BUSINESS: Town Hall discusses 'I.O.U.S.A.' documentary
Swelling federal and personal debts examined
By Staff reports | ∞
Across America on Thursday, tens of thousands of people are going to the movies to see a documentary about debt.
The movie is called "I.O.U.S.A.," and it focuses on the looming federal and personal debt crises facing the United States. The filmmakers warn that "an economic crisis of epic proportions awaits" if we fail to solve the growing national and personal debt we are amassing.
On Thursday night, the film will be shown in about 350 theaters, including several in the greater San Diego area. Check http://www.iousathemovie.com/ for locations and to buy tickets.
"I.O.U.S.A." is about America's "four key deficits: budget, savings, balance of payments and leadership."
Backers of the documentary include Warren Buffett, chairman of Berkshire Hathaway investment company; Peter Peterson, chairman of the Blackstone Group; and Dave Walker, former U.S. comptroller general. Walker likens the growing national debt to a "cancer that threatens the future economic well-being of our country, children and grandchildren."
Walker, Buffett and Peterson will be part of a live, satellite-broadcast discussion in theaters Thursday evening after the documentary is shown.
Their hope is that the film will bring attention to America's financial crisis in the same way that former Vice President Al Gore's "An Inconvenient Truth" documentary spotlighted global warming.
About 70 people gathered Wednesday evening in the North County Times' Escondido office to watch an advance screening of the documentary; most stayed afterward for a discussion about the movie and what should be done.
If their concern reflects the collective American will, Americans want to take tough steps to reverse the cycle of personal and federal overspending that has taken us to the brink of national disaster.
What viewers had to say about "I.O.U.S.A."
"I.O.U.S.A." presents an America hurtling toward financial collapse. Total federal spending obligations of $53 trillion that would take $184,000 from every American to pay. Tax rates that would have to be at least doubled to begin to balance the federal budget.
Here's a sampling of what people at the North County Times' town hall said after the movie's screening.
Joe Gersch, retired, Escondido:
"We need a grass-roots effort to changed the thinking in Congress."
James Garritson, teacher, Escondido:
"I don't see many young people in the audience, so that's a disconcerting thing. ... We need to have a lot of youth that are active in terms of shutting down this government. This government's out of control, it's spending too much money. We had Representative Ron Paul who was running, he was actually speaking wisdom, and what did the Republican party do? They laughed at him."
Lisa Ballard, real estate agent, Valley Center:
"It's exciting to see this but depressing because we have no one to solve these problems."
Tom Taylor, retired, Vista:
"The federal government is working with corporations to send out jobs to China and Mexico."
Pat Hunter, real estate agent, Escondido:
"I see no local politicians involved in this. Where are they?"
Sam DeSantis, auto industry, Fallbrook:
"We need to save money and our children today are not being trained to save. In high school there isn't even training to balance a checkbook."
Winifred Meiser, photographer, Vista:
"We want instant gratification. When I grew up you didn't buy something unless you needed it. We need to look at ourselves in this."
Stuart Hemler, teacher, Escondido:
"This problem is endemic to us all. We're buying things we don't want ---- it's up to us to say to Congress cease and desist spending what we don't have."
Tom Courbat, former Riverside County finance director, Murietta:
"Every local and county budget has to be balanced. We need to move this to state and federal government."
Bryan Cooper, limousine driver, Carlsbad:
"We need to get rid of the two-party system and the stranglehold that the media has on that. Or we will always have what we've always had. Period."
Rick Mayes, financial planner, Carlsbad:
"I think we really need to connect the dots between individuals and the government, because the problems are very similar. A lot of people have too much mortgage debt, too much credit debt. ... The more we create that (financial discipline) at the individual level, I think it will (cause) a political groundswell that will shine the spotlight on the federal government as well."
Valerie Gersch, health care trainer, Escondido:
"Somehow, we have to get through to the media."
Betty Martin, mortgage broker, Escondido:
"(We're in trouble) unless we vote for someone who will raise taxes and no one will vote for them."
Amy Alexander, retired teacher, Escondido:
"I hope we can get a series of articles on what needs to be done. We need to look at ourselves ---- to stop spending what we don't have. We are a spoiled country."
Elizabeth Hart, water sales manager, Escondido:
"Our attitude should be, not spending more than we have."
Carol Willis, retired computer data base technician, Escondido:
"I'm debt free and it feels good."
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Tom wrote on Aug 20, 2008 11:05 PM:This is one of the hardest hitting movies I have seen. It's not really so much a movie as a wake up call showing graphically how we are on a collision course with bankruptcy. The ONLY way to avoid it is for the US Government to stop spending more than it has. The National Debt has gone from $1 trillion when Reagan took office to $10 trillion by the time "W" leaves office. Borrow- and-spend shackles our progeny with debt for generations so we can feed our greed. Miss this movie at your peril.
looming wrote on Aug 21, 2008 10:21 AM:It's not "looming." It's already here, and we're already suffering the consequences. Our national and personal debt is one big reason why the dollar has lost so much of its value, which is one big reason why we're paying through the nose for oil.
The Media wrote on Aug 21, 2008 10:24 AM:Newspapers and television news have been reporting the country's debt addiction several times a week for 20 years. Nobody needs to get through to "The Media," and the only thing left for "The Media" to do is roll up a newspaper and whack consumers on the head with it.
