Apple Richer Than the U.S. Government

Strange but true – the technology giant Apple now officially has more money than the U.S. government, and significantly less debt. America’s Treasury Department shows that the country has an operating cash balance of $73.7 billion while Apple’s most recent financial reports show a healthier bank balance of $76.4 billion. This incredible state of affairs has resulted in CNN to joke that the U.S. government should start selling iPads to help serve the American people. Or perhaps Apple CEO Steve Jobs should have been the president of the USA? 

Another financial difference between the world’s largest economy and the hugely successful Apple is its debt ratio. The U.S. government currently spends $200 billion a month more than it receives. Conversely, Apple takes in far more than it spends.

The U.S. government is in a severe financial crisis, which is having an impact on the world’s financial markets. It is desperately trying to avoid defaulting on its debt. President Barack Obama has tried for weeks to get the opposition Republican Party to agree to raise the country’s debt ceiling. He says America must do this and borrow more money to be able to pay its way at home and around the world. 

The country is in grave danger of running out of money. This would mean public workers getting no salaries and the country would struggle to meet its international financial commitments. Such a situation could see the dollar crash, leading to a possible second global financial crisis in five years. Obama told the Republicans, “to step up and show the leadership that the American people expect”.


EXERCISE 1. PRONUNCIATION/WORD VOCABULARY

1. Debt [DET]
Meaning:(noun)  An obligation or liability to pay or render something to someone else.
Example Sentence: I must pay my debt at the end of this month.

2.Conversely [KUN-VERS-LI]
Meaning: (adverb) in a contrary or opposite way; on the other hand
Example Sentence: To be rich is good. Conversely, sometimes if a person became rich, he/she became greedy.


3. Severe [SEE-VEER]
Meaning: (adjective) Extremely difficult to perform or endure; Causing great discomfort, damage, or distress
Example Sentence: The doctor told us to accept that reality the he will die soon. His cancer is severe.


EXERCISE 2. SHARING IDEAS

1. What do you think of what you read?
2. Do you agree with CNN that the U.S. government should start selling things to raise cash?
3. Would the CEO of Apple make a good U.S. president?
4. Why is Apple so “hugely successful”?
5. Is it possible to live life without going into debt?



Article Source