HOUSE_OVERSIGHT_020966.jpg
1.93 MB
Extraction Summary
1
People
6
Organizations
1
Locations
1
Events
1
Relationships
1
Quotes
Document Information
Type:
Presentation slides / government oversight document
File Size:
1.93 MB
Summary
The document consists of two presentation slides from a KPCB report titled 'USA Inc. | What Might a Turnaround Expert Consider?'. The top slide quotes Federal Reserve Chairman Ben Bernanke testifying to the House Budget Committee in 2010 about the unsustainability of government entitlement liabilities. The bottom slide features a chart projecting that Social Security, Medicare, and Medicaid will consume 50% of total federal outlays by roughly 2020. The document bears the Bates stamp 'HOUSE_OVERSIGHT_020966'.
People (1)
| Name | Role | Context |
|---|---|---|
| Ben Bernanke | Chairman of the Federal Reserve |
Quoted source regarding government liabilities and entitlements.
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Organizations (6)
| Name | Type | Context |
|---|---|---|
| Federal Reserve |
Organization chaired by Ben Bernanke.
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| House Budget Committee |
Venue where Bernanke gave testimony.
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| KPCB |
Creator of the presentation/slides (logo present).
|
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| USA Inc. |
Title of the presentation series shown in the footer.
|
|
| CBO |
Cited as the data source for the chart.
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| House Oversight Committee |
Inferred from the Bates stamp 'HOUSE_OVERSIGHT'.
|
Timeline (1 events)
June 9, 2010
Testimony before House Budget Committee
Washington D.C. (Implied)
Locations (1)
| Location | Context |
|---|---|
|
Subject of the economic analysis.
|
Relationships (1)
Listed as 'Current Chairman of the Federal Reserve'
Key Quotes (1)
"specifically we’re going to have to look at entitlements because that’s a very big part of the obligations of the federal government going forward."Source
HOUSE_OVERSIGHT_020966.jpg
Quote #1
Full Extracted Text
Complete text extracted from the document (1,480 characters)
An Observation from Ben Bernanke, Current Chairman of the Federal Reserve
A famous economist once said anything that can’t go on forever will eventually stop, and this [government liabilities from entitlement programs] will stop, but it might stop in a very unpleasant way in terms of sharp cuts, a financial crisis, high interest rates that stop growth, continued borrowing from abroad. So, clearly we need to get control of this over the medium term, and specifically we’re going to have to look at entitlements because that’s a very big part of the obligations of the federal government going forward.
-- Ben Bernanke, Chairman of the Federal Reserve
Testimony before House Budget Committee, June 9, 2010
Testimony before House Budget Committee, June 9, 2010
KPCB www.kpcb.com
Note: Emphasis added.
USA Inc. | What Might a Turnaround Expert Consider? 249
Note: Emphasis added.
USA Inc. | What Might a Turnaround Expert Consider? 249
Bad News: USA Inc.’s Entitlement Programs are Inflation Indexed, Thus Potential Inflation – Which Would Reduce General Consumer Purchasing Power – Would Not Reduce Entitlement Liabilities
Social Security, Medicare, Medicaid Spending (All Indexed to Inflation) as % Total Federal Spending 1970-2020E
[Chart: Stacked Area Graph showing spending trends]
Y-Axis: As Percentage of Total Outlays (%)
X-Axis: 1970, 1978, 1986, 1994, 2002, 2010E, 2018E
Legend: Social Security, Medicare, Medicaid
Annotation: 50% [Circled]
Y-Axis: As Percentage of Total Outlays (%)
X-Axis: 1970, 1978, 1986, 1994, 2002, 2010E, 2018E
Legend: Social Security, Medicare, Medicaid
Annotation: 50% [Circled]
KPCB www.kpcb.com
Data sources: The Budget and Economic Outlook, CBO 6/10.
USA Inc. | What Might a Turnaround Expert Consider? 250
Data sources: The Budget and Economic Outlook, CBO 6/10.
USA Inc. | What Might a Turnaround Expert Consider? 250
HOUSE_OVERSIGHT_020966
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