WORD ON WORLD MONEY: Apple Inc. has more money at its disposal than the US government.
Recent reports from US Treasury Department show that Apple Inc. currently has cash reserves of $76.4 billion, compared to the $73.7 billion on the US Treasury’s books, the BBC reported last week.
While the US spends billions of tax payers’ dollars waging wars around the world and president Obama encourages citizens to get into more debt — reportedly spending around $200 billion more than it collects in revenue every month — Apple’s market is growing at a tremendous rate; currently making a net income 125 percent higher than the same period last year.
Compared to iPhone sales, which were predicted to reach about 100 million units in 2011 (selling at about US$500 a piece) the US Department of Defense has been reportedly paying Boeing US$644.75 for small gears for military helicopters; spare parts which are reportedly worth only about $12.
Boeing Overcharges US Army
Hardest hit by the US government’s economic propagana, including threaths to default on its $14.3 trillion debt, are average citizens, such as firemen and police officers, who have been told they face pension payment cuts upwards of 50%, along with spending cuts on public services, such as education and elderly healthcare.