I.O.U.S.A.
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Movie Reviews of I.O.U.S.A.
Movie Review: an outstanding and informative film
Summary: 5 Stars
I.O.U.S.A. educates people about the very real and very dangerous financial problems our government is facing. The producers of the film pull no punches here and they don't sugar-coat it; and that was the right thing to do. The way Americans live today is essentially "living for the moment" without thinking of the importance of saving money for a rainy day; and the film goes into great, great detail highlighting that the American government does the same. I will tell you just some of the points made by this movie; although it will seem as if I've given it all away I assure you that I haven't.
The film starts with cameramen asking people just how much they know about the federal deficit, the federal debt, the difference between the two and more. Unfortunately, the vast majority of people simply didn't know the answers to these questions. This is no laughing matter. These topics are highly relevant in these harsh economic times when America is at a true crossroads; the nonpartisan film shows that we and our government have to choose between spending and saving wisely or being reckless with our money as we have been.
In addition, the interview footage we get here is extraordinary. Peter Peterson contends that out biggest threat is our own financial turmoil, not terrorism (I would rank the two about equal, though). I also appreciated the footage with former Comptroller General Of The United States, David Walker. David Walker speaks in plain English about the dangers of America's national debt, the ballooning national trade deficit and the increasing budget deficit. David Walker and his colleagues including Robert Bixby, head of The Concord Coalition, go on "fiscal wakeup tours" that never make the news although they should have been reported. The statistics we also get along the way are presented neatly with graphs and charts that are easy to understand; the points being made are rather gloomy but all too true. These issues demand immediate attention.
The movie also contends that American financial problems have four primary sources: a budget deficit issue, a savings deficit issue, a trade deficit issue and a leadership issue. The film also deals with entitlement programs including Medicare. Just how all these come into play I will not go into here so that you can have plenty of new material to uncover when you watch this movie. There's quite a bit more interview footage in this movie.
The DVD also boasts some wonderful extra features including more talking with everyday people like me; and I especially liked the features entitled "Panel At The Premiere" and "More From Leading Economic Experts."
Overall, I.O.U.S.A. fascinates me and the issues are so critical that this film should be mandatory viewing for all Americans. The film was produced largely before the current economic crisis began but we still see some commentators predicting the house of cards could well fall. I highly recommend this film.
Movie Review: Confessions of a Shopaholic Nation
Summary: 5 Stars
What does George W Bush have in common with Isla Fisher (star of the recent romcom "Confessions of a Shopaholic")? Well, just like Ms. Fisher's character, W. ignored the advice of his frugal elders (and 42 former presidents) and ran up a lot of charges on the nation's credit card. The national debt clock, switched off in 2000 because it couldn't run backwards, was reactivated in 2002 and now exceeds 10 trillion dollars -- more numbers than the old clock could have fit. "Deficits don't matter," Uncle Dick whispered in W's ear. But guess what? They actually do. And the bills are coming due. Having campaigned on a promise to restore honor to the White House, Bush 43 actually mortgaged the nation's future through a morally bankrupt combination of reduced taxes and increased spending. By the time he left office, each individual's share in America's debt was $175,000. And that debt will be passed on to future generations, along with tens of trillions more in currently unfunded obligations like Social Security and Medicare. It's not all W's fault, of course. Politicians in both parties have put off the tough decisions that would have reduced the monthly payments destined to be billed to your children and grandchildren. But it's undeniable that America's foreign-owned debt more than doubled under W's watch -- and it was sold mostly to the Japanese, the Chinese and the oil-producing nations. "IOUSA" makes clear just how risky that escalation of debt could be if and when those nations decide to cash in their chips.
The movie also makes frighteningly clear how the Budget Deficit, the Trade Deficit, the Savings Deficit and the nation's Leadership Deficit have set the stage for our current economic mess -- and the potential economic calamities that await future generations if today's fiscal problems are not solved. Trouble is, unlike Isla Fisher, we can't just cut up the nation's credit card and turn our backs on the glitzy temptations of department stores and fashion boutiques. In an era of falling tax revenues and increasing interest payments, the only way to get things back under control is to have a healthy and growing economy. The Catch-22 solution: More government spending.
IOUSA is a movie that makes very serious points in a vivid, easily understandable way. It also underscores how big a mess President Obama inherited this past January. Fixing the economy is essential short-term. But once the economy's growing both parties better figure out how to balance the budget and pay down the debt.
It's happened before. But this time around, we'll need real leadership -- likely spanning many years. For the good of the nation, let's hope Republicans and Democrats can agree to enter the same 12-step program.
Movie Review: Wake Up Call for All Americans
Summary: 5 Stars
This is truly a non-partisan and gripping documentary on the dangers of the Federal Deficit, explained in a way that is easy to understand and scary beyond any horror movie. It features Democrats, Republicans, Libertarians, and a cast of the economic who's who of America, including Alan Greenspan, Warren Buffet, and many others. It is eye-opening and sobering, with some surprising facts and chilling examples of historic precedence. There are solutions, and we need to implement them quickly. Many of the solutions involve our own personal financial choices.
