Well, the local library is good to me. Tonight I watched the independent film “I.O.U.S.A”. Have you ever really wanted to understand the national debt? This movie does such a great job at explaining the challenges the United States is currently facing.
Former United States Comptroller General David Walker is our host for this movie. We have interviews from former Federal Reserve Chairman Alan Greenspan, former Federal Reserve Chairman Paul Volker, Warren Buffet, Representative Ron Paul, and a number of others.
According to the movie, in 2009 each American owes about $175,000 to the national debt.
I think this movie is missing part of the story. When the debt really starts to choke our country, we may start seeing people leave. We may have a flight of human capital. Why carry a debt load you did not create? What a contrast to our current immigration issues.
I also think we really do not understand numbers. When we start throwing around numbers like $11 trillion, we just do not grasp how large a number this is. The film director properly addresses this by showing the number as a relative graphic to Gross Domestic Product.
I attached a graphic that attempts to show Social Security and Medicare expenditures. The link below the clip is to the film website. I think you can watch the film there.