IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. How Would You Spend A Trillion Dollars? - Science Friday Learn more about recent Gartner press. I don't need much, just something that gets me from point A to point B. Copyright 2022 Science Friday Initiative. 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. More people, better technology, some costly ingredient or supply? Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. David Winston is the president of The Winston Group and a longtime adviser to congressional Republicans. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. 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. OK, so lets narrow it down just a bit. That sounds fun. We'll assume you're okay with this, but you can opt-out if you wish. Do you think your eating habits might change? Spending What If You Had to Spend $1 Trillion in 24 Hours? The bills savings would be even larger, but it includes one provision that would boost the deficit: taking back money the Internal Revenue Service was given to hire more than 80,000 new employees. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. I will mostly be interested in classic cars that hold their value well. I will likely pick up a few pieces here and there. Perhaps I will try to do it now. Rep. Thomas Massie (R-Ky.) said he was ecumenical on the changes being discussed but otherwise declined to disclose his stance. Towards renewable energy. And they tacked on permitting legislation that could ease the way for more oil and gas drilling. VigLink sets this cookie to show users relevant advertisements and also limit the number of adverts that are shown to them. 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. Will you be buying new furniture for your home? So you get double your money. That the ideas havent been coming. Maxine Joselow and Rachel Roubein contributed to this report. If I had a trillion dollars than I could probably spend it. That is a very strong possibility, especially if it is an innovative idea. And they only cost in the order of tens of billions of dollars each. I'm more likely to make a donation to my local library. Probably the second lowest would be quantitative easing, just get some I say just get some governments to print some more money. Possibly, especially if it sweetens a business deal. 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 These cookies help provide anonymized information on metrics the number of visitors, bounce rate, traffic source, etc. My first step will be to pay off all my debts and the debts of those close to me. 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. 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. The cookies is used to store the user consent for the cookies in the category "Necessary". I've always been interested in making jewelry. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. Do you see yourself buying a lot more gifts for others? Newsroom, Announcements and Media Contacts | Gartner 5 facts about the U.S. national debt | Pew Research Center Are you interested in purchasing jewelry? They say theyre going to put in all their fortune of around $60 billion by the time they die into this project. In between those are a brand new PlayStation 5, a $1million New York City apartment and even a $4.5million private jet. I imagine that I will meet new people from around the world. Thank you for helping us continue making science fun for everyone. I definitely want to have a boat. ROWAN HOOPER: Yeah. 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. If it improves the value of my home, I will probably do it. 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. How should we square pro-space arguments from tech CEOs with the history of imperialism and underinvestment in social equity programs? IRA FLATOW: And you dont want to just stop at the moon. Even if you just found some bacteria or something. 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. I don't plan to be home very often. 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. I plan to take in as many new experiences as I can. It's broken into 10 chapters/ways to spend the trillion, each with its own allure and reward. IRA FLATOW: OK, so we have a little bit of reference here. IRA FLATOW: And then you say half a trillion to massive biodiversity renewal and carbon drawdown scheme. The Tesla boss has amassed a $166billion fortune Credit: Reuters. That would prevent a default, but it would I will likely bring someone in to manage my charity. Issued by Microsoft's ASP.NET Application, this cookie stores session data during a user's website visit. And thats one of your options. 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. I want to show that we can solve a lot of this, and whats holding us back, actually, is just investing wisely. This week, Biden threatened to veto the bill if it ever reaches his desk, arguing that it would inflict significant financial harm on families. I may do a bit of traveling, but it's not my top priority. IRA FLATOW: Nice to have you. 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 I do think, though I have to be an optimist about it that if you throw money at it, if you make some really big new experiments, that youll start to see little cracks in the standard model. 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. 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. Funny Game Description Punish greedy fat cats and save honest peoples! No way, that's another terrible investment. I probably won't, but I will definitely support those who are passionate about green technology. How quickly do you see yourself spending all your money? Rowan, welcome to Science Friday. As of last month, U.S. debt was $26.5 trillion. Musk's net worth is largely tied up in shares of his various companies, making it relatively volatile. Is it a question of money, or is it a question of new ideas? I don't think much will change, but I do hope to make friendships with those I help. But to settle on the moon, you could do it in under a trillion dollars, yeah. IRA FLATOW: Yeah. Last year, the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech This website uses cookies to improve your experience. 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 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. Absolutely not, they are terrible investments. The bill, if it passes the House, would almost certainly not become law given the Democrats hold on the Senate and the threat of President Joe Bidens veto pen. And again, its being dominated by China and the US, in particular. Would you like to open your own restaurant? Hit to education:McCarthy budget would slash 60,000 teachers, 'undermine education,' Biden administration says. Not at all. I am definitely buying an RV to travel around the country in. 