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I.O.U.S.A. the Movie

Wake up, America! We’re on the brink of a financial meltdown.

Got your attention yet?

That’s the outlook for supporters of the soon-to-be released documentary entitled: I.O.U.S.A.: One Nation. Under Stress. In Debt., which centers on the shape and impact of the United States national debt.

IOUSA the MovieAs described on their website, this documentary boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The film’s premise is that 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.

With surgical precision, the film’s director 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.

According to an excerpt from it’s Wiki site:

The film focuses on Robert Bixby, director of the Concord Coalition, and David Walker, the U.S. Comptroller-General, as they travel around the United States on a tour to let communities know of the potential dangers of the national debt. This is a tour carried out through the Concord Coalition, and is known as the “Fiscal Wake-Up Tour.” In February 2008, Walker announced that he would be resigning from his post as Comptroller General to become the president and CEO of the newly established Peter G. Peterson Foundation. His term was supposed to end in 2013. He states that he feels he can more freely draw attention to the serious issues the U.S. is facing from this position.

I.O.U.S.A.: Live with Warren Buffett, Pete Peterson & Dave Walker in an exclusive one night event in select movie theaters nationwide (including Tucson and Phoenix) on Thursday, August 21st. This event will include a LIVE discussion about America’s economic crisis and what we can do to change course, and will be shown at 8:00pm ET / 7:00pm CT / 6:00pm MT / and tape delayed at 7:30pm PT.

After the showing, the live discussion with America’s most notable financial leaders and policy experts, including Warren Buffett, CEO of Berkshire Hathaway; William Niskanen, chairman of the Cato Institute; 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, promises riveting dialogue and keen insight into the crisis we currently face. The panel will be moderated by Becky Quick, co-anchor of CNBC’s morning news show Squawk Box.

This should be an interesting movie, and hopefully will make more people aware of just how large and out-of-hand our national debt has gotten. According to the movie’s “Take Action” email form:

Did you know that the federal government is in a $53 trillion financial hole? A hole that’s growing by $2 trillion to $3 trillion every year? That amounts to a burden of $175,000 on each and every American citizen.
[Source: Peter G. Peterson Foundation]

However, according to the national debt timeclock, current obligations are more like $32,000 per person. Not as frightening as $175,000, but still a significant amount.

If you happen to be one of the first to watch this movie, please stop by afterwards and let us know what you thought about it. Here’s a sneak peek.

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Comments 6

  1. Finance Junkie wrote:

    Bravo. Great Post! Readers interested in this subject can learn more from Ross Perot’s site introduced this summer.

    The site is: PerotCharts.com

    At the site’s homepage the Honorable Mr. Walker (Comptroller General) endorses the content on Perot’s site.

    Posted 17 Aug 2008 at 7:58 pm
  2. Mike wrote:

    The reviews are in: According to the world’s richest man, Warren Buffett -

    But Buffett said at a news conference before the movie’s showing that he doesn’t think the country’s financial picture is quite as dire as the filmmakers portray.

    1. Review: ‘I.O.U.S.A.’ makes our economic woes accessible.

    2. I.O.U.S.A. (One Nation. Under Stress. In Debt.) Film Review

    3. I.O.U.S.A. (Review + Critical Clips + Background Buzz)

    4. MOVIE REVIEW: ‘I.O.U.S.A.’

    5. Roger Ebert gives it 3.5 (out of 4) stars.

    Posted 21 Aug 2008 at 11:13 pm
  3. Donna Freedman wrote:

    I saw the film on Monday night. It made me feel a little bit sick. I do think people should go to see it, because even if you think it’s alarmist or “not as dire” as it could be, it’s important to think about the big picture. Frankly, most of us don’t.
    My review is at http://blogs.moneycentral.msn.com/smartspending/archive/2008/10/01/i-o-u-s-a-some-inconvenient-financial-truths.aspx.

    Posted 01 Oct 2008 at 10:26 pm
  4. Matt Sherman wrote:

    This movie is really good at scaring you. Some of the projections are absolutely bone-chilling. But it largely overstates the problem — the deficit is currently at a manageable level of 3% of GDP. And we need to run a deficit in this economic downturn to ensure we don’t have skyrocketing rates of unemployment. The flim also ignores one of the best solutions to the “problem” — health care reform. If our health care system were as efficient as other industrialized nations, and if Medicare/Medicaid were able to take advantage of these lower costs, then our deficit problem would basically disappear. Check out the Center for Economic and Policy Research, they have a nice graphic that demonstrates this well: http://www.cepr.net/calculators/iousadeficit/calc_iousa_deficit.html

    Posted 13 Nov 2008 at 12:27 pm
  5. Mike wrote:

    Thanks for stating your opinion here Matt.

    But, today’s report of a record budget deficit that surpassed even experts expectations shows otherwise.

    According to a Bloomberg news release:

    The deficit in the first month of the 2009 fiscal year climbed to a record $237.2 billion, compared with a gap of $56.8 billion in October last year, the Treasury Department reported today in Washington. Revenue fell 7.5 percent, while spending soared 71 percent.

    According to the same news report: “Borrowing needs are expected to rise to $550 billion in the three months to Dec. 31, compared with the $142 billion predicted in July. Bond trading firms predicted the shortfall may rise to $988 billion in 2009.”

    I don’t think the movie overstated the problem.

    Posted 13 Nov 2008 at 6:17 pm
  6. Mike wrote:

    According to the Associated Press:

    Federal deficit totals $164.4B in November

    In just the first two months of this budget year, the deficit now totals $401.6 billion. A deficit of $1 trillion for the year would set a new record-high in dollar terms, and would be the largest as a percentage of the overall economy since World War II.

    The country remains on track to hit a record deficit of $1 trillion or more for the entire year, which would be more than double the previous all-time high set last year. A $1 trillion gap would equal 6.7 percent of the gross domestic product, the economy’s total output in a single year. That would surpass the previous postwar high of 6 percent in GDP terms set in 1983 when Ronald Reagan was president.

    Posted 10 Dec 2008 at 3:45 pm

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