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1.34 MB
Extraction Summary
0
People
6
Organizations
2
Locations
2
Events
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Relationships
3
Quotes
Document Information
Type:
Report / presentation slide (usa inc. report)
File Size:
1.34 MB
Summary
This document is page xviii of a report titled 'USA Inc.' produced by the venture capital firm KPCB (Kleiner Perkins Caufield & Byers). It analyzes the US economy using a corporate metaphor, warning of unfunded liabilities and debt, and outlines four principles for economic recovery based on survey data from 2007 and 2009. The document bears a House Oversight Bates stamp, indicating it was part of a larger production of documents, likely related to investigations involving individuals associated with the firm.
Organizations (6)
Timeline (2 events)
11/09
Peter G. Peterson Foundation survey regarding budget deficit
USA
Peter G. Peterson Foundation
Americans
Key Quotes (3)
"USA Inc. is maxing out its credit card."Source
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Quote #1
"It has fallen into a pattern of spending more than it earns and is issuing debt at nearly every turn."Source
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Quote #2
"Past generations of Americans have responded to major challenges with collective sacrifice and hard work. Will ours also rise to the occasion?"Source
HOUSE_OVERSIGHT_020841.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,824 characters)
With these trends, USA Inc. will not be immune to the sudden crises that have afflicted others with similar unfunded liabilities, leverage, and productivity trends. The sovereign credit issues in Europe suggest what might lie ahead for USA Inc. shareholders – and our children. In effect, USA Inc. is maxing out its credit card. It has fallen into a pattern of spending more than it earns and is issuing debt at nearly every turn. Common principles for overcoming this kind of burden include the following:
1) Acknowledge the problem – some 80% of Americans believe ‘dealing with our growing budget deficit and national debt’ is a national priority, according to a Peter G. Peterson Foundation survey in 11/09;
2) Examine past errors – People need clear descriptions and analysis to understand how the US arrived at its current financial condition – a ‘turnaround CEO’ would certainly initiate a ‘no holds barred’ analysis of the purpose, success and operating efficiency of all of USA Inc.’s spending;
3) Make amends for past errors – Most Americans today at least acknowledge the problems at personal levels and say they rarely or never spend more than what they can afford (63% according to a 2007 Pew Research study). The average American knows the importance of managing a budget. Perhaps more would be willing to sacrifice for the greater good with an understandable plan to serve the country’s long-term best interests;
4) Develop a new code of behavior – Policymakers, businesses (including investment firms), and citizens need to share responsibility for past failures and develop a plan for future successes.
Past generations of Americans have responded to major challenges with collective sacrifice and hard work. Will ours also rise to the occasion?
KP
CB www.kpcb.com
USA Inc. xviii
HOUSE_OVERSIGHT_020841
CB www.kpcb.com
USA Inc. xviii
HOUSE_OVERSIGHT_020841
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