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. Three financial firms recently estimated early June as well. I might have a few outfits crafted just for me, to highlight my unique style. This cookie is installed by Google Universal Analytics to restrain request rate and thus limit the collection of data on high traffic sites. 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. I will most likely make a lot more artistic gifts for family and friends. Heres how. This cookie is associated with Django web development platform for python. I will leave the Biden reelection announcement to the Twittersphere to discuss. 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. 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. The next billion seconds is 31.7 years. It does not store any personal data. It seems like a good return on investment in this modern age. Here's your chance to live out the life of a multi-billionaire. 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 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. A group of ethanol proponents was reportedly upset with the bills cancellation of many green tax breaks. 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. We could go to the far side of the moon and put a space observatory there, a science observatory on the far side of the moon. WebWith 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. What's in the Republican debt limit bill? The proposal, explained But The rules would cover beneficiaries from age 19 until age 56, with some exceptions, such as for those who are pregnant or caring for young children. But opting out of some of these cookies may have an effect on your browsing experience. By entering your email and clicking Sign Up, you're agreeing to let us send you customized marketing messages about us and our advertising partners. But if it did, the effect on the economy would be harmful compared with passage of a clean debt limit bill, according to a report by Moodys Analytics, a financial analysis firm. I might actually start building some custom pieces. I think there are much better things I could do with my money. Science Friday transcripts are produced on a tight deadline by 3Play Media. To see all content on The Sun, please use the Site Map. We're simply going to observe the choices you make and try to figure you out a little. Theyre technologically out of reach. Copyright 2023 CQ Roll Call. Rowan Hooper, 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. 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. Are you targeting governments? IRA FLATOW: This is Science Friday. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. I'll probably spruce it up and get it ready to sell for a profit. 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. I've always wanted to have a beautiful zen garden on my property. The cookie does not store any personally identifiable data. Not really. All rights reserved. These cookies track visitors across websites and collect information to provide customized ads. 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. Not at all. A trillion dollars is a million dollars multiplied by a million. Necessary cookies are absolutely essential for the website to function properly. All right, lets talk about where to spend the money, because you have some other ideas. You are also agreeing to our Terms of Service and Privacy Policy. Will you make investments in the stock market? By that, I mean finding life outside of our planet. Spend a Million Dollars and 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. There are some travel books that I'll want to pick up. trillion How likely are you to start a new business? The president has maintained that Republicans should increase the debt limit without conditions, saying that a miscalculation that triggers a default could push the economy into a recession. 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 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. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. , which said the proposed spending cuts should be seen in light of a run-up in appropriations since 2017. This cookie, set by Cloudflare, is used to support Cloudflare Bot Management. There are so many people to help. Do you have a story for The Sun Online Tech & Science team? That's not going to be something that I spend money on. It wont get us to a carbon-neutral state at all. The tough part is deciding which one to start on. 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. 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. Rowan Hooper looks at the problems facing the world today - all the big ones - and presents solutions that are Its going to be incredible when thats up. The cookie is used to store the user consent for the cookies in the category "Analytics". It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. We could do loads of observations of dark energy, dark matter. LinkedIn sets this cookie for LinkedIn Ads ID syncing. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. Analyzing the GOP proposal, the left-leaning Center on Budget and Policy Priorities predicted that 10 million people in states that have expanded Medicaid coverage are at a significant risk of losing benefits if the bill became law. This cookie is used for load balancing purposes. 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. WebKindle $10.99 Rate this book How to Spend a Trillion Dollars: Answering the Big Questions in Science and Saving the World Rowan Hooper 3.69 224 ratings30 reviews DIEZ MEGAPROYECTOS CIENTFICOS Y SOCIALES PARA SALVAR EL MUNDO Fascinante. MARGARET ATWOOD House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nations debt limit by $1.5 trillion into next year. 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. I struggled. 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. 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. Even with dozens of private jets in your shopping basket, the total spend hardly makes a dent in Musk's extortionate bank balance. Which new hobby would you most likely see yourself taking up? I might bid on some trips or adventures at a charity event. If you look at the James Webb Space Telescope, its only just launched. What if the price tag wasnt unlimited, just really high? Millions of low-income Americans who receive food stamps and health insurance from the federal government would have to work longer hours in exchange for benefits under the new GOP bill. Hand out moneys to homeowners. 