Criminal Politicians wrote on Aug 21, 2008 11:18 AM:As long as the sheeple continue to support their crooked political parties regardless of the facts, the crimes, the double talk, the No bid Billion dollar contracts, etc... etc... etc.... etc... etc.... etc... etc... etc.... etc.... we will rapidly decline as a nation.
How many Senators need to be charged with crimes for the sheeple to wake up?
In fact is too late to save America. Let's just get a head start on the letterhead for the new Chinamerica, Inc.
See you all on the assembly line at the lead toy factory on Monday!
We need capital punishment for goverment fraudsters.
Tom T wrote on Aug 21, 2008 12:39 PM:Peter Peterson and David Walker are members of the Council of Foreign Relations. The Concord Coalition made the movie, Peterson founded the Concord Coalition. The movie is CFR ruling elite propaganda to scare people into accepting the North American Union, and in the future, world government under the UN. Google it. I did!
Patriot wrote on Aug 21, 2008 12:59 PM:Maybe if the income tax code rewarded saving by excluding the first $1000 or so of interest income from taxation, people would be inclined to save. Maybe if the legislative districts weren't drawn to create safe districts for a particular party, voters could actually hold legislators accountable for their spending decisions by voting them out of office.
NH Republican wrote on Aug 21, 2008 6:20 PM:if the government operated within it's constitutional limitations the budget would be balanced, the national debt would be zero and the income tax would not be necessary... but Americans must like paying out that 30% of their gross income, and another 20% for taxes on just about everything they do (fuel tax, communications tax, cable tax, etc. because all the income tax goes to pay interest on the national debt), if they didn't Ron Paul would have won the primaries hands down...
its wrote on Aug 21, 2008 7:15 PM:is a contraction of "it" and "is." The possessive form is "its," with no apostrophe.
Bryan C wrote on Aug 22, 2008 1:17 AM:There is a FORCE out there that wants confusion and cauos in our political system. That is why they funnel it to only two parties and make sure that the other "want to be" parties get close to zero media coverage! This is by design, and it must stop. J P Morgan (Banker) found that if he was able to control just 25 major newspapers within our country, he could sway and influence public opinion. This was done years back and after that the Council On Foreign Relations (CFR) was formed to enhance this control as the media grew. This is not conspiritorial thinking, it's fact! The main goal is a "One World Order" Control and $$$$$
Phil W wrote on Aug 22, 2008 6:53 AM:I was very disappointed that nothing was said about constitutional sound money, the illegal Federal Reserve and the corruption of the fractional reserve banking system. They are trying to tell us saving more and working longer is a good start. What a joke. Why save if you have a negative real rate of return? People should be buying things that hold value like gold and silver. The intentional devaluation of the dollar was not mentioned once. This was a kindergarten message to a grad school level problem.
bob h wrote on Aug 22, 2008 8:46 AM:waste of time. it's too late for any changes now. our owners have planned for the destruction of the US since our founding. it's almost here. store potable water and food and get plenty of guns and ammo. you'll need 'em all!
Saul wrote on Aug 22, 2008 9:28 AM:Very well done movie, the facts are there, but it serves the purpose of scare tactics by the CFR who are the ones creating this problem. The CFR has hijacked the US government and it controls both parties. The mainstream media is complicit in it as well for the CFR also controls it. The solution is to vote out all who support the CFR and deny the steps taken to create the North American Union. The bankruptcy of USA is what the CFR needs to scare us into accepting the idea of the North American Union.
Daphni wrote on Aug 22, 2008 9:31 AM:If you try to live minimally, you are treated as a pariah by your friends and neighbors. There is a lot of social pressure to meet certain expectations in what you own or how you dress. People treat those with less as a diseased person. I remember even church people distancing themselves from our family when my father's business went under, even though we didn't look any different. It takes a tough skin to handle all the people who want your money, just as it takes a lot of won't power to not eat bad food at a restaurant. We need a national movement to encourage people to stop waste at all levels, inspired by someone who can move us all.
susan wrote on Aug 24, 2008 10:49 AM:This movie is just more CFR propaganda. It's their goal to create a North American Union by 2010. That's open borders with Canada and Mexico, which includes a shared currency, the Amero. The CFR has been saying for years that it will take a weak dollar and a financial crisis for people to accept the NAU as a solution. Not only has the weakening economy been planned, this movie is an attempt to push us closer to the CFR's 2010 goal via fear tactics.
Donna wrote on Aug 24, 2008 12:03 PM:The Yale elite formed a group many years ago called Skull and Bones a secret society that has grown into several groups including The Council on Foreign Relations.
These people are all about the One World Government. This group is a bunch of selfish, greedy elitists that want to control the people of lower classes and to not have middle class citizens.
They buy and sell other greedy people that don't have a backbone and are to afraid to say NO to this greedy group.
Also the Federal Reserve Bank is privately owned and every dollar that is printed, we have to pay interest on, so there will never be a time when we don't owe interest to the private owners of the bank.
The 16th amendment was never rattified so paying income tax is unconstitutional, and there is also no law that states you have to pay taxes, another ploy by our government to take money that belongs to us to pay themselves.
Our government doesn't follow laws and yet they expect us to follow the laws.
Perhaps if they would start by enforcing our immigration laws some of the debt would start to reduce, but they want the NAU so they don't want to enforce the law.
When all is added up we come to the conclusion that our government is nothing less than corrupt and greedy with no care for the American people that got them where they are now.
Alec wrote on Sep 15, 2008 6:06 PM:Read what Donna wrote above me. It's all true.
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