Hooper joins Ira to talk about his book, How to Save the World for Just a Trillion Dollars: The Ten Biggest Problems We Can Actually Fix, and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. Part of HuffPost Politics. Learn more about recent Gartner press. Rowan, welcome to Science Friday. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. 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. It's not my top priority, but I won't be going any further into debt. LinkedIn sets this cookie to remember a user's language setting. There's a lot more to being positive than being positive, after all. David Winston is the president of The Winston Group and a longtime adviser to congressional Republicans. The tough part is deciding which one to start on. IRA FLATOW: Rowan, we could all use a little bit of optimism these days. First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. This website uses cookies to improve your experience while you navigate through the website. 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. The nonpartisan Congressional Budget Office said the bill, would cut the budget deficit by $4.8 trillion over 11 years. 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. So I think you could speed that up, or you could augment that, and really start looking for life forms out in the solar system. If Bidens 2024 proposed budget actually passed, he would add as much to the national debt as Trump and Bush 43 combined. Players soon learn that chewing through billions of dollars is more difficult than it might first seem. But McCarthys remarks cast doubt on that timeline. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. )3 Also in the spring of 2020, Congress appropriated $3.6 trillion, $1.9 trillion of which had been disbursed by July 2020. Yeah. I don't think much will change, but I do hope to make friendships with those I help. I've always wanted to have a beautiful zen garden on my property. Possibly, especially if it sweetens a business deal. If you owned a trillion dollars and spent $1,000,000 each day, it would take you just under 2,740 years to spend it all. IRA FLATOW: [LAUGHS] Absolutely. I expect that I will be mingling with much more influential people. Remember what this bill is: This bill is to get us to the negotiating table. 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?. All information these cookies collect is aggregated and therefore anonymous. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. 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. I probably won't, but I will definitely support those who are passionate about green technology. 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. How likely are you to start a new business? 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 ROWAN HOOPER: Yeah. That is exactly what I'm talking about! 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. 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. And the first one is half a trillion to spend on transitioning the world to renewable energy. 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. There are some travel books that I'll want to pick up. Individual income tax revenues were over $2 trillion in 2021 and 2022 for the first time a 64 percent increase in 2022 over 2020. 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. Learn more about recent Gartner press. Its a good bill, to be honest with you. Its a machine with human-level intelligence. Do you see yourself buying a lot more gifts for others? In the fourth quarter, GDP increased The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. I might try some new recipes with some more exotic ingredients. And then youll get new ideas, and the thing will start rolling on. It's got to be unique. I will spend it fairly quickly. McCarthy pointed the finger at Biden, claiming the president is "ignoring" the debt crisis. I mean, NASA have got projects going out to the moons of Jupiter and Saturn. 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 is not something that I'm really interested in doing. Its certainly been slowing us down. this year or early next. I hope that I will get to collaborate with some amazing new friends. I'll definitely be interested in purchasing artwork that reminds me of special places. That's not going to be something that I spend money on. 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. IRA FLATOW: Yeah, lets focus on clean energy for a moment. A free game challenges players to try their luck at spending the kooky Tesla boss's $166billion (116billion) fortune in just 30 seconds. The pattern element in the name contains the unique identity number of the account or website it relates to. And its about the same as some of the biggest companies, like Apple and Amazon. I mean, one of the criteria used to select them was that they were actually fixable problems, right? 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. 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. I'll analyze the numbers and figure out the most effective way to become debt-free. The next million seconds will take 11.6 days. That sounds fun. There are so many places to see. So it should not be surprising that the new majority in the House wants to define policies that will create a trajectory toward some level of fiscal discipline, in combination with raising the debt ceiling. Will you make any upgrades to your current home? A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. So they have to be problems that we can fix. 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. Youll find places where something looks funny, and then you can go and theorize about whats happening. 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. HuffPost's top politics stories, straight to your inbox. 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). 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. 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. You focus on all sorts of options in your book. Not at all. I may collaborate with others, but I don't see hiring people. IRA FLATOW: What was your original goal with this book? Talk about that. I will eat at fancy restaurants with business associates so I can write it off. And so we really need to shut that down. Last year, the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech 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. 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. That could cost us under a trillion bucks? 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 Not at all. I'm more likely to make a donation to my local library. I'm more likely to send my local Boys and Girls Club to a game. And can money spur these new ideas about what the universe is made of? Consider that U.S. GDP in 2019 was $21.4 trillion, which is expected to shrink in 2020. Potential cracks in the GOP lines persisted. Kind of cheap. Imports turned up. With it, Republicans also included a provision that would block one of Bidens programs meant to lower students monthly loan bills. 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. I say cheap, you know, but to get to Mars, it would take all the trillion, I think. 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 will make some alterations and updates that fit my personal style. And lets hope it brings me in a few more hundreds of millions of dollars. I will leave the Biden reelection announcement to the Twittersphere to discuss. The way you spend your How big of a priority will it be for you to pay off your debts? 2023 BuzzFeed, Inc. All rights reserved. And then I just started thinking, you know, there is a lot of money out there. 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 trillion dollars for the years spanning 2030-2033. And it would be just a beacon of hope. Like the Federation. 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! And one is to settle off the planet, to set up a colony on the moon. Biden says McCarthy risking default on national debt: 'What are MAGA Republicans doing in Congress?'