Apple Corporation Officially More Rich Than U.S. Government
(CNN) ~ The U.S. of A. now officially has less money than the Apple Corporation. Apparently Americans have enough money for iPads but not enough to get us out of debt.
According to a recent statement from the United States Treasury the government has an operating cash balance of $73.8 billion. That seems like a fairly large sum but it’s still less than Steve Jobs and Co.
The giant Apple Corporation had a huge $76.2 billion in cash and marketable securities at the end of June according to its last earnings report. Unlike the United States, Apple keeps bringing in the cash and has no worries as to paying off debts.
In the past the technology industry and the fiscal strength of the nation went hand in hand but now, symbolically, the world’s foremost tech company has passed the United States in fiscal power.
Apple’s stock passed $400 per share and Apple remains the highest smartphone vendor by volume.
Apple’s next move has been the subject of speculation, in addition to other tech companies such as Facebook.
CEO Steve Jobs seems reluctant to spend the extra cash stating “We don’t let the cash burn a hole in the pocket or make stupid acquisitions…we’d like to continue to keep our powder dry because we think there are one or more strategic opportunities in the future.”
Maybe a job finding app or debt reducing app will become available in the iPad. It seems unlikely that Apple will be interested in giving Uncle Sam a loan any time soon.
Photo Credit: Apple.com