With the country's debt growing out of control, Americans by and large are unaware of the looming financial crisis. This documentary examines several of the ways America can get its economy back on the right track. In addition to looking at the federal deficit and trade deficit, the film also closely explores the challenges of funding national entitlement programs such as Social Security, Medicare and Medicaid.
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I.O.U.S.A. is a documentary that focuses on the shape and impact of the federal debt which amounts to $9.6 Trillion during the year of its release(It is now approaching to $18 Trillion as this review is being written).Patrick Creadon directs.The film details the history of the federal debt from the time it got its independence in 1776 and the actions the country did throughout history;it explores how the United States got to be in this present economic turmoil; and what actions the country needs to undertake in order to escape an all-out financial disaster that no American can escape in the future.Added to that,it also provides an explanation about the big portion of the budget deficit that the county accumulated due to unfunded benefits - Medicare,Medicaid and Social Security - which could only be provided by increasing the taxes three times and removing the other expenditures of the government.Aside from that,it also examines the culture of credit that have become part of the lifestyle of the Americans; and the trade deficit that the country has had - more imports as compared to exports - to other countries particularly that of China.Finally,it also gives the viewer a portrait of lack of leadership in Washington especially when it comes to cutting government expenditures and spending.Although this documentary needs and update considering the debt is presently humongous due to additional government spending like more entitlement and welfare programs as well as the implementation of the Affordable Care Act or Obamacare,it gives us an idea on where the United States is headed to economically.Aside from that,it also will no longer provide Americans any lingering doubts that the U.S. economy is headed into a collapse in the near future.Finally,it also provides the viewer reasons to change habits like the culture of credit and spending patterns in order to survive the worse economic meltdown that is yet to come into the country. This solid doc is definitely a must-see for Americans.
I.O.U.S.A. (the DVD - released on April 7, 2009) This PBS Documentary, discusses the four areas of deficit facing the U.S.1. The Deficit of the Budget 2. The Deficit of Trade 3. The Deficit of Saving 4. The Deficit of Leadership It well documents how we got into this mess, and very succinctly, states what every one already knows: "There is NO free lunch!" A must see for any Taxpayer.It aptly discusses the crises of leadership provided during the Bush administration, and the doubling of the national debt.Can we afford to mortgage future generations? Can we afford to mortgage our own? Very scary. Reuters said it best: "May be to the U.S. economy what 'An Inconvenient Truth' was to the environment."Rated 5 stars.
This film does a very good job at scaring people. Some of the figures and projections are bone-chilling. However, it largely overstates the problem. We've handled deficits before. We ran an enormous deficit during the WW-II era (over 100% of GDP), so the current deficit (around 3% of GDP) is not a "fiscal cancer" as the IOUSA team would have you believe.More importantly though, the film missed an opportunity to offer a real solution to the deficit problem -- health care. If our country's health care system were as efficient as the systems in other industrialized countries, and if programs like Medicare/Medicaid could take advantage of these lower costs, our deficit problem would virtually disappear. The Center for Economic and Policy Research has a nice graphic that demonstrates this well: http://www.cepr.net/calculators/iousadeficit/calc_iousa_deficit.html
Comptroller of the United States GAO gives us the facts and describes some history of why the financial crisis of the government budget deficit and national debt are the top threats facing the United States today. Our nation has lost its way and we somehow think it is sustainable for us to spend more as a nation than we earn. The facts and numbers are shocking. Where we will be in 25 years is even more alarming. But it is not too late. As recently as the end of the 1990s the nation was operating under a balanced budget. We can do that again and begin paying down our debts. Excellent presentation of these facts. Not a hopeless cause. But we do need to make some adjustments as a nation. This movie is a must see for everyone of any political persuasion. Very educational.