I.O.U.S.A. is a documentary that focuses on the shape and impact of the federal debt which amounts to $9.6 Trillion during the year of its release(It is now approaching to $18 Trillion as this review is being written).Patrick Creadon directs.The film details the history of the federal debt from the time it got its independence in 1776 and the actions the country did throughout history;it explores how the United States got to be in this present economic turmoil; and what actions the country needs to undertake in order to escape an all-out financial disaster that no American can escape in the future.Added to that,it also provides an explanation about the big portion of the budget deficit that the county accumulated due to unfunded benefits - Medicare,Medicaid and Social Security - which could only be provided by increasing the taxes three times and removing the other expenditures of the government.Aside from that,it also examines the culture of credit that have become part of the lifestyle of the Americans; and the trade deficit that the country has had - more imports as compared to exports - to other countries particularly that of China.Finally,it also gives the viewer a portrait of lack of leadership in Washington especially when it comes to cutting government expenditures and spending.Although this documentary needs and update considering the debt is presently humongous due to additional government spending like more entitlement and welfare programs as well as the implementation of the Affordable Care Act or Obamacare,it gives us an idea on where the United States is headed to economically.Aside from that,it also will no longer provide Americans any lingering doubts that the U.S. economy is headed into a collapse in the near future.Finally,it also provides the viewer reasons to change habits like the culture of credit and spending patterns in order to survive the worse economic meltdown that is yet to come into the country. This solid doc is definitely a must-see for Americans.

Peter Peterson is one of the chief proponents of 'entitlement' reduction; i.e. Social Security and Medicare. Never in any discussion of deficits are the exorbitant sums spent for military boondoggles, outdated ineffective weaponry (corporate welfare) , uncontrolled and unexamined payments to our corrupt 'allies' (Karzai, Pakistani Intelligence Services, Israel). So be careful, especially if you're a boomer and just about ready to get Social Security - it may not be there if Peterson has his way. His argument sounds so sensible, unless you include the elements he's ignored. It's noticeable that there are almost no voices on this panel to protect Social Security & Medicare.

The subject of estimated unfunded liabilities of the Federal Government did not originally come from David M. Walker, the former head of the GAO. Dr. Lawrence J. Kotlikoff and Scott Burns wrote a book on this subject much earlier (Lawrence J. Kotlikoff and Scott Burns, "The Coming Generational Storm, What You Need to Know about America's Economic Future," MIT Press, Cambridge, MA, 2004).In this book, Dr. Kotlikoff also states that in 2002 Paul O'Neill, George W. Bush's first Secretary of the Treasury, had asked Dr. Kent Smetters to use generational accounting to estimate the unfunded liabilities of the U.S. Government in the future, which was then done with a Dr. Gokhale. The report had been included the 2004 Budget. However, when the White House (i.e. Bush, Cheney, and their cohorts) found out about this, they removed the study from the 2004 Budge and fired Sec. O'Neill.The publicity that David M. Walker has been getting for himself by talking about this very serious problem has helped bring it to the light of the TV talking heads and the makers of this movie, but Drs. Kotlikoff, Smetters, Gokhale, and others are not getting the credit that they deserve, which I consider a serious injustice. If this were being conducted in peer reviewed journals, it might be considered to be on the verge of professional misconduct.If I were an adviser for Barak Obama (which I am not) or John McCain (which I am not), I would recommend Drs. Kotlikoff and O'Neill to be senior Economic Advisors to the President and/or Secretary of Treasury or both. Everyone that wants to know more should read Kotlikoff's book or its most recent update (if there is one)

Saw this movie last night and it's something I could call mandatory viewing for everyone - for those in power making the tough decisions and for those affected that need to understand them. It's a chilling doc only because the situation is so real, and my generation will be greatly affected by our government's fiscal irresponsibility and spending today.The movie itself, while not as sexy or explosive as some documentary topics, was well done, in my view. I appreciated the Econ 101 premise, with engaging charts, easy to understand fables, and relevant interview bites. This topic is bigger and more important than an 85 minute documentary and I felt they captured the urgency of this dire situation. Unless action is taken now we might not be able to dig out selves out in a few years.Can't wait until the DVD comes out in October when I can make my friends watch, but even more so I'm looking forward to the book, which comes out September 29th ( http://www.amazon.com/I-O-U-S-Addison-Wiggin/dp/0470222778/ ). Wiggin's Demise of the Dollar was the catalyst for IOUSA, and I'm really interested in seeing the full and complete interviews of everyone involved in the movie, collected in the book.