Follow this link to view the 30 minute film entitled "I.O.U.S.A." The filmmaker is obviously not a big fan of George W. Bush. However, with that he mind, he still does an excellent job of educating us about the size and problems of the national debt. Leave your thoughts after watching the video in the comments section of this blog. Each comment must be a minimum of fifty words, make sure to leave your name and class period at the end of the comment. What are the lasting impressions that this video left on you?
58 comments:
i am gonna be truly honest, the video did not hold my attention but what i did notice was that the creator of the video used many facts and numbers to emphasis his point. He would also put the numbers as the only thing on the film so that it was the only focus point. So that was my opinion.
Perry Moore
7th period
I totally agree with what was said about savings, that without savings, there is no hope for the future. Whenever I got birthday money my parents always asked what I would do with it, because if I was just going to cash it and keep it in my room for whenever I wanted it, they said I might as well throw it away. I learned to spend what I knew I was going to spend and save the rest for when I really needed it. Seeing as the US really needs it know, the government should be backtracking to the beginning, where if there's unused money, throw it into savings.
It's astounding how much of our history is built on deficit. We always see the persona debts of others a sign of fiscal ignorance When it comms to the national debt, it seems that we have become blind or that the number has gotten so large that it seemed unrealistic and individually we've given up. We turn to focus on our personal affairs to protect ourselves through saving and saving. People want to help for the greater good, but their main focus is number one. Logically it makes sense, if you can't take care of yourself, then how can you take care of everyone. (This is also why on airplanes they ask you to attach your oxygen mask first before assisting others). However, in this situation, inward focus is actually hurting both the one and all.
ITS SAD HOW OUR ECONOMY IS IN SO MUCH DEBT BECAUSE OF WHAT NOT ONLY BUSH DID.. WELL IT IS MAINLY BECAUSE OF BUSH, BUT ALSO BECAUSE OF HOW WE AS THE UNITED STATES SPEND OUR MONEY. IM TRYING TO UNDERSTAND HOW WE ARE GOING TO HAVE TO PAY FOR IT IN THE FUTURE. AND I UNDERSTAND MONEY.. BUT WHAT WOULD HAPPEN IF WE JUST ACTED LIKE THE DEBT WAS NEVER THERE. LIKE FORGET ABOUT THE 11.22309 BILLION WE ARE IN DEBT AND KEPT SPENDING MONEY LIKE WE HAD IT? WHAT WOULD HAPPEN? BUT THE SAVINGS IS WHATS GOING TO SAVE US I GUESS. BECAUSE I THOUGHT WE WERE SUPPOSED TO BE THE LEADING NATION. BUT YET EVERYONE SEES HOW BROKE WE REALLU ARE. THATS SAD.
TRACEY EBHAMEN.
YOUR FAV. STUDENT.
2ND PERIOD.
P.S YHU SHOULD BE A GOVT. TEACHER ALSO. JUST SAYN HOMIE. BECAUSE I JUST REALIZED I ONLY GET YOU FOR A SEMESTER:( AH ITS GOING TO BE HARD PAYING ATTENTION TO B O O R I N G TEACHERS.
:D
I thought this video was interesting. I found it very scary how the average person they interviewed was so clueless to how much the U.S. was in debt, what some important finical vocabulary words were, or how to save. Coming from a family of accountants I learned how to save. From listening to some of these young adults comments, its apparent that a lot of people missed out on this life lesson.
the video made me question how the gov. could let this happen
This video definitely made me more aware of the economic problems of our country! I never really realized how much the US was actually in debt. I agree that the country needs to do something about the huge debt before it gets way out of hands. I thought it was sad how the US is the last country on the trade deficit list! And I liked how the person who made this video showed the timeline of the past years of debt and stuff. It showed the actual differences more clearly.
