” It was just a few short years ago when the United States government was forced to bailout the auto industry, and now the tables have turned – the United States government currently has less cash on hand than at least one automaker, as well as eight other Standard & Poor’s 500 companies.
As politicians in Washington D.C. continue their seemingly endless debate on whether to raise the country’s debt ceiling (the amount of debt lawmakers authorize the Treasury to enter into), the U.S. is running out of money to pay the bills it’s already incurred.
At the moment, the Treasury has only $32 billion in its operating accounts. In contrast, General Electric currently has nearly three times that amount of accessible cash – currently, GE has more than $88 billion in cash-on-hand.
According to a graph created by QZ.com, GE tops the list of companies with more moulah than the U.S. government. Also on that list is Microsoft with $77 billion, Google with nearly $55 billion and Cisco with $50 billion.
Ford also made the list with $36 billion (Ford is one of the few domestic automakers that did not accept bailout money).
General Motors – which received nearly $50 billion in bailout cash from the U.S. government starting in 2008 – now trails the federal government in cash-on-hand by a mere $3 billion (GM currently has $27 billion in its coffers).”
There should be no surprise that GE is flush with cash given that they pay next to no taxes . The best news is that Ford , which took no bailout money from the taxpayers is doing so well . GM on the other hand , still owes the taxpayers a bundle and that doesn’t take into account the value of the lost investments of bond holders screwed by Obama to placate his union cronies during the bankruptcy .