Theres a lot of research going on already. But we can tackle them bit by bit. IF you've ever wondered how tricky it would be to empty Elon Musk's coffers, then have we got the website for you. Youll find places where something looks funny, and then you can go and theorize about whats happening. Tumblr. Theyre technologically out of reach. IRA FLATOW: Wow. House Republicans would raise the debt ceiling by $1.5 trillion, or suspend it until March 31, 2024, whichever occurs first. I want to show that we can solve a lot of this, and whats holding us back, actually, is just investing wisely. You might not be the type to buy a yacht, but you might splash out on something you've always wanted. IRA FLATOW: [LAUGHS] Absolutely. You can even share your results on social media and compare them with your pals'. "It's not about fiscal discipline," Biden said. Here's your chance to live out the life of a multi-billionaire. Rep. Thomas Massie (R-Ky.) said he was ecumenical on the changes being discussed but otherwise declined to disclose his stance. Are you interested in riding a rocket into space as a tourist? Yeah. 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. And can money spur these new ideas about what the universe is made of? The Republican leader announced the bill Wednesday just as President Joe Biden was preparing to deliver a speech in Maryland. But before I do that let me provide a bit of context to the scale of the numbers being discussed, as billions and trillions are huge numbers. In fiscal 2019, according to the estimate published in the Monthly Treasury Statement, it will spend $1,104,449,000,000. And what if the result needed to be making the world a better place? House Speaker Kevin McCarthy insists it will be voted on this week, but a narrow House Republican margin leaves no room for error. 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. I don't think so. That is exactly what I'm talking about! I may hire some guides on my travels. Lets begin with some context here. To spend it on experiments that are doable now would only cost in the order of billions or tens of billions of dollars, which doesnt really add up to I couldnt spend the whole trillion in that chapter. 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. So they have to be problems that we can fix. And one is to settle off the planet, to set up a colony on the moon. 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. I mean, its a really good point. Bidens own proposed 2024 budget would be 55 percent higher than Trumps spending in 2019, and his budget projections are even more alarming. This cookie is native to PHP applications. 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 cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Bidenpreviously said he will refuse to negotiate with Republicans over their proposal, claiming theplan would hurt "hard-working"peoplethe most. Lets see what you could do with it. I'll visit family and friends very regularly. But That is, actually, what the singularity is, isnt it? I will likely pick up a few pieces here and there. In 2022, they increased to a record $4.8 trillion. 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. The $7.2 trillion added to the debt held by the public under Trump compares with $8.1 trillion added during the eight years of former President Barack Obama and Vice President Biden. The TiPMix cookie is set by Azure to determine which web server the users must be directed to. The CBO baseline is projecting that if things stay on the current path for the next 10 years (2024-2033), the debt will be increased by $20.2 billion. View our online Press Pack. 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.. The game presents Musks net worth, which you can spend on an array of different items by clicking I mean, NASA have got projects going out to the moons of Jupiter and Saturn. 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. It estimated that Medicaid, the state-federal health insurance program for the poor, would see 600,000 lose their coverage. Thats the question asked by Rowan Hooper. 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. 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. 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. All information these cookies collect is aggregated and therefore anonymous. 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. Or if you prefer, a thousand billion. 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. Musk hasnamed himself the "Dogefather"in a tweet which appears to have sent the cryptocurrency Dogecoin soaring. For the authoritative record of Science Fridays programming, please visit the original aired/published recording. He previously served as the director of planning for Speaker Newt Gingrich. But Republicans have run into problems as Biden refuses to even discuss the House majoritys proposals. It seems like a good return on investment in this modern age. And I think that would be actually, now I say it, it sounds a bit like Star Trek, doesnt it? Its to show that theres so much pessimism and doom out there, especially around the climate change and the biodiversity crises. 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. ROWAN HOOPER: Well, it is, although thats funny, that chapter, because big physics problems dont actually cost that much. 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. 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. 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. I can't see that my clothing will change at all. And most of all is basic health care globally would cost a lot of money. Yeah. These cuts are tied to a $1.5 trillion increase of the debt ceiling until May 2024. 