Megan Wang
Period 02
The video was really eye opening and I completely agree with the idea of increasing our savings and balancing our budget. However, I think it is crucial that the citizens of the United States learn to balance their own pocket books before we can expect the government to. Our "microwave generation" wants everything instantaneously, even if it means attaining that good or service by spending money that we don't have. If we plan on minimizing this multi-trilion dollar debt, we have to start with ourselves. Clearly there isn't much of a point in "Bush-bashing" or pointing fingers in an attempt to find who is really responsible for our current financial situation, but we should be looking to solutions to restore our economy.
-Divya
Schedule Girl :)
Period 7
When I was watching this video, all I could think about is how America got rich in the first place. Which, after the Great Depression, was World War II. It was almost as if we won the lottery as a country and we didnt know what to do with all this money so we just start spending it without reserve. We have been "living off" this for so long it's like we've forgotten how to run a real economy: one that makes more than it spends. All we are trying to do instead is make the defecit number smaller when a great nation like ours should be in surplus.
Joshua Amaku
7th
I really did not like this video. My ignorance was bliss and now you have taken that away from me Mr. Pye. It was funny to see how our country started in debt, but with the strict policies of Washington and Hamilton we were able to get rid of it quickly by 1835. Considering this was the only time in U.S. history that no national debt has been present, I see it as strong evidence supporting a strong central government over the will of the people as a more effective way to run a country. America is supposed to be the "land of the free", but considering how stupid the majority of the "free" is, especially when it comes to spending their money, I don't think the "free" can be trusted. As being "free" only makes them greedy. I put free in quotes because every person as they contribute to national debt is taking themselves and their freedoms and making them prisoners of debt, as the college club in the video was trying to explain. Now as bad as it is socially for countries to live in dictatorial communisms and socialisms, it may be better economically (not for the individual, but for the country), which is exactly what our country needs. If you remember the chart of countries' trade deficits, not only was the U.S. at the bottom, but other democratic countries specifically those in Europe accompanied the U.S. at the bottom, while countries with stricter governments were at the top. Now obviously it would be horrible to live in such a strict government, but a stricter one than what we live in is extremely necessary. If you look at it in terms of scarce resources and wants: what we want is our freedom to buy what ever we want, while we not only don't have that money, but we have negative money, which is scary. I believe we need a leader like Alexander Hamilton who will straighten America out, but because of our democratic system America either needs to want to be straightened out or there has to be some kind of scandal that puts an unpopular person like Hamilton in office. There is no way that Hamilton in our day could get elected because the freedoms that the average American enjoys make them want more and since they can always take out loans and their own debt is not nearly as bad as the country's they really have no reason to worry about the country's economy unless they HONESTLY REALLY care about Americans of the future.
chris rocha 7th pd
sorry bout the double post and the rant :)
Honestly, I found this video to be very factual about the national debt. I liked the how the national debt was compared to "fiscal cancer." The current state of our debt being 64% of our GDP seems like a lot to even though the narrator said it wasn't. I found it amazing that our federal debt actually started as the result of our war for independence in 1776. It is sad that social security will actually be hurting our national debt rather than helping it as more and more baby boomers decide to retire. It is also sad that the United States is dead last in the global trading chart that was shown in the video. I hope we find a solution to the national debt. -Stanley Verghese, Period 7
I can't stop thinking about how Alexander Hamilton once said, "A national debt, if not excessive, will be to us a national blessing." If $11.7 trillion isn't excessive then I don't know what is, however, I believe there is still time to change our course. The video presented, very well, the huge amount of debt the US is currently in, and the even more overwhelming debt we are on track to reach. Because I am now more aware of the deep hole our government has dug us into I want to learn more about our economic policies and how things need to be drastically changed.
Tony Phewklieng
2nd Period
we should get rid off social security, well fare, medicaid and all that crap and definatly shouldn't have nationalized health care bc that would make things even worse. the government should learn how to spend less and do what its supposed to do... govern the people
eric nelson
period 2
The thing I find unbelievable is that none of our recent past Presidents (Bill Clinton aside) have thought to themselves, "Hmm, we should really do something about this deficit." This is the sort of thing there needs to be protests on the street and marches on Congress about, until our elected representatives get the message. The outrageous spending of past administrations, and Congress' endless pork-barrel legislation, has saddled the country with a seemingly irreversible debt that seriously hinders the government from enacting any programs truly beneficial to its people, such as universal health care.
