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IOUSA: “I would argue that the most serious threat to the United States is ... our own fiscal irresponsibility”
by chycho
“Premier Wen Jiabao is worried about the amount of debt that the United States owes China”, which is probably why “China has quietly almost doubled its gold reserves to become the world’s fifth-biggest holder of the precious metal.” As well, “five major trading cities have got the nod from the central government to use the yuan in overseas trade settlement - seen as one more step in China's recent moves to expand the use of its currency globally.”
When America’s top accountant, US Comptroller General and head of the GAO, David M. Walker resigned in 2008, the US national debt at the beginning of the year was $9.2 trillion. As of 2 May 2009 this debt is now over $11 trillion. These numbers, however, are a little misleading. The American public is largely unaware that the true deficit of the federal government is in fact “$65.5 trillion in total obligations”, exceeding the gross domestic product of the world.
The following 2008 documentary, “I.O.U.S.A. - One Nation. Under Debt. In Stress.,” does an excellent job explaining why the current fiscal policy in the United States is unsustainable, and recommends some very painful solutions to resolve the problem.
Wake up, America! We're on the brink of a financial meltdown. I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. Burdened with an ever-expanding government and military, increased international competition, overextended entitlement programs, and debts to foreign countries that are becoming impossible to honor, America must mend its spendthrift ways or face an economic disaster of epic proportions.
Throughout history, the American government has found it nearly impossible to spend only what has been raised through taxes. Wielding candid interviews with both average American taxpayers and government officials, Sundance veteran Patrick Creadon (Wordplay) helps demystify the nation's financial practices and policies. The film follows former U.S. Comptroller General David Walker as he crisscrosses the country explaining America's unsustainable fiscal policies to its citizens.
With surgical precision, Creadon interweaves archival footage and economic data to paint a vivid and alarming profile of America's current economic situation. The ultimate power of I.O.U.S.A. is that the film moves beyond doomsday rhetoric to proffer potential financial scenarios and propose solutions about how we can recreate a fiscally sound nation for future generations.
Creadon uses candid interviews and his featured subjects include Warren Buffett, Alan Greenspan, Paul O'Neill, Robert Rubin, and Paul Volcker, along with the Peter G. Peterson Foundation's own David Walker and Bob Bixby of the Concord Coalition, a Foundation grantee.
Pointedly topical and consummately nonpartisan, I.O.U.S.A. drives home the message that the only time for America's financial future is now.
Source: http://www.chycho.com/?q=IOUSA
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