For me, the interesting thing was seeing how the National Debt rose and fell since the beginning of this country, and how in the past it was reeled back in, particularly after major wars. I think our leaders should look to how the National Debt reached 122% of GDP at the end of WWII, and the situation was explained to Americans along with pushing the people to "Buy Bonds". We've probably all seen the old Bing Crosby and other celebrity ads for Americans to be patriotic and invest in their own country. U.S. Debt was then held primarily by Americans, instead of the Japanese, the Chinese, and the Oil-Producing Countries now who could do to us what we did to Great Britain in 1957 (we forced them to change their foreign policy and abandon the Suez Canal or we would have sold off all their debt we were holding and cripple their currency).
I saw the Premiere of this film in August last year, before the meltdown and bailout, and it included a live town hall discussion via satellite beamed into the participating theatres. The panelists were five of America's most notable financial leaders and policy experts: Warren Buffett, CEO of Berkshire Hathaway; William Niskanen, chairman of the CATO Institute (a Libertarian think-tank); Bill Novelli, CEO of AARP; Pete Peterson, senior chairman of The Blackstone Group and chairman of the Peter G. Peterson Foundation; and Dave Walker, President & CEO of the Peter G. Peterson Foundation and former U.S. Comptroller General. As Comptroller General of the United States and head of the Government Accountability Office (GAO) from 1998 to 2008, spanning both Democratic and Republican administrations, Walker served as the federal government's chief auditor. Becky Quick of CNBC asked the panelists questions which were submitted previously by the public. This discussion was as informative and thought-provoking as the movie, and is one of the bonus parts included on the DVD.
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Movie Review: Tremendously important film
Summary: 5 Stars
This film is tremendously important and talks about a subject every American needs to know about: the looming debt crisis. Yes, everyone knows about the subprime loan crisis, but fewer know about (or are willing to acknowledge) the biggest subprime borrower of all: the U.S. government. Most people have a vague sense that something is wrong with the size of the national debt and the Federal deficits, but this movie really shows the full extent of the the problem.
This movie's primary message is that, unless something changes really quickly, there is another subprime crisis just waiting to happen: the national debt and the governments' unfunded liabilities (especially Social Security, Medicare, and Medicaid) are ticking time bombs. In other words, if you're not worried yet, you should be; the movie effectively demonstrates that, unless these problems are acted on quickly, the next generation will almost certainly have a lower standard of living than the current generation.
This film is an extremely well-done, high-quality documentary that addresses a crucial issue. It also does an extremely good job of being non-partisan; the film deliberately avoids taking a position on issues like big government vs. small government, the welfare state, tax cuts, etc. It merely argues that we need to pay for the government we actually have; most people are trying to have their cake and eat it too in the sense that they want ever-increasing government benefits and ever-decreasing taxes. (Consider that Bush pushed through a large tax cut and then dramatically increased government spending).
I have been studying this issue for some time now and still learned a lot from this film; for example, one particularly interesting chart used in the film illustrated how most of the typical "solutions" to the problems that politicians propose (such as earmark reform, eliminating pork-barrel spending, ending the war in Iraq, etc.) are only a drop in the bucket in terms of the overall debt crisis the government is facing. The film deliberately avoids entering into the debate over the policies themselves (you won't find any discussion of whether or not we ought to end the war in Iraq, for example) but rather limits itself to discussing the implication of these policies for the budget.
I can't recommend this documentary enough. As a citizen, taxpayer, or voter (or future citizen, taxpayer, or voter) you owe it to yourself to see this film.
Movie Review: National Debt is a bigger threat than terrorism
Summary: 5 Stars
"I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan but our own fiscal irresponsibility." David Walker
David Walker, former Comptroller General of the United States, telling the truth that most Americans cannot handle. CBS 60 minutes aired a segment on him back on March 4th, 2007. He is on a crusade to educate the public on the problem of our national debt. The documentary I.O.U.S.A. is a full length feature that expands on this subject. It breaks down the problem of our deficit into four categories:
1. budget deficit
2. savings deficit
3. trade deficit
4. leadership deficit
The program has many easy to understand charts and graphs. It does a good job of making a difficult subject interesting (at least for me). The film is 80 minutes long. There is an abridged 30 minute version of the film on the I.O.U.S.A web site at [...]
Are there solutions? Yes there are. The solutions involve raising taxes AND cutting spending. Will the solutions be implemented? I do not think so. Nothing will change unless young people (everybody under the age of 40) start voting in massive numbers or until there is a Second American Revolution.
I used to think a real crisis will force our elected leaders into making the difficult but right choices. The great financial crisis of 2008 proved me wrong. In a real crisis, our leaders made all the wrong choices. They made, and continue to make, decisions that benefit the powerful elites that helped them get elected. Self-preservation of elected officials, not representative democracy, best characterize our government.