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1.77 MB
Extraction Summary
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People
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Locations
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Quotes
Document Information
Type:
Presentation slides / report
File Size:
1.77 MB
Summary
Pages 37 and 38 from a KPCB presentation titled 'USA Inc. | High Level Thoughts' (likely the 'USA Inc.' report by Mary Meeker). The slides analyze the financial history of the US government, framing it as a business ('USA Inc.'). It highlights the lack of funding for entitlement programs (Medicaid, Medicare, Social Security) and the historical shift from defense spending to social programs following the Great Depression. The document bears the Bates stamp HOUSE_OVERSIGHT_020860.
Organizations (4)
| Name | Type | Context |
|---|---|---|
| KPCB (Kleiner Perkins Caufield & Byers) |
Logo and URL present on slides
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| USA Inc. |
Metaphor used for the US Government
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| Census Bureau |
Cited as source for historical statistics
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| House Oversight Committee |
Implied by Bates stamp HOUSE_OVERSIGHT
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Locations (1)
| Location | Context |
|---|---|
|
Subject of the financial analysis
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Key Quotes (3)
"USA Inc. Has Not Adequately Funded Its Entitlement Programs"Source
HOUSE_OVERSIGHT_020860.jpg
Quote #1
"management (the government) has committed more long-term benefits through ‘entitlement’ programs like Medicaid / Medicare / Social Security…without developing a sound plan to pay for them."Source
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Quote #2
"From 1789 to 1930, 41% of USA Inc.’s cumulative budget was dedicated to defense spending (compared with 20% in F2010)"Source
HOUSE_OVERSIGHT_020860.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,652 characters)
How Did USA Inc.'s Financial Reality Get to this Difficult Point?
USA Inc. Has Not Adequately Funded Its Entitlement Programs
Recessions come and go (and affect USA’s revenue), but future claims (related to entitlement program commitments) on USA Inc. now meaningfully exceed its projected cash flows.
For the last 40 years, management (the government) has committed more long-term benefits through ‘entitlement’ programs like Medicaid / Medicare / Social Security…without developing a sound plan to pay for them.
Many of these programs provide important services to low-income, unemployed, and disabled Americans in great need for help. But without proper financing, support may dwindle.
KP
CB www.kpcb.com
USA Inc. | High Level Thoughts 37
CB www.kpcb.com
USA Inc. | High Level Thoughts 37
USA Inc. Has Substantially Expanded Its “Business Lines” Over Past 80 Years
From 1789 to 1930, 41%¹ of USA Inc.’s cumulative budget was dedicated to defense spending (compared with 20%¹ in F2010), per the Census Bureau.
This began to change in the 1930s, when the federal government substantially expanded its role (in effect, expanded its “business lines”) in response to the Great Depression.
Note: 1) 41% is the cumulative defense spending (excluding veterans’ benefits and services) as % of cumulative total federal spending from 1789 to 1930. Including veterans’ benefits and services, defense spending would have been 49% of cumulative annual budget from 1789 to 1930 and would have been 22% in F2009. Source: Census Bureau, “Historical Statistics of the United States, Colonial Times to 1970,” Data series Y 457-465.
KP
CB www.kpcb.com
USA Inc. | High Level Thoughts 38
CB www.kpcb.com
USA Inc. | High Level Thoughts 38
HOUSE_OVERSIGHT_020860
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