Karl Sutton
2nd Period
woww. i always knew out national debt was really bad but i didnt realize it was to that extent. i agree with the whole savings thing and i think Americans really need to keep that in mind. The next few decades or longer are going to be very hard on the economy and we need to figure out logical solutions to this tragic problem. i think taxing the citizens is a an adequate approach to the debt as long as its a flat tax (which its not right now) and also as long as the taxes arent ridiculously high. However, this is only going to help a very small portion of the debt. i also think we need to stop importing so many goods without exporting much in return. maybe a bunch of the chinese should just come to america and get us out of debt, they seem to know what the deal is.
hannah neitzke
period 2
This video opened my eyes to how astronomical our present economic dilemma is and how much worse it will be in the future if things continue as they are. David Walker had it right when he said in the beginning that we suffer from a fiscal cancer. What stood out to me was the responses of the people interviewed. Education is key. If the public was as educated on the current economical situation as the people who produced this movie, washington would feel the pressure to make changes.
Adriane Joseph
2nd period
The national debt today is ridiculously large and seems impossible to pay off. Our nation’s leaders are doing nothing to try and solve this problem, leaving the future of our country in a huge hole. Like the video said, I do believe that for something to be done there must be a catastrophic event that opens the eyes of all political leaders and the American people. Without some sort of severe event, we will continue to dig ourselves deeper into a financial grave, and who knows what kind of future is in store for our country. The video was very comprehensive in showing our country’s debt throughout history and what events let to this huge problem we have today. I definitely have a better understanding of our country’s countless financial issues, and am looking forward to learning more about our economy and its many flaws.
SHANE!!!
2nd period
This video was very interesting. I will admit that the clueless answers the people were giving are probably very close to what I would have said without this knowledge. Everyday we hear about the debt the US has, but unless we are sat down and the facts are drilled into our head we don't care. We seem to have dug ourselves a hole so deep, we don't know where to begin to fix it. Its time to confront this "fiscal cancer".
Adrian Mulig
2nd Period
It is an unfortunate fact that few Americans pay attention to or care about the intimate details of how the government and its various programs really work. But, it is not surprising considering the lack of emphasis on social studies in lower grade levels, and also according to standardized tests, which rarely focus on social studies, and, when they do, don't actually require the student to learn anything. TAKS, for instance, is known far and wide to be easiest in Social Studies because all it requires of the student is that he or she can read a chart.
If we want the deficit, which is undoubtedly a serious threat, to decrease in any way, we will unfortunately have to spend more money on actually educating people about it.
Abby Downing-Beaver
Period 2
This was a big surprise to me. I am more like the people who were interviewed on the side of the road, i could prbably not tell you a thing about our economy and the problems that we are facing. It definently held my attention because in the end its going to be our generation thats paying for this mess. I also think that we should start paying off our debts before medicaid and social security begin to kick to kick in for the baby-boomers since that is most likely going to be a huge factor in the increase of our federal debt.
sibil mathew
2nd period
This video definitely caught my attention. It made me very nervous for my future. How can we survive as a nation if our debt is totally out of control? American citizens need to learn how to save and to stop buying things they cannot afford. It also makes me sad that I have to suffer the consequences of our government passing tax cuts and not balancing the budget.
Hanna Mathew
Period 7
I am not a person who specializes in economic matters, but it does not take much to see how deep the United States are in debt. The fact that we are trillions of dollars in debt is a bad case in itself, but it is another thing that the U.S. does not know how to solve the problem. Also, according to the video, the longer we wait, the larger the debt becomes.
