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Apple Sets All-Time Revenue Record, Has More Cash Than U.S. Government

11:10 PM, Jul 29, 2011   |    comments
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JACKSONVILLE, Fla -- You've probably heard of popular products like the iphone and the ipad, but did you know sales of those types of gadgets have been generating more cash than our federal government? 

As of this week, the U.S. Treasury had an operating cash balance of $73.8 billion.  The company Steve Jobs founded:  $76.2 billion in cash and marketable securities.

Apple customer Brandon Crook said, "It's pretty mind blowing.  I think wow, that's big!"

Jacksonville resident Michael Wooley is a big fan of Apple products and the company's philosophy.  He said our government could learn something from Apple like, "wise spending, not getting their hands in things they don't need to, research and development more maybe."

At nearly $400 per share, confidence seems to be rising in Apple.  It set an all-time record for revenue and earnings in the third quarter.  But Americans say they are losing confidence in our government.

Crook added, "I think Apple in this generation has really stepped up to the plate and really recognized what needs to happen and how we're going to make it happen no matter what.  And I think the government is still questioning how we're going to do that."

In a study from last week, there were 29 American and international companies that had more cash than our federal government.  Ironically, a few of those received a federal bailout.

 

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