HOUSE_OVERSIGHT_021069.jpg
1.91 MB
Extraction Summary
1
People
9
Organizations
1
Locations
1
Events
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Relationships
3
Quotes
Document Information
Type:
Presentation slides / financial report appendix
File Size:
1.91 MB
Summary
This document consists of two slides (Appendix 455 and 456) from a KPCB presentation (likely the 'USA Inc.' report) analyzing United States Federal Debt levels in 2010 compared to 1960. It details the difference between Public Debt ($9 Trillion in 2010) and Gross Debt ($14 Trillion in 2010), breaking down the components such as the Social Security Trust Fund and liabilities from GSEs like Fannie Mae and Freddie Mac. The document bears the Bates stamp 'HOUSE_OVERSIGHT_021069', indicating it was included in document productions for a House Oversight Committee investigation, likely related to financial records subpoenaed in the Epstein probe, though the content itself is macro-economic data.
People (1)
| Name | Role | Context |
|---|---|---|
| James R. Horney | Author |
Cited in footnote regarding a recommendation on fiscal commission focus.
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Organizations (9)
| Name | Type | Context |
|---|---|---|
| KPCB |
Kleiner Perkins Caufield & Byers, the firm that created the presentation (logo present).
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| White House OMB |
Office of Management and Budget cited as data source.
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| CBO |
Congressional Budget Office cited as data source.
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| Dept. of Treasury |
Cited as data source.
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| Fannie Mae |
Mentioned regarding net liabilities and delinquent loans.
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| Freddie Mac |
Mentioned regarding net liabilities and delinquent loans.
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| Social Security Trust Fund |
Included in intragovernmental debt calculations.
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| USA Inc. |
Listed in the footer (likely the Mary Meeker report on USA financials).
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| House Oversight Committee |
Implied by the Bates stamp 'HOUSE_OVERSIGHT'.
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Timeline (1 events)
Locations (1)
| Location | Context |
|---|---|
|
The subject of the financial debt analysis.
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Key Quotes (3)
"Federal Debt Held by the Public ($9 Trillion Outstanding, 62% of GDP in 2010)"Source
HOUSE_OVERSIGHT_021069.jpg
Quote #1
"Gross Debt ($14 Trillion Outstanding, 94% of GDP in 2010)"Source
HOUSE_OVERSIGHT_021069.jpg
Quote #2
"Net liabilities of GSEs assumes 50% loss ratio on $250B delinquent loans held by Fannie Mae / Freddie Mac."Source
HOUSE_OVERSIGHT_021069.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,304 characters)
Federal Debt Held by the Public vs. Gross Debt
• Federal Debt Held by the Public ($9 Trillion Outstanding, 62% of GDP in 2010)
– Value of all federal securities sold to the public that are still outstanding.
– Represents the cumulative effect of past federal borrowing on today’s economy and on the current federal budget.
– Net interest payments represent a burden on current taxpayers.
– Value of all federal securities sold to the public that are still outstanding.
– Represents the cumulative effect of past federal borrowing on today’s economy and on the current federal budget.
– Net interest payments represent a burden on current taxpayers.
• Gross Debt ($14 Trillion Outstanding, 94% of GDP in 2010)
– Public debt + intragovernmental debt (related to entities including the Social Security Trust Fund and federal employee / veterans’ pension fund) + net liability of GSEs (related to likes of Fannie Mae and Freddie Mac).
– Represents a claim on both current and future resources.
– Public debt + intragovernmental debt (related to entities including the Social Security Trust Fund and federal employee / veterans’ pension fund) + net liability of GSEs (related to likes of Fannie Mae and Freddie Mac).
– Represents a claim on both current and future resources.
• We Focus on Public Debt Levels
– Public debt is the base for calculating net interest payments.
– Gross debt level could be misleading (to take an extreme example, simply eliminating all trust funds without changing promised benefits for the associated programs would dramatically reduce gross debt from 94% of GDP to 62% of GDP without improving long-term fiscal outlook at all*).
– In the future, when intragovernmental debt + net liability of GSEs begin demanding repayments, it is likely financed via material increases in public debt levels.
– Public debt is the base for calculating net interest payments.
– Gross debt level could be misleading (to take an extreme example, simply eliminating all trust funds without changing promised benefits for the associated programs would dramatically reduce gross debt from 94% of GDP to 62% of GDP without improving long-term fiscal outlook at all*).
– In the future, when intragovernmental debt + net liability of GSEs begin demanding repayments, it is likely financed via material increases in public debt levels.
Note: *for more details, see James R. Horney, “Recommendation That President’s Fiscal Commission Focus on Gross Debt is Misguided,” 5/27/10. Data source: White House OMB, CBO.
KP
CB www.kpcb.com
USA Inc. | Appendix 455
KP
CB www.kpcb.com
USA Inc. | Appendix 455
Public Debt = Gross Debt – Intra-Governmental Holdings – Net Liabilities of Government-Sponsored Enterprises (GSEs)
1960
Real Gross Debt Outstanding = $2.0 Trillion
Public Debt $1.7T
[Pie Chart Data 1960]
Debt Held By the Public 85%
Social Security Trust Fund 6%
Other Intragovernmental Holdings 9%
Real Gross Debt Outstanding = $2.0 Trillion
Public Debt $1.7T
[Pie Chart Data 1960]
Debt Held By the Public 85%
Social Security Trust Fund 6%
Other Intragovernmental Holdings 9%
2010
Real Gross Debt Outstanding = $13.5 Trillion
Public Debt $9.0T
[Pie Chart Data 2010]
Debt Held By the Public 62%
Social Security Trust Fund 20%
Other Intragovernmental Holdings 16%
Net Liabilities of GSEs* 2%
Real Gross Debt Outstanding = $13.5 Trillion
Public Debt $9.0T
[Pie Chart Data 2010]
Debt Held By the Public 62%
Social Security Trust Fund 20%
Other Intragovernmental Holdings 16%
Net Liabilities of GSEs* 2%
Note: Data are inflation adjusted.* Net liabilities of GSEs assumes 50% loss ratio on $250B delinquent loans held by Fannie Mae / Freddie Mac. Data source: Dept. of Treasury, White House Office of Management and Budget.
KP
CB www.kpcb.com
USA Inc. | Appendix 456
KP
CB www.kpcb.com
USA Inc. | Appendix 456
HOUSE_OVERSIGHT_021069
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