Strange But True; Apple Is Richer Than Entire US Gov’t

29. July 2011

Sounds strange but true, Apple Inc. is richer than the entire United States Federal government. (Photo: morninpaper.com)

This story might raise eyebrows but it is quite a frightening statistic.

According to reports, at the moment Apple Incorporated has more cash on hand than the entire United States federal government. This developed after the balance sheet for the US Treasury dropped down to $73.768 billion.

That compares to the $76.156 billion Apple has in its deep coffers a difference of $2.388 billion. For layman who has no idea on the intricacies of the stock market, Apple makes more money than it spends while the US government spends more than it generates in tax-revenue.

In other words, Apple is doing a really good job at running itself, while the federal government is not. The federal government is not doing good at the moment since it is stuck in a relentless gridlock over how to raise the national debt ceiling.

To those who had no idea on debt ceiling here is a simple math for it: Imagine the entire US government pays its bills with a single credit car d.At the moment, the credit card is nearly maxed out. If the debt ceiling — the limit on our national credit card — isn’t raised by August 2, then the US won’t have enough incoming revenue to pay all of its bills.At the moment, the politicians disagree on how to go about fixing this problem, so they’re let our cash coffers dwindle perilously low, which is basically how we got to the $73.768 billion number.

For its part Apple is doing extraordinarily well. The iPhone maker brought in record profits in the third quarter of this year, about $5.5 billion, which has possibly set the Cupertino, California-based electronics giant on a path towards soon overtaking Exxon Mobile to become the largest corporation on the planet.

Hopefully US politicians can solve this fiscal problem soon, so that their economy would not sink. Apple Inc. is an American multinational corporation that designs and markets consumer electronics, computer software, and personal computers.The company’s best-known hardware products include the Macintosh line of computers, the iPod, the iPhone and the iPad.Apple software includes the Mac OS X operating system; the iTunes media browser; the iLife suite of multimedia and creativity software; the iWork suite of productivity software; Aperture, a professional photography package; Final Cut Studio, a suite of professional audio and film-industry software products; Logic Studio, a suite of music production tools; the Safari web browser; and iOS, a mobile operating system.

As of August 2010, the company operates 301 retail stores in ten countries, and an online store where hardware and software products are sold.As of May 2011, Apple is one of the largest companies in the world and the most valuable technology company in the world, having surpassed Microsoft.Established on April 1, 1976 in Cupertino, California, and incorporated January 3, 1977, the company was previously named Apple Computer, Inc., for its first 30 years, but removed the word “Computer” on January 9, 2007,to reflect the company’s ongoing expansion into the consumer electronics market in addition to its traditional focus on personal computers.

As of September 2010, Apple had 46,600 full time employees and 2,800 temporary full time employees worldwide and had worldwide annual sales of $65.23 billion.

(rockefellernews/rb)

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