Lifestyle Debt - In The Movies (Part 3)

Lifestyle Debt - In The Movies (Part 3)

Lifestyle Debt - In The Movies (Part 3)

The movie I.O.U.S.A. boldly challenges: 'Wake up, America! We are on the brink of a financial meltdown.' It examines the constantly growing national debt and the repercussions to the United States and its citizens. With the ever-increasing American government and military, over-extended entitlement programs, and huge debts to foreign countries, America is steering towards a debt iceberg like the modern day Titanic.

Patrick Creadon highlights through this movie how the American government has found it difficult to only spend money raised through taxes. The film documents former U.S. comptroller General David Walker and Robert Bixby, director of the Concorde Coalition's journey across the country as they explain America's unsustainable fiscal policies to its citizens. A common question begs: 'Will there be any Social Security benefits left to collect for the Baby Boomer generation that is retiring?' Instead of just scrutinizing the debt dilemma, this movie also volunteers potential financial scenarios, proposing solutions on how to adapt and become a fiscally sound nation once again.

Four serious deficits are responsible for America's debt dilemma: budget, savings, the balance of payments and a serious lack of leadership. Unfunded benefits (Medicare, Medicaid and Social Security) have a budget deficit of 53 trillion dollars, which can only be paid by tripling taxes. Individuals living beyond their financial means have created a savings deficit by accumulating personal debt instead of savings. The trade deficit is responsible for the balance of payments problem where the USA is importing more than it exports, especially from China. America has the largest trade deficit in the world, highlighting a nation of consumers rather than producers. The leadership deficit is due to a lack of political leaders that challenges Americans to cut government spending, pay more taxes and start saving money. This is also negatively affected by electoral campaign promises of cutting taxes to increase popularity and thereby gain more votes.

I.O.U.S.A. received excellent reviews from particularly Rotten Tomatoes, giving it a 'Golden Tomato' award, a score of 91% and a Certified Fresh rating as a 'potent and lithely constructed documentary about America's financial crisis.' Metacritic gave it a score of 70 and Robert Ebert listed it as one of the five best documentary films of 2008. It also features interviews with Warren Buffett, Alan Greenspan, Paul O'Neill, Robert Rubin and Paul Volcker, Alice Rivlin, Pete Peterson, James Areddy, Arthur Laffer, Steve Forbes and Bill Bonner. Some of these interviews are only covered in the companion book that was released in September 2008.

The punchline... do not buy what you cannot afford! Save and invest your money. Do not live on credit.

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