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? It will be something small and practical. But to settle on the moon, you could do it in under a trillion dollars, yeah. With Medicaid, meanwhile, Republicans proposed a rule requiring the low-income recipients of federal health insurance to satisfy certain income or work thresholds. 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. And thats one of your options. 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. Rowan, welcome to Science Friday. , with the bulk of that savings coming from caps the bill would place on the annual funding voted on by lawmakers. Treasury Secretary Janet Yellen told CongresstheU.S.could default on its debtas soon as June5. Spending your cash your very own way will help us to nail down the best one. 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. I will likely bring someone in to manage my charity. Imagining what you might do if you won the lottery or received a huge inheritance from a long-lost relative is a classic daydream. The GOP plan officially aims to block Bidens forthcoming program to cancel thousands of dollars in college debt, a program long sought by cash-strapped students that the Supreme Court is also examining. Cookie used to remember the user's Disqus login credentials across websites that use Disqus. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . 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. So, in the context of talking about federal spending, in 2022, the U.S. government spent $6.2 trillion. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Apparently, Biden decided to ignore that crucial point. Trillion-dollar deficits: Bidens new normal, It's time for the president to meet Republicans at the negotiating table. That research has gone into a book, How To Spend A Trillion Dollars, published earlier this year (and in 2022 in the US). Towards renewable energy. 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. Do you have a story for The Sun Online Tech & Science team? It's not my top priority, but I won't be going any further into debt. He advises Fortune 100 companies, foundations, and nonprofit organizations on strategic planning and public policy issues, as well as serving as an election analyst for CBS News. Instead, the president wants a clean debt ceiling vote without provisions to rein in spending, hardly surprising from someone who has just proposed a budget that includes reaching a record $10 trillion in spending by 2033. 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 That would be $1.5 trillion more than Trump contributed during his term, which included the 2020 one-time COVID emergency spending. That is going to cost around $100 trillion in investment by 2050 to get us, globally, to zero carbon emissions. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. Are you targeting them? Do you see yourself buying a lot more gifts for others? 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. Will you be hiring others to work with you? 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. We're simply going to observe the choices you make and try to figure you out a little. The GOP bill would claw back unspent money authorized in previous coronavirus aid packages. I will be starting numerous new businesses. I will have a whole team of financial experts working with me. Maybe people would want to chip in for something on a large scale. I plan to take in as many new experiences as I can. I really want to experiment with an electric car. This cookie is set by GDPR Cookie Consent plugin. Whether its your openness or your warmth, you carry with you some of the best of human qualities. Even if you spend a dollar each second, it would still take you at least 31,700 years to spend 1 trillion dollars. Three financial firms recently estimated early June as well. 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. First, the bill targets the Supplemental Nutrition Assistance Program, or SNAP. 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 don't need much. Not at all. 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. 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. OK, so lets narrow it down just a bit. Even with dozens of private jets in your shopping basket, the total spend hardly makes a dent in Musk's extortionate bank balance. Weve been working there, different nations working together for years up there. 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. ROWAN HOOPER: Yeah. I might actually take time to write a book. 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. I don't think that will be something I will spend money on. You are also agreeing to our Terms of Service and Privacy Policy. 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. 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. Smart analysis delivered to your inbox: Sign up for the OnPolitics newsletter, What's in the bill? I may do some traveling to scout out some investment opportunities. With 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. , and to daydream about where and how an infusion of cash might do the most to accelerate solutions to some of the planets problems.. This has happened under former presidents, including Donald Trump. For terms of use and more information, visit our policies pages athttp://www.sciencefriday.com/about/policies/. IRA FLATOW: Because you have another option, and that is to cure cosmic loneliness. 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. How far can a trillion dollars take you there? Let us know in the comments! 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.
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