July 29, 2011
With the U.S. government working hard to resolve the debt ceiling crisis before defaulting for the first time in history, a report today in the Financial Post seems to add insult to injury as Apple appears to have more cash on hand than the U.S. government. That’s right, Apple is more liquid than one of the most powerful democracies in the world.
According to the report, Washington now has a total operating balance of only $73.768 billion and according to their most recent reported earnings in June Apple currently has a cash reserve of $75.876 billion.
Keep in mind we are not comparing numbers apples-to-apples (no pun intended), as the U.S. governments number represents how much headroom it has before bumping up against an arbitrary debt ceiling, while Apple’s represents cash reserve on its balance sheet. But either way it shows just how big and powerful Apple has become. I wonder if President Barack Obama will be trading in his BlackBerry for an iPhone anytime soon.
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