FRONTLINE: Ten Trillion and Counting
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DVD Cover Information
Actor: n/aDirector: n/a
Brand: PBS
DVD: Region Code 1
Audio: English (Unknown); English (Original Language)
Format: Closed-captioned, Color, DVD, NTSC
Picture Format: 1.33:1
Running Time: 60 minutes
DVD Release Date: 2009-06-16
Audience Rating: NR (Not Rated)
Studio: PBS
Movie Reviews of FRONTLINE: Ten Trillion and Counting
Movie Review: A Million Reasons to See This
Summary: 5 Stars
It's called the "boob tube." It's a reference to the inane shows that pass for entertainment on television. It suggests that any time spent on it is time wasted, nothing learned. Whoever espoused this position never counted on programs like Frontline from the Public Broadcasting System (PBS). It is a treasure of information and professional journalism. This edition of Frontline is no different.
Forrest Tucker analyzes our ten trillion dollar debt, and examines its consequences on our citizens and the nation, our present and our future. Greg Ip of the Economist, David Leonhardt of the New York Times, David Wesel of the Wall Street Journal, and author Matt Miller explain how it happened. They tell the story of a surplus economy with the end of the Clinton administration, through 8 years of Bush, to the deficits that President Obama finds bedevilling his presidency today, and it tells us how we got there.
George W. Bush has learned well from his father. "Read my lips; no new taxes," is the phrase that sealed his father's fate when he followed contrarian advice raising taxes to contain deficits and address a recession. His son would not make the mistake of doing what was economically sound over what was politically expedient--ever. Neither would he make the mistake of tolerating a differnce of opinion. Paul O'Neill, his first Secretary of Treasury is fired in November of 2002 after he strenuously objects to borrowing money for a war while reducing taxes. Larry Lindsay, Bush's economic advisor is sacked when he mentions that the Iraq war will cost at least 50 billion dollars. Speaking truth to power is not always the path to steady employment.
In his first few months in office, George W. signs into law one of the biggest tax breaks in history equal to a loss of one trillion dollars of revenue over ten years. The chief beneficiaries of this are the wealthy. The second road to deficit growth are the wars in Afghanistan and Iraq. The U.S. becomes the first nation in history to reduce taxes during a war AND borrow the money to pay for it. Two more tax cuts follow, one passed by Dick Cheney's vote to break a deadlock, and the last one being a Medicare Part D for seniors, (the largest voting block of any voters). What is significant about the last bill is that it is passed after the expiration of his father's law known as pay as you go, or "paygo." Paygo demands that any increase in spending must be offset by a reduction in expenditures someplace else or by an increase in taxes. This is the biggest example of fiscal irresponsibility in years. The money for all tax breaks and Part D is from borrowed money, but Part D is likely to cost eight trillion dollars in years to come. Furthermore, President George W. Bush will not veto a single spending bill while in office.
President Obama enters office with bank failure, recession, two wars, and an increasing deficit with which to deal. He borrows even more money to stimulate the economy. If he doesn't, the recession will deepen putting even more people out of work. The national debt soars.
What Forrest Whitaker examines is our borrowing, and the American propensity to want everything including tax reduction, read: having everything without having to pay for it. Our programs are paid to American citizens by borrowing, but what if other countries that pick up the tab don't want to lend the money anymore? This creates the crisis. How do we pay for our military, our education system, our veterans, and our healthcare costs as it continues to take up a greater percentage of GDP (under the old system). And now, the baby boomer generation is applying for social security?
Frontline never disappoints and this segment only adds to its stature. It is worthwhile viewing, giving the observer a quick and objective education in the problems that confront America today and how we got here. They offer this on their website at $25.00. It is much cheaper by Netflix, and even cheaper still, by looking it up on the Internet, as I did. (that's free).
There are a million reasons for viewing 10 Trillion Dollars and Counting. Take the 60 minutes out of your life to see it.
Summary of FRONTLINE: Ten Trillion and Counting
All of the measures by the feds to stem the tide in the financial meltdown have added hundreds of billions of dollars to our national debt. FRONTLINE reports on how this debt will constrain and challenge the new administration, and on the growing chorus, that without fiscal reform the US government may face a debt crisis of its own in years to come that make the current financial problems look almost painless by comparison.Similar DVD Movies
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