Thursday, September 25, 2008
Friday, September 12, 2008
I.O.U.S.A. (O.M.F.G.)
So for reasons actually pertaining to work, I caught the documentary I.O.U.S.A on its final run date last night. I had been meaning to see the film, but the work incentive pushed me to catch it in theaters. While it's too late to catch its theater-run now, I strongly urge everyone to rent it as soon as it comes available on DVD. Go to the website, watch the trailer, and "Take Action" by writing to your local representatives in the House and Senate.
I knew our budget situation was bad, but I couldn't fully comprehend just how bad it actually is:
One of the most chilling moments in the film was when Former Treasury Secretary Paul O'Neill stated that at the current rate, interest on the national debt will be unsustainable: "When you get extended to the point that you can't service your debt, you're finished."
Our current state and ongoing trend of debt accumulation is terrifying to say the least. But the most depressing thing about our budget situation is the fact that few Americans, especially young American who will inherit the burden, are aware that we're even in a crisis. I think part of the failure can be attributed to the shameful political landscape that seems utterly incapable of addressing these kinds of issues in an honest and meaningful way. I recall a quote in the movie from President George W. Bush:
"I think I got a B in Econ 101. I got an A however in keeping taxes low, and being fiscally responsible with the people’s money."
Even though our President doesn't get it, the message of the film is clear. And we need to demand that our political leaders address this issue in a real way. The U.S. has to cut spending on ALL programs drastically and increase taxes on every American (a lot, probably). This means cutting spending on things that are sacred (ahem, Social Security) and special (ahem Medicare and Medicaid) to many people, cutting back on the consumption of foreign goods, stimulating U.S. exports, and (as hard as it is to hear) big increases in taxes on every resident and business in the US.
The question, as the filmmakers of I.O.U.S.A. point out, is whether people are willing to endure the level of sacrifice necessary to secure the future of the nation.
Oh another great video clip in the movie, and great financial advice for everyone:
via videosift.com
I knew our budget situation was bad, but I couldn't fully comprehend just how bad it actually is:
- The U.S. is rapidly approaching a national debt of nearly $10 trillion.
- Almost half of which is owed to foreign governments.
- Your share of the total federal obligation is $175,000.
- If things don't change, income taxes by 2040 will consume 42 percent of your paycheck.
One of the most chilling moments in the film was when Former Treasury Secretary Paul O'Neill stated that at the current rate, interest on the national debt will be unsustainable: "When you get extended to the point that you can't service your debt, you're finished."
Our current state and ongoing trend of debt accumulation is terrifying to say the least. But the most depressing thing about our budget situation is the fact that few Americans, especially young American who will inherit the burden, are aware that we're even in a crisis. I think part of the failure can be attributed to the shameful political landscape that seems utterly incapable of addressing these kinds of issues in an honest and meaningful way. I recall a quote in the movie from President George W. Bush:
"I think I got a B in Econ 101. I got an A however in keeping taxes low, and being fiscally responsible with the people’s money."
Even though our President doesn't get it, the message of the film is clear. And we need to demand that our political leaders address this issue in a real way. The U.S. has to cut spending on ALL programs drastically and increase taxes on every American (a lot, probably). This means cutting spending on things that are sacred (ahem, Social Security) and special (ahem Medicare and Medicaid) to many people, cutting back on the consumption of foreign goods, stimulating U.S. exports, and (as hard as it is to hear) big increases in taxes on every resident and business in the US.
The question, as the filmmakers of I.O.U.S.A. point out, is whether people are willing to endure the level of sacrifice necessary to secure the future of the nation.
Oh another great video clip in the movie, and great financial advice for everyone:
via videosift.com
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