. All right, lets talk about where to spend the money, because you have some other ideas. No way, that's another terrible investment. Created by Bluecadet. And you can read an excerpt from the book on our website, sciencefriday.com/trilliondollars. In 2020, federal income tax revenues were $3.4 trillion. But to settle on the moon, you could do it in under a trillion dollars, yeah. ROWAN HOOPER: Sure. VigLink sets this cookie to track the user behaviour and also limit the ads displayed, in order to ensure relevant advertising. I will mostly be interested in classic cars that hold their value well. So there are things that people think about that are still very, very far off. 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. 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. 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. For the authoritative record of Science Fridays programming, please visit the original aired/published recording. During Bidens first two years in office, he oversaw spending that was 40 percent higher than the pre-COVID 2019 budget. It's not really about the size, it's more about the potential resale value. I might do a video series of my world travels. Whether its your openness or your warmth, you carry with you some of the best of human qualities. Youve mentioned a couple of philanthropists and billionaires. 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. 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. And they have to be ones that we can do right now, effectively, but that money is the thing thats been holding us back. But the Biden administration may run out of options as soon as early June. More people, better technology, some costly ingredient or supply? Im Ira Flatow. I could use that for a number of things. 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. Republicans have made no secret about their opposition to the Inflation Reduction Acts investments to fight climate change. Meanwhile, lawmakers are facing a time crunch to avoid default. Nearly all of 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. 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. In the fourth quarter, GDP increased 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. 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. Sign me up! The next trillion seconds is 317 centuries. I would give a few tens of billions of dollars to some of the smaller space agencies, especially the African Space Agency and some of the ones in smaller countries other than the US and China, and make a Terran Alliance that would elevate other countries up into space so that its not just dominated by the US and China. Bidens own proposed 2024 budget would be 55 percent higher than Trumps spending in 2019, and his budget projections are even more alarming. In other news, Musk recently claimed that his company SpaceX could landastronauts on the Moonwithin the next three years. 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 No, but I could see contributing to a soup kitchen. I will likely bring someone in to manage my charity. Let's go shopping! Yeah. You also have the option to opt-out of these cookies. How much of your money will go to charity? WebFor 5 million dollars, you can fly a group around the world in a private jet for 25 days multiple times! Oh yeah, I want to try anything that is new and innovative. This would not be a focus of my spending. CQ Roll Call is a part of FiscalNote, the leading technology innovator at the intersection of global business and government. This cookie, set by Cloudflare, is used to support Cloudflare Bot Management. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. Nearly all of that debt about $31.38 trillion is subject to the statutory debt limit, leaving just $25 million in unused borrowing capacity. 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, 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. That would prevent a default, but it would 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. However, one Democratic member, Dan Kildee (Mich.), is expected to be out all week as he recovers from cancer surgery, meaning the Democratic vote would top out at 212. IRA FLATOW: Yeah, so my question is, how do you get people to commit this kind of money? Tumblr. WebIf you managed to spend a million dollars per minute for 24 hours every day, it'd take you around 7 years to spend a trillion dollars. I plan to invest it quickly, but I don't see the money going away for a very long time. For other inquiries, Contact Us. I may start a charity, but probably not a business. 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? 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. Keep the coal in the ground, because at the moment theres still too much coal-fired power stations being used being built, even in those countries. I will likely purchase some pieces that are recommended by an expert for their value. What do you make of the game? So they think its doable. I may do some traveling to scout out some investment opportunities. Pretend you have a 30 Broad Street, Suite 801 I might bid on some trips or adventures at a charity event. But you could do a huge amount of good tackling various diseases of course you could with a trillion dollars. I will be starting numerous new businesses. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. And I think that might start to move us to a new understanding. So how about cracking down on that unpaid tax a bit, freeing up a few trillion dollars. 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. In speech after speech, Biden seems unwilling to address the extensive inflationary effects of his spending policies or their potential negative economic impact on future prosperity. And I think that the consequences of a single power or corporation getting there are so, so incredible that, ideally, I would love to spread out the benefits of that wider across the world, just so that we dont end up with one corporation or one entity, one state, really dominating the rest of us if they do get to this breakthrough kind of AI, or a breakthrough kind of quantum computer as well. I mean, its a really good point. It's probably not for me, but I'd love to see others do it. The cookie is a session cookies and is deleted when all the browser windows are closed. House Republican leaders have made clear his budget isnt going anywhere; but it illustrates just how out of control Bidens spending policies really are. 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. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. LinkedIn sets the lidc cookie to facilitate data center selection. But thats not something we can do anytime soon. I may invest in some high-end pieces that should increase in value. We'll assume you're okay with this, but you can opt-out if you wish. 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 may get a few places in a few different spots in the world. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. I definitely want to have a boat. :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. It has 12 zeroes: looking for trillions-worth of video games and ramen noodles to repossess. That would be another way. I might actually take time to write a book. 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 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. It is the federal government's other trillion-dollar baby. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. They say theyre going to put in all their fortune of around $60 billion by the time they die into this project. I struggled. 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. 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. ROWAN HOOPER: Yeah. 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. 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. But still, I think an alien bacterial life form found in this solar system would be a truly sensational discovery. Instead, focusing on one of the most important issues Biden never mentioned in his Tuesday announcement video: the economy, specifically the countrys staggering debt, a looming catastrophe waiting to happen. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first.
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