Randy Igbinoba
2nd period
I thin it is ridiculous how the government allows our country to fall in such a financial pit. I was unaware of how great our debt is before this video. The timeline and list of countries that have trade deficits really opened my eyes on why we, as the younger generation, need to be educated to fight this economic crisis
WOW!i never realized that the national debt was actually worse than what it sounds like.i thought this video was really informative but sad at the same time.i mean our generation and the coming generations are going to be the ones suffering in the future for all what they did with the budget, saving, trade and leadership deficits.I really think we should look deeper into the problem and start paying it off!
Anshu Abraham-7th period
This video was very interesting and eye-opening. I knew that the nation's debt was bad, but I didn't realize that it is this bad. I also think that it is really funny how uninformed a lot of us are. More than half of the people that were interviewed didn't know the answer to the questions they were asked. I also agree with the whole savings thing and that people shouldn't buy things they can't afford, especially if they don't have any money. This video was very surprising and it makes me wonder what the future holds.
Julie Hernandez
2nd period :)
Khushboo Kamnani - 2nd period
The whole video was really informative, yet a bit worrying. I did not imagine that the issue of national debt was this severe and there is no alternative to the crisis in the future. Most of the cost of the debt is derived from Social Security, Medicare, and Medicaid. It scares me to think of life in the future and the drawbacks that are going to be placed on the citizens of America due to the circumstances.The main pressures will be paving their ways through taxes, since they would be doubling in order to help pay off the debt. The deficit of leadership is also a key drawback,for many of the people in office are either neglecting the debt, or they don't know how to approach the situation. With such lack of managerial skills, our nation is not going to prevail. From my perspective, the US is stuck and has no way out of this mess, for it’s only going to get worse.
Well, the bottom line is, we're in a deep, swelling hole of debt, and it's gonna keep growing. Of course, I knew we were in debt, a lot of debt for that matter, but I never realized how much! This is not good! I mean, and think about it! We think it's bad now, but imagine what it is going to be when our children have to deal with it if something is not done. I'm no economic genious so I know this is really a blank statement when I say someone should think of something since I can't think of a solution myself... but still, SOMEONE HAS GOT TO THINK OF SOMETHING! This has to be fixed!
The national debt is spinning out of control. Alexander Hamilton would be extremely ashamed of our current nature. This "national blessing" is starting to eat us alive. The one thing that I do like about the video though, is that it shows that by ending all of Bush's policies will not magically make everything go away as some people have come to believe. And although it may not have helped in the big picture, at least he stuck to his policies and doesn't flip flop. Also, the main point of the video made me realize that...we're pretty much financially screwed in the coming years. We seriously need an Alexander Hamilton replica right about now.
Brady Nash
2nd Period
we need to shut down walmart and switch cars to nuclear power
Zachary Sparks
period 2
This is a video every American needs to watch. The financial irresponsibility of our country is outrageous. People are living lives they cannot afford, and are making financial decisions based more on greed than common sense. The vast number of people buying cars and houses on credit they can never pay off should ask themselves: are these things really worth endangering my children and grandchildren’s future in a financial catastrophe?
Tran Le
2nd Period
I have to say I was a little depressed after watching the video. I know the U.S is in debt but I didn't realize the severity of it. I was shocked when I saw U.S. LAST on the trade deficit list. This video actually held my attention. It was interesting seeing the debt throughout the years. The debt is so huge now it's overwhelming. How do you fix such a huge problem?
I also love the SNL clip. I remember watching the whole thing on T.V. one night. Pure brilliance. Now there's an idea, savings. . .
Watching this video I was enthralled because there were so many things that I didn't know. I believe the American people have become to comfortable. The narrator mentioned how many Americans have never seen a rainy day so they dont save for it. That should not be the case. Also, as the video continues to highlight our enormous defecit, they provide a possible solution: raising taxes. I think that it we're gonna spend the way we do and over induldge ourselves, than to try and curve the national debt we should raise taxes. Countries like Sweden with high taxes are prosperous and their defecit is no where near ours. The United States is living above their means, and like anybody who lives beyond what they make eventually they go broke.
