Interesting film made last year about America's debt. Here's the short trailer:
and you can download and watch the whole thirty minute movie from the IOUSA website.
What's the movie about? Here's the short thirty minute description:
Wake up, America! We're on the brink of a financial meltdown. I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. Burdened with an ever-expanding government and military, increased international competition, overextended entitlement programs, and debts to foreign countries that are becoming impossible to honor, America must mend its spendthrift ways or face an economic disaster of epic proportions.
OK, so that's the quiet, mild, meek view of the creators.
Trouble is that the New York Times reported yesterday that America is now being asked to fez up:
With the national debt now topping $12 trillion, the White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019, up from $202 billion this year, even if annual budget deficits shrink drastically. Other forecasters say the figure could be much higher.
In concrete terms, an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.
The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.
Seems to sum it up quite well … oh dear, and the UK is even worse!
At least we're still a good place for doing business though …