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These posts are the creation of Doran L. Barton (AKA Fozziliny Moo). To learn more about Doran, check out his website at fozzilinymoo.org.

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I.O.U.S.A., a must-watch film

Posted: 21 September 2009 at 00:17:49

I finally got around to watching the documentary film I.O.U.S.A., which I rented from NetFlix. Wow. I recommend anybody and everybody in the U.S.A. watch this film. If you're not up to renting it or buying it, watch the 30-minute byte-size version available on YouTube.

David Walker, former Comptroller General of the United States and head of the Government Accountability Office (GAO), now President of the Peter G. Peterson Foundation, takes on the seemingly insurmountable task of explaining our national debt and does so successfully with finesse.

I learned a lot from this film. I mean, because I've been pretty well plugged-in, politically, I knew our national debt was a huge problem, that the federal government's budget deficits were only making things worse and federal programs like Social Security and Medicare only exacerbate the problem. What I didn't know was that our trade deficit is so huge, the largest in the world, in fact.

Before watching I.O.U.S.A., President George W. Bush was not my favorite president. While he did a good job responding to the terror attacks in 2001 and going after terrorists where they operate in the Middle East, he and his administration seemed to ignore problems here at home, like the growing problem of illegal immigration and adding more liabilities to Medicare with the Part D prescription drug coverage. Overall, I think he was a mediocre president.

After watching I.O.U.S.A., I'm beginning to wonder if George W. Bush didn't commit some kind of treason against this country by letting all things economic get so out of hand under his watch!

After watching I.O.U.S.A., I've developed an increased respect for the Clinton administration for how they handled economic matters by getting the federal budget under control for a couple of years. Granted, things were easier then with no War On Terror to fund and what-not.

So, what about our present president? Well, he sucks too! Maybe worse than Bush!

Walker is dead on by identifying the four big economic problems facing America:

  • Federal budget deficit
  • Savings deficit
  • Trade deficit

And finally,

  • Leadership deficit

For example, the Democrats' healthcare reform proposal does not help our debt situation. The government's own policy analysts show that it too will only add an increasingly large liability to an already fast-growing balance we owe. Yes, we need reform, but this ain't what the proverbial doctor ordered.

One big chunk of our trade deficit is our dependence on foreign oil. Our president's solution is to pull new, alternative energy solutions out of his butt to replace all energy infrastructure. You know, that might be a fine solution if we were already in a good economic situation, where we had economic surpluses to rely on as we went through the painful process of converting to a scientifically, environmentally superior form of energy generation, but in the state we're in right now, it simply does not make sense.

What does make sense is for the U.S. to start getting more energy production from its own resources. We have lots of it. Oil. Coal. Natural gas. We've got gazillions of tons of it, literally, but we're staying away from it, on principle, I guess.

Leadership deficit! We need leaders that will do what's right regardless of what's popular or what their party, platform, or agenda might be. President Obama wants to usher the U.S. into a new era of green-ness, environmentalism, ecological awareness, etc. etc. He needs to realize we're never going to be able to do that unless we address our vast economic imbalance represented by our debt and unfunded liabilities.

What our government aims to do now is a classic example of cart before horse.

Here's another tough pill I had to swallow watching I.O.U.S.A.: We probably will need to raise taxes to get out of this mess. But our legislators need to reduce the overall size of government at the same time. We'll need to raise taxes and reduce spending.

That trade deficit thing just keeps bothering me. I want to know more about why the United States doesn't produce much anymore. Common sense tells me it's because other nations can produce cheaper than we can. Why? Is it high labor costs? Is it restrictive regulation?