Sade Onadiji
2nd Period
Wow. That video left me completely stunned.It really scares me know know what the future may bring. 53 trillion is incredible. I completely agree with the statement that it would take a crisis to make the people of America aware of the state we are really in. There are so many people who im sure are unaware of the subject entirely and rightly so. The government, im sure, wouldnt want us to panic. this film really got me thinking though how serious the situation in America really is. Money is tight at the moment and i now know the importance of saving.
Sarah Batres
Period 7
When it comes to our problem with debt, there is much evidence to support that it all started with the inability to save money. Looking at today's people, the video noted that many of them do not know the true meaning of "saving". They apply with credit card companies and discover that it becomes easy to not pay them off. This causes many to go into debt. Not only would our founding fathers be horrified, but so would Sam Walton. He worked hard to build a company dedicated to selling only American-made products. He did his best to avoid trade deficits. Unfortunately, after his death, his children took over the company, and, overcome with greed, they forgot about the future and focused on their present time and wants – like most Americans do – and they gave in to China. This once great company was greedily robbed of its patriotism by the hands of America’s new generation of non-saving heirs.
Morgan Mitchell
Period 7
That video was pretty eye-opening, in spit of the fact that i was falling asleep during it. On a serious note, I was really quite unaware that we were in such trouble. I knew we had a huge debt, as a country, but I didn't realize how it factored into our economy and what it meant. I have to say though that i don't do my part to save enough, which I'm planning on working on. I found the statistics and facts very interesting but the extra parts were a little lame.
Apart from the fact that we are in debt of 8.7 Trillion dollars, whats even sadder is that fact that by 2017 our economy is going to be extremely worthless. So by the time your class of 2010 turns 60 there wont even be such a thing called Social Security. So I guess we all better start saving in advance.
Sorry my comment was completed just yet but what I was gonna say was that, there has to be a way this debt can be reduced, we all know its not going happen overnight but at least over the next 10-12 years we should see a change in the economy. Start off by maybe not over spending. Keeping the Federal Revenue and Federal Spending in balance. Its defiantly possible if it was done before it can be done again.
John Abraham
7th Period
This video places most of it's holding in fact with numbers. But many times, instead of following up their bits of information with a fact, they ask a question. At some points in the video, they seem very vague. Otherwise, it was a well built video explaining on how the debt has fallen into the pit it in currently in and I welcome the random facts that come along with that.
- Alex Tatge
- 2nd period
I never thought that our nation would end of in so much debt over the years. I think more people should watch this video and take a stand to help our government pay off this tremendous debt. Without savings there is no future. Americans need to have more savings to invest so we can save our country. Otherwise in the future not only will our federal government suffer so will our families. I learned that our national debt started way back in 1776,that we have four budget deficits trade,budget,savings,and leadership. I also learned that social security could hurt us instead of save us in the future. People shouldn't spend more then they make in their income.
Neethu Vadakan 7th period
I for one find it appalling that our country as a whole could possibly keep the national debt growing, and maybe skyrocket in the near future. From day 1 the US has had to face this deficit head on. But instead of heading south for the problem we continued plummeting to an all time low? The federal government spends so much on defense that what they're protecting is crumbling right before them. With our new administration under Obama, I can only hope that this situation may somehow find its way to calm at some point. This country will resort to having to beg other countries for help? What happened to the US being the unstoppable financial juggernaut that every other country wanted to emulate? The Government needs to take control of the situation or we could be on the brink of an epic economical collapse which will never be forgotten...
Edward Cruz
Period 2
:( Are you trying to scare us out of this country? Now I want to move to Canada. I hope that this generation produces some nice economic minds that can hopefully kill this crisis before it ends up killing this country, although it won't be me. At the rate this country is going, we're not fixing any single one of our problems and it won't be long before some of the things we see in movies today become a reality. If tax rates raise to ~40%, and people start saving money, how much is actually left to spend on normal bills? We're going to have to cut down significantly or start producing something really big that other nations need/want.
