BBC NEWS
29 July 2011
Apple now has more cash to spend than the United States government.
Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).
Apple’s most recent financial results put its reserves at $76.4bn (£46.9bn).
The US House of Representatives is due to vote on a bill to raise the country’s debt ceiling, allowing it to borrow more money to cover spending commitments.
A message to Congress on the Concentration of Economic Power:
Franklin D. Roosevelt
April 29, 1938
To the Congress of the United States:
Unhappy events abroad have retaught us two simple truths about the liberty of a democratic people.
The first truth is that the liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism — ownership of government by an individual, by a group, or by any other controlling private power.
The second truth is that the liberty of a democracy is not safe, if its business system does not provide employment and produce and distribute goods in such a way as to sustain an acceptable standard of living.[...]
http://publicpolicy.pepperdine.edu/faculty-research/new-deal/roosevelt-speeches/fr042938.htm
America’s Economy in 2003(just before President Bush Fixed it):
The U.S. Economy
By Willard E. Witte
Associate Professor of Economics, Indiana University, Bloomington
The U.S. economy during 2003 has been an exercise in cognitive dissonance. By most measures, the economy has performed quite well (and quite close to the outlook we presented a year ago). Yet the “man on the street” by most reports believes that things are not going well. In this national overview, I will first look at the good news from last year and dissect the fly in the ointment. Then I will outline our relatively optimistic view of what we can expect in 2004, along with some things that could cause problems during the next year.[...]
http://www.ibrc.indiana.edu/ibr/2003/outlook04/national.html
President George W. Bush and his 2003 impact on America’s treasury:
Bush unveils tax-cutting package
President George W Bush has unveiled details of an economic stimulus package aimed at invigorating the sluggish US economy.
The package – expected to be approved by Congress – is worth $674bn (£420bn) over 10 years.
It abolishes tax on stock dividends and brings forward planned cuts in income tax.
The administration said the package could lift stock prices by 10% and would create 2.1 million jobs in three years.[...]
["By speeding up the income tax cuts, we will speed up the economic recovery and the pace of job creation"
Tuesday, 7 January, 2003]
While Apple was increasing revenue the neocons were making sure that America’s treasury was decreasing revenue. And, as FDR warned in 1938, business is now beginning to challenge America’s treasury. FDR also mentioned jobs. And what the neocons have done to jobs and labor should not be allowed in a democracy that is of sound mind and body. Imagine a “cheeseburger maker” in Ohio edicting a political preferrence to its employees. What happened to America’s ombudsmen(voters)?
Its hard to reason with a mule. Leading him to water does not mean he will drink. Perhaps he is not thirsty? Perhaps he is just stubborn. Or – perhaps he’s just dumb.
Tags: apple has more cash to spend, democratic state, franklin d. roosevelt, George W. Bush, private power, us treasury dept.
