Comments on: I.O.U.S.A. the Movie

By: Mike

Mike — Wed, 10 Dec 2008 22:45:24 +0000

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.

By: Mike

Mike — Fri, 14 Nov 2008 01:17:17 +0000

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.

By: Matt Sherman

Matt Sherman — Thu, 13 Nov 2008 19:27:28 +0000

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

By: Donna Freedman

Donna Freedman — Thu, 02 Oct 2008 05:26:40 +0000

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.

By: Mike

Mike — Fri, 22 Aug 2008 06:13:48 +0000

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.

By: Finance Junkie

Finance Junkie — Mon, 18 Aug 2008 02:58:07 +0000

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.