Great News: Apple Has More Cash On Hand Than The U.S. Government. “That’s because Apple collects more money than it spends, while the U.S. government does not”

Just another reason to starve the beast by not increasing the debt ceiling. Via memeorandum: U.S. balance now less than Apple cash

Steve Jobs is now more liquid than Uncle Sam.

While it’s highly unlikely that President Barack Obama is looking to ask the founder and chief executive of Apple Inc. for a loan, it became a fact as of Thursday afternoon — the world’s largest technology company now has more cash on hand than the most powerful democracy on Earth has spending room.

And from Business Insider via Instapundit: Apple Has More Cash On Hand Than The U.S. Government

According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday.

Apple's last earnings report (PDF here) showed that the company had $76.2 billion in cash and marketable securities at the end of June.

In other words, the world's largest tech company has more cash than the world's largest sovereign government.

That's because Apple collects more money than it spends, while the U.S. government does not.

Ain't that the truth though. Thus, once again, we see that the government doesn't have a revenue problem, it has a spending one, and raising the debt ceiling is tantamount to giving a drug addict crystal meth to help them get off drugs. From Slate via Insty: Two simple graphs, updated daily, that show exactly how screwed the federal government’s finances really are.

 

Note in the first graph that the debt increase is almost completely linear, with no concavity downward to show that it will end anytime soon if the debt ceiling is increased. Deficit spending is thievery. Which brings me to this: Rush Limbaugh - More Voter Than Ever Are Convinced That Congressmen Are Crooks

That's because they are!