Richer Than America

Are you in need of a loan? Since Uncle Sam is a little cash strapped these days; maybe it’s time to consider Uncle Steve.

For months Washington has publicly struggled to agree on a debt ceiling. And even though they’ve managed to hammer out a deal, the country is far from financial stability. So the next time you need to borrow a few bucks, consider the company who right now is worth more than the federal government.

According to Apple’s financial records the company has more cash on hand then America does. Their last quarterly report said Apple has $76.4 billion of reserve cash. The Treasury Department on the other hand, is sitting on just $73.7 billion.

So as credit card companies pressure the government to lift the debt ceiling; Apple continues to roll out this century’s most popular gadgets. And despite the recent recession the company’s financial report shows that profits are booming; fueled mostly by iPad and iPhone sales. And with rumors of an iPhone five swirling the company is far from slowing down. Let’s just hope the U.S. Treasury can catch up.