Spending and spending and spending ...

Leaving a poor country for the next generation

By JEFF ROWE - Staff Writer | Sunday, August 24, 2008 12:31 AM PDT ∞

Our cafeteria here at the Escondido office was stuffed beyond standing room this past Wednesday evening for a showing of the documentary "I.O.U.S.A.," which explores our soaring national and personal debt and the implications for the nation.

We were pleasantly surprised that so many came out for a documentary on such a seemingly bland topic. I had mentioned the documentary to a friend whose response I had feared was typical of many: "The national debt? That topic makes my eyes glaze over."

But as the film makes clear, without some action, that glaze will be replaced by wide-eyed fear.

Consider this figure:

Our national debt is growing so fast that it would take $184,000 from every American to pay it. Personally, I can't come up with my share. To even begin to close the gap would require a doubling of tax rates.

So where are we on this debate in California?

Republicans are punching around Gov. Arnold Schwarzenegger, howling that he is backing away from his election promise of no new taxes. The governor wants to raise the sales tax, temporarily, to close a $15 billion state budget gap.

Mindful perhaps that they will have to answer to voters who will seize on any vote for a new tax, Republican lawmakers vigorously oppose any additional tax. And who could blame them? No matter what program any politician tries to cut, some group will scream.

And so we go another day, another week without a state budget. The federal budget is even farther out to sea, and yet earlier this year, the U.S. Treasurer handed out $600 to most working Americans, hoping people would buy things, stimulate the economy and fend off a recession.

Imagine if in running your business, you insisted on spending beyond the income of the company. It would be only a matter of time before you went out of business. Maybe what we need for the nation is a chief financial officer ---- someone who can say with authority, "No, we can't afford that."

As "I.O.U.S.A." points out, our personal spending habits are likewise out of control. A procession of people in the film confessed to little or no savings and much credit card debt.

In his 2004 book "On Paradise Drive: How We Live Now," David Brooks noted that one of our defining national characteristics is to simply leave problems behind rather than confront and solve them. He cited as an example the growth of suburbs in the 1950s. Rather than fix cities that were beginning to decay, we just fled them for the suburbs.

But the federal deficit, and our personal propensity to overspend, leaves no escape route.

And our discussion group here at North County Times after the film came up with many villains ---- politicians, the media, big business ---- but not an emergent sense of sacrifice.

Maybe that is a discussion for another day.

For our children's sake, I hope the conversation is soon.

To see where future showings of "I.O.U.S.A." will be, go to www/iousathemovie.com.