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The Rise of the NSA | 203
document IMAGES-005-HOUSE_OVERSIGHT_019691.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rt of the Bush administration’s war on terrorism. In October 2001, Con- gress expanded the NSA’s mandate by passing the USA Patriot Act. As I described earlier, Section 215 of the act directly authorized the NSA, with the approval of the FISA court, to collect and store domestic...

But USA Inc.’s Investment in Infrastructure Has Been
document IMAGES-006-HOUSE_OVERSIGHT_021029.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

But USA Inc.’s Investment in Infrastructure Has Been Steadily Declining for Five Decades... USA Inc. (Federal) Investment in Infrastructure as % of GDP, 1950 -2008 1.5% =~ += 22 eee eee en eee a a © Ge ° = n © 2 Bo 10% --f-- 4-22 eee en ne ne ee ne ne ee o = s 2) £ E £ = ow EB...

100-Year Review of USA Inc.’s Basic Income Statement
document IMAGES-006-HOUSE_OVERSIGHT_020871.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

100-Year Review of USA Inc.’s Basic Income Statement Including Revenue & Expense Drivers as Percent of GDP 1910 "*" 1920 """ 1930 """ 1940 "*"" 1950 ""* 1960 """ 1970 "*" 1980 """ 1990 """ 2000 ""*| 2008 2009 2010 Revenue ($B) h $7 $4 $7 $41 $92 $193 $517 $1,032 $2,025 [$2,524 $...

Even Adjusting For Cyclical Impact of Recessions, USA Inc.’s 2010
document IMAGES-006-HOUSE_OVERSIGHT_020859.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Even Adjusting For Cyclical Impact of Recessions, USA Inc.’s 2010 Structural Operating Loss = -$817 Billion vs. -$78 Billion 15 Years Ago USA Inc. Annual Operating Surplus / Deficit, Structural vs. Cyclical’, F1996 — F2010 GAGE) a eee en es ns cn a a a nn mT aT A EC aT 2 al |...

Unfunded Entitlement (Medicare + Social Security) + Underfunded
document IMAGES-006-HOUSE_OVERSIGHT_020965.txt Nov 10, 2009 House Oversight Committee — Epstein Estate Records (Nov 2025)

…Medicare + Social Security) + Underfunded Entitlement Expenditures (Medicaid) = Among Largest Long-Term Liabilities on USA Inc.'s Balance Sheet USA Balance Sheet Liabilities Composition, F2010 Unfunded Medicaid* Medicare $35.3T Unfunded $22.8T All se Veteran Federal Social Oth...

Overview of USA Inc.’s Key Financial Challenges
document IMAGES-006-HOUSE_OVERSIGHT_021064.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Overview of USA Inc.’s Key Financial Challenges & Potential and/or Solutions Financial Net Present Cost! Mathematical Illustrations Rank Challenge ($T / % of 2010 GDP) and/or Potential Policy Solutions? * Isolate and address the drivers of medical cost inflation 1 Medicaid $35...

Approaching 100% of GDP
document IMAGES-006-HOUSE_OVERSIGHT_021070.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Gross Debt Level = Approaching 100% of GDP USA Gross Federal Debt as % of GDP, 1940 — 2010 FIT wm — ee a = es me nn = i me Hs Ss 100% 80% 60% Debt Held By the Public Gross Debt As % of GDP 40% 20% 0% [ T T T T T T T 1940 1946 1952 1958 1964 1970 1976 1982 1988 1994 2000...

Expense Growth by Category: Entitlement Spending Growing Much Faster than
document IMAGES-006-HOUSE_OVERSIGHT_020956.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…h by Category: Entitlement Spending Growing Much Faster than Other Expenses and 2% Higher than GDP Growth 1965 — 2005 USA Real Federal Expenses Growth by Category vs. Real GDP Growth Expenses Growth ‘05 vs. 40-yr 4965YY 2005Y/Y |40-yrCAGR| Variance Comments Entitlement Exp...

Millions of Americans have come to rely on Medicare and Medicaid — and spending has
document IMAGES-006-HOUSE_OVERSIGHT_020833.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Millions of Americans have come to rely on Medicare and Medicaid — and spending has skyrocketed, to 21% of USA Inc.’s total expenses (or $724B) in F2010, up from 5% forty years ago. Together, Medicaid and Medicare — the programs providing health insurance to low-income household...

Economic Policy—Short-Term vs. Long-Term
document IMAGES-006-HOUSE_OVERSIGHT_021023.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…l policy (increase direct spending + investment) to offset near-term shortfalls in private demand. ¢ In the long term, USA Inc. cannot sustain higher levels of direct spending / investment without crowding out private consumption / investment. ¢ Therefore, USA Inc. should prior...

Compared to 10 Years Ago, USA is Losing Competitiveness
document IMAGES-006-HOUSE_OVERSIGHT_021037.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Compared to 10 Years Ago, USA is Losing Competitiveness at the Margin vs. lts Peers e McKinsey conducted a study in 2010 that compares the USA with other countries on 20 attributes related to economic fundamentals, business climate, human capital and infrastructure. McKinsey co...

Overview of USA Inc.’s Key Financial Challenges
document IMAGES-006-HOUSE_OVERSIGHT_020852.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

Overview of USA Inc.’s Key Financial Challenges & Potential and/or Solutions Financial Net Present Cost! Mathematical Illustrations Rank Challenge ($T / % of 2010 GDP) and/or Potential Policy Solutions? * Isolate and address the drivers of medical cost inflation 1 Medicaid $35...

But USA Inc. Has Steadily Scaled Back Investment in Technology R&D Since
document IMAGES-006-HOUSE_OVERSIGHT_021027.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

But USA Inc. Has Steadily Scaled Back Investment in Technology R&D Since the 1960s...the Good News is That Private Industry Has Picked Up Lots of Slack, So Far Total USA Technology Research & Development Spending as % of GDP by Funding Source, 1953 — 2008 = Other (Non-Profit /...

One-Time Charges: What Charges from F2008-F2010
document IMAGES-006-HOUSE_OVERSIGHT_020931.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

… billion or less! as banks continue to pay back their loans and automakers / AIG seek IPOs / sales to realize value of USA Inc.’s equity stake. May grow from net $152 billion to ~$160 billion (or higher)? as Fannie Mae and Freddie Mac losses on loan guarantees stabilize and the...

Technology + Infrastructure + Education Investments
document IMAGES-006-HOUSE_OVERSIGHT_021025.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…nology + Infrastructure + Education Investments Drove ~90% of Labor Productivity Growth for Past ~30 Years Sources of USA Average Labor Productivity Growth, 1977-2000 = Technology Investment i Infrastructure & Other Investment 1 Education (Labor Quality) 1 Other (Total Fact...