting them? The billionaire recently warned that humanitymay wipe itself outbefore his aerospace company SpaceX has a chance to colonise Mars. That is not something that I'm really interested in doing. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. , which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. I dont think its doable on a trillion dollars because theres just so much that needs to be done. With SNAP, they also included new language that says the purpose of the program is to assist low-income adults in obtaining employment.. 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 The way you spend your money is completely up to you. 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. 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. This cookie is set by the provider Akamai Bot Manager. Not at all. There will definitely be a charity aspect of my new venture. Bidenpreviously said he will refuse to negotiate with Republicans over their proposal, claiming theplan would hurt "hard-working"peoplethe most. We could do loads of observations of dark energy, dark matter. $1 Trillion Would Pay: ESTATE TAXES FOR2,871 BILLIONAIRES Congress has reinstated the federal estate tax at least for the next couple of years with a 35% flat This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen. 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. 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. Even with dozens of private jets in your shopping basket, the total spend hardly makes a dent in Musk's extortionate bank balance. The cookies is used to store the user consent for the cookies in the category "Necessary". Part of HuffPost Politics. 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. That would be another way. ROWAN HOOPER: Thank you, Ira. I will definitely be buying lots of jewelry. 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. 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. All right, lets talk about where to spend the money, because you have some other ideas. Potential cracks in the GOP lines persisted. If you had one trillion dollars, you could spend it in a lot WebHow to Spend a Trillion Dollars: The 10 Global Problems We Can Actually Fix eBook : Hooper, Rowan: Amazon.com.au: Kindle Store ROWAN HOOPER: Yeah. 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. What would you do with a trillion dollars? It's probably not for me, but I'd love to see others do it. I will eat at fancy restaurants with business associates so I can write it off. You are also agreeing to our Terms of Service and Privacy Policy. Publisher: Profile Books Ltd. ISBN: 9781788163453. 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. LinkedIn sets this cookie for LinkedIn Ads ID syncing. Last year, the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech 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. 30 Broad Street, Suite 801 During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. This cookie is used for load balancing purposes. That is going to be my favorite new pastime. 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. IRA FLATOW: Yeah, lets focus on clean energy for a moment. So by 2030, theres $7 trillion in unpaid tax 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. What size house will you buy for yourself? 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. 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. This cookie is used to manage the interaction with the online bots. I can't see that my clothing will change at all. Behind the scenes, GOP leaders have touted that time frame as a selling point with their members, because it may give them another opportunity to make more demands of the White House. The nonpartisan Congressional Budget Office said the bill, would cut the budget deficit by $4.8 trillion over 11 years. I don't need much. But we can tackle them bit by bit. Its not the final provisions, and theres a number of members who will vote for it going forward to say theres some concerns there.. Will you make investments in the stock market? House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. You couldnt build a solar shield around the planet to deflect sunlight away, because its technologically not possible. 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. 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. This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites. 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. The missives, which analyzed an earlier version of the GOP plan, said cuts back to 2022 levels would also hamstring government agencies that respond to extreme weather, eliminate 170,000 slots in a key federal preschool program, and impact the IRS and its ability to provide timely refunds. And yes, the problems are massive. ROWAN HOOPER: Yeah, I did. Lets see what you could do with it. Are you targeting governments? Copyright 2023 CQ Roll Call. So they think its doable. That is a very strong possibility, especially if it is an innovative idea. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? To start off with, you won't be able to make any high value purchases in 24 hours, especially in cash. Science Friday is produced by the Science Friday Initiative, a 501(c)(3) nonprofit organization. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. The 320-page package imposes a long list of Republican priorities, including 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. Do it right and save the IRA FLATOW: Thank you for taking time to be with us today, and good luck with your book. I am definitely buying an RV to travel around the country in. New York, NY 10004. But do that again on the moon on a bigger scale. For other inquiries, Contact Us. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. I might actually take time to write a book. 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. Between now and then, the House has 15 days in session. If you could get a treaty, get countries signed up into an Earth Fund, you could perhaps start with trying to save the Amazon or the Arctic. Three financial firms recently estimated early June as well. I will mostly be interested in classic cars that hold their value well. 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. I mean, one of the criteria used to select them was that they were actually fixable problems, right? 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. ROWAN HOOPER: Yeah. That is, actually, what the singularity is, isnt it? Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. Asked how he would ensure passage while also vowing to make no changes to the bill to win over needed GOP votes, McCarthy said, The same way weve done it every week when you talk to me about every other bill we bring to the floor. Biden told McCarthy he would not negotiate on the debt ceiling, arguing it should be raised by Congress without parameters. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. And its about the same as some of the biggest companies, like Apple and Amazon. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. 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. I don't think that will be something I will spend money on. ROWAN HOOPER: Sure. Here's your chance to live out the life of a multi-billionaire. Possibly, especially if it sweetens a business deal. Even if you spend a dollar each second, it would still take you at least 31,700 years to spend 1 trillion dollars. And you could raise the money like that. I will spend it fairly quickly. I will have a whole team of financial experts working with me. The JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application. That might be fun. Or if you prefer, a thousand billion. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. (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. 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. Additional reporting was provided by Arthur Delaney. For terms of use and more information, visit our policies pages athttp://www.sciencefriday.com/about/policies/. It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. Massie has a deep libertarian streak and has taken to wearing a digital counter in his jacket pocket that tracks the national debt. And they only cost in the order of tens of billions of dollars each. IRA FLATOW: Rowan, we could all use a little bit of optimism these days. ROWAN HOOPER: Yeah, its actually surprisingly cheap. So, in the context of talking about federal spending, in 2022, the U.S. government spent $6.2 trillion. This cookie is used for storing country code selected from country selector.