Tuesday, January 29, 2013
What a mess.
i.o.u.s.a. the movie is must-see viewing. For Americans, it offers a straightforward explanation of how their nation is drowning in debt. They're running out of time to avoid a financial catastrophe as Baby Boomers head into retirement. Audiences from other nations can learn what could happen with their own countries if national government spending is not contained.
Director Patrick Creadon (Wordplay) breaks down the cash crunch into several contributing factors.
The American government is spending too much money. Individual Americans are not saving enough cash. Too many American dollars are heading to other countries to purchase goods. More than 50% of all American debt is held by other countries. Sound financial planning done under President Bill Clinton, when surpluses appeared to be the norm for the future, fell apart during George W. Bush's two terms.
Former American comptroller David Walker, Concord Coalition's Robert Bixby, investor Warren Buffett and Sen. Kent Conrad are among those interviewed.
One person interviewed suggests America won't act until it faces a fiscal crisis. But by then, will it be too late?
Labels: alan greenspan, ander crenshaw, david walker, kent conrad, patrick creadon, robert bixby, warrenn buffett
Reel Popcorn Junkie is a reporter with a newspaper in the province of Ontario in Canada. He began writing film reviews when he was a student at Brock University in St. Catharines, Ont. Reel Popcorn Junkie continues to write entertainment copy for a daily newspaper, but not film reviews. Reel Popcorn Junkie always orders a regular popcorn, with no butter, when he attends the cinema.