Augmented reality applications are a cool new trend in smartphones. That's because they overlay data on images (courtesy of your handset's camera) of the real world, in real-time. They use your device's GPS and compass functions to pinpoint your location and determine what direction you are facing.

One of the latest augmented reality apps for the iPhone and Android platforms is particularly timely. From Layar, the app, called the Layar Reality Browser, will even show you where the close to $800 billion in bailout funds were distributed by the federal government.

Here's how the developer describes the program:

Layar is an application that overlays your view of the real world with waypoints representing your favorite coffee place, the movie theatre you're trying to find, or in this case, where some of that $787 billion from the American Recovery and Reinvestment Act is going. If you have an iPhone 3GS or Android device you can install the Layar app for free and then search for "recovery" or "sunlight" within Layar to find this layer. The layer works best near large cities where you are most likely to find recovery contracts.

So take a stroll down the street and see what businesses you have a stake in as an American citizen and taxpayer.

[via gizmodo]