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. But a trillion dollars? IRA FLATOW: Thank you for taking time to be with us today, and good luck with your book. That is, actually, what the singularity is, isnt it? McCarthy Denying Student-Debt Relief to His Own Constituents: Will you make any upgrades to your current home? I'll keep eating the way I do. IRA FLATOW: So were not thinking a big GoFundMe campaign here. The JSESSIONID cookie is used by New Relic to store a session identifier so that New Relic can monitor session counts for an application. It's not really about the size, it's more about the potential resale value. At the center of the fight is the debt ceiling, the legal limit on how much the United States can borrow to pay its bills. Once your 30 seconds is up, you're presented with a set of results that show what you bought and how much of Elon's balance is remaining. If it makes sense for the work I have planned, sure. It's not my top priority, but I won't be going any further into debt. These cookies will be stored in your browser only with your consent. White House: Nothing New To Say, House Republicans Have A I'm sure I could come up with a great menu of unique dishes. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. He previously served as the director of planning for Speaker Newt Gingrich. I'm sure that I'll bring back some pieces from my travels. 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. Or if you prefer, a thousand billion. 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?. 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. Do it right and save the That might be fun. It's probably not for me, but I'd love to see others do it. Theres a lot of research going on already. Its a good bill, to be honest with you. House debt limit vote: GOP plan passes with $4.5 trillion in cuts That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). 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. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. The billionaire recently warned that humanitymay wipe itself outbefore his aerospace company SpaceX has a chance to colonise Mars. Thats the question asked by Rowan Hooper. 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. potential government defaultthis summer. How could we do that? I might give it a try. Just before the evening vote, former Speaker Nancy Pelosi accused Republicans of "playing with fire" by not raising a clean debt ceiling. And its about the same as some of the biggest companies, like Apple and Amazon. trillion That initiative essentially shielded more of Americans income from calculations on what they owe under a repayment program known as IDR, which applies to federal loans. This cookie is set by GDPR Cookie Consent plugin. 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. 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. VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. The way you spend your money is completely up to you. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. IRA FLATOW: Yeah, lets focus on clean energy for a moment. HuffPost's top politics stories, straight to your inbox. And can money spur these new ideas about what the universe is made of? 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 can't see this happening, but I may support a local artist or two. ROWAN HOOPER: Yeah, it might be worth doing. Favorite topics includeplanetary sciences, chemistry, materials, and shiny things with blinking lights. It's an interesting idea. AWSALB is an application load balancer cookie set by Amazon Web Services to map the session to the target. I'll probably integrate that into my plans somehow. 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. While the economy skirts recession in both scenarios, recession risks are uncomfortably high, with a consensus of economists and many investors and business executives expecting a downturn beginning late this year or early next. Something that gets great gas mileage and can handle all kinds of terrain. The next million seconds will take 11.6 days. IRA FLATOW: What was your original goal with this book? I will make some alterations and updates that fit my personal style. 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. The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. ROWAN HOOPER: Yeah. Let's go shopping! Youll find places where something looks funny, and then you can go and theorize about whats happening. So they have to be problems that we can fix. White House: Nothing New To Say, House Republicans Have A But we can tackle them bit by bit. 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. Bidenpreviously said he will refuse to negotiate with Republicans over their proposal, claiming theplan would hurt "hard-working"peoplethe most. McCarthy Denying Student-Debt Relief to His Own Constituents: IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money? 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! I hope that I will get to collaborate with some amazing new friends. I have read, understood and accepted Gartner Separate Consent Letter , whereby I agree (1) to provide Gartner with my personal information, and understand that information will be transferred outside of mainland China and processed by Gartner group companies and other legitimate processing parties and :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. Youre not talking about intelligent life. Its a machine with human-level intelligence. Do you anticipate that your circle of friends will change? This website uses cookies to improve your experience while you navigate through the website. Additional reporting was provided by Arthur Delaney. I have a lot of artistic projects in mind. I might try some new recipes with some more exotic ingredients. How far can a trillion dollars take you there? Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . Im Ira Flatow. Speaker McCarthy unveils $1.5T debt bill, pushes toward vote I'm traveling all over the world until the funds run out. 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. If Bidens 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. This cookie is native to PHP applications. Its about how to spend it. 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. In prior appearances on Capitol Hill, federal officials have estimated that amount is probably less than $100 billion. It was like, oh, what would I do if I had all this money? So by 2030, theres $7 trillion in unpaid tax in the US. IRA FLATOW: Is that the singularity were talking about here? 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. All rights reserved.
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