A new documentary dealing with the massive debt crisis facing our nation is about to open. The trailer is below. It is my belief that much of our economic trouble can be traced back to the insane fiscal and trade policies that have left us a debtor nation, in hock to the rest of the world and sliding backwards every day. Today’s Globe had an editorial noting the film debut and warning of the dangers that are inherent in the proposals to just keep addind to that debt.
Contributions to the debt are bipartisan as well: John McCain’s proposals – $100 billion in additional tax cuts for corporations, another $65 billion for individuals, and a continuation of the $11 billion-a month war in Iraq – will flood America with red ink. But Barack Obama is doing his part, with $80 billion in tax cuts for working families, an immediate $50 billion stimulus package, and a $65 billion healthcare expansion.
Former Nixon cabinet member Pete Peterson is bankrolling the movie and distribution, and deserves thanks for taking an issue that no one seems to want to talk about and shedding a big light on it. If its worth spending then it is worth paying for. Read the Globe editorial here.
Bill Manzi.com 
Your Honor,
Yaaaawwwwnnnn……
Wake me when this Academy Award winning document is over.
How about a poll. Question: Who cares?
Jules
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I guess you are reflective of most Americans, at least for today. It is a huge mistake, and I think that the line in the trailer that says something like “this is America, and we won’t act until disaster is upon us” maybe has some validity. Hubris is believing that the normal laws of mathematics do not apply to us, and hubris is in large supply these days in the economic area. Don’t know how anyone can believe that we can keep consuming more than we produce forever, but I would like to read that textbook.
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Sure Jules, feel free to yawn at trillions of dollars in debts and loans, but please do be sure to get out there and vote down that state income tax…..
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Mr. Mayor, I know nothing of economics, I have trouble balancing my checkbook! But it seems to me that as the consumer goes, so goes the nation. Personal debt is at record levels. We consume things at a fantastic rate without considering how of if we can afford them or even if we NEED them. And plastic is so easy! If Americans don’t care about their debts, why would they care about the national debt? I think it was Alfred E. Neuman who said “What–me worry”. MAD. Remember also, Aesop’s fable of the Grasshopper and the Ant. America has been playing the grasshopper for years, fiddling, dancing and singing all summer while the ant layed up stores for the hard winter ahead. Hubris…indeed.
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@ Jules
EVERYONE SHOULD CARE!
Did you know that our $9.5 TRILLION debt means that EVERYONE in America (every one of the 301 million men, women, and children) owes over $31,000 EACH to foreign creditors!!! All of us, even babies born today could by a Lexus with money like that!!!
Visit myspace.com/iousamovie and hear what Pete Peterson and Dave Walker have to say about it!
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Erin,
Bad example to use about everybody being able to buy a Lexus. Foremost, it will make the Republicans think everybody’s rich (we can’t have that now, can we?), and secondary, it will reinforce their argument to advocate for more drilling….
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Responses to my friends on the blog;
Jim, My yawn is for the documentary not the issue. This is the cost of pandering by both parties. All issue activists want funding for their particular favorite–health care, education, a bridge to nowhere, and a whole host of items as the federal government takes on issues best left to individuals or states.
From your statements I presume you checked off the higher tax rate on your state income tax form. Am I right? After all Massachusetts has the same hunger for spending and debt as the federal government and needs all the revenue it can get.
Since our State is such a spendthrift and appears out of control to me, I am voting YES, Yes on Prop 1. Maybe our free spending reps will think twice about continuing on their expensive ways. Of course, Jim, if it passes they will fight it. How about joining us and voting YES to at least scare them.
Ben, The debt is national by our government not personal by the consumers. But, if it is a problem how would you slow down personal spending. IT IS OUR ECONOMIC ENGINE.
Erin, Ok, I care. Now what do we do? If we keep sending the same people back to congress why would we expect a different outcome? You got a solution?
Jules
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What you do is balance the budget. What you do is to stop promoting the ridiculous idea that you can have massive annual fiscal deficits, trade deficits, and keep your standard of living. We are seeing the effects today.
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Your Honor,
To bring the budget in balance requires at least three things;
Controlled spending in line with revenue.
Controlling taxes to promote economic expansion to deflate the deficit without taxing our pants off.
Manage the fiscal and monetary factors. This is a cooperative relationship between congress (fiscal responsibility) and the Fed (monetary policy). It has to do with value of the dollar and money volume and interest rate.
To be successful there must be a delicate balance between all the parameters described above including the people we send to Washington to govern.
Our leadership, as now constituted, are incapable of carrying out the necessary management to eliminate the deficit and put our financial house in order. There is too much special interest.
If we send the same people back to Washington, why would we expect a different result?
Here’s the solution short of forming up in Lexington and Concord;
VOTE FOR THE OTHER GUY.
Send the present class home to the dreaded private sector.
Now at the election following the next;
VOTE FOR THE OTHER GUY AGAIN.
You will loose youR favorite panderer, but eventually they MAY get the idea. Govern don’t Pander.
What do you think?
(VOTE YES ON PROP 1)
Jules
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