I have actually seen clips of this video before, so it was good watching the entire thing in one sitting. I mostly agree with the video, especially the part about savings and how living beyond our means is impossible in the long run. Watching the video in one run brought everything together for me, even though I dont understand the logic behind a few of the claims made in the video.
Ani Chiti
7th period
I agree with the last statement of "It's really up to us. We the people". Until people start realizing that the future of our economy looks dull, the problem will only continue to grow. The government should consider in giving benefits to those working for production companies. More people would be willing to work to manufacture items which would increase production and lower the amount of imports/increase our exports. This would help alleviate our trade deficit so that we wouldn't be last in trade and also help decrease our national debt.
Sam L. 7th period
I agree with what was said about our current situation. Something needs to be done about our Budget. People need to start saving money for the future. Too many people right now are using their money they receive on things that they want. I agree that after the Baby Boomers retire the social security system will be faulty unless someone takes action. The Government needs to start taking action now and not leave all the mess to the next generation(aka us).
Sean Zhou
Period 7
I thought this video was really interesting. I immediately noticed the graphics used, which I thought did a good job of emphasizing the severity of the debt. I found the segment about citizens' personal saving habits most interesting because it showed that more personal responsibility needs to be taken when managing money at all levels.
Chelsea Norcom 2nd Period
The production of the film as a whole was very interesting. While the film was informative it was also mildly entertaining (with the accompaniment of music). The presentation, layout, and integration of media in the film, to me, were the most intriguing part of the overall video. I found it interesting how the presenter integrated different films while providing facts which supported the overall purpose of the film. The presenter clearly was able to fully impact the audience by applying logos throughout the film. It simply astounds me that while the U.S. is considered to be one of the most influential and prominent countries in the world, the U.S. is in dire need of assistance from other countries. $8.7 trillion freakin dollars in debt is clearly an insurmountable amount which the U.S. needs to pay off. Nearing the end of the clip the simple estimate that the overall amount of $53 trillion dollars is needed “to deliver all the governments obligations and promises” is completely ridiculous. It just goes to show how much in debt we truly are and if we don’t act fast and continue to “wallow in ignorance”, as Ms. Jay puts it, this lovely economy (or what’s left of it) will fall and continue to spiral down until utter chaos and pandemonium will rule.
Karen Pasay-An
Second (2) Period
I think other countries tend to laugh when Americans consider themselves citizens of the richest country in the world. I also found it amusing that Russia had about the third largest trade surplus when everyone here comments on how poor/underdeveloped it is. (I'm Russian, so I take offense). USA is ALL the way down at the bottom in the red. Lastly, notice how the students/adults questioned in the video responded with absolutely uneducated answers? Perhaps we would have better leadership if someone finally took control of educating the people who will soon make up our future...
To be honest with you, I was never interested in the details of economics. I heard about a recession but I never understood the extensiveness of our national debt. What's worse is that the reason we are in such a mess is because we as a nation do not spend our money and resources effectively. I guess we will have to figure out a way to get back to the top.
okay bye pye! (it rhymes!) :D
There's two words to describe our economy... outrageous and a lie. This video makes me think about how much trouble America is in... what will I have when I retire?? Will i even have a 401K plan when I get a job? This video made me realize how the government is cheating us by lying about their "plans". I think by the time I get a job, there will be absolutely nothing...the only solution may be to put it into savings. These debts keep piling up...how will the government ever pay it off?? The government can keep finding ways to pay it off, but they spend twice as much as they pay. I saw in the time line in the video how America pays off their debts over and over and I'm assuming that is what the government is hoping for, but we need a miracle for that. Someone needs to find a solution and fast. I need to retire.
ebby mathew 7th
I thought this video to be a little scary. I agree about the savings. It shocked me to know how much in debt we were and how much worse it'll be in the future. - 7th period
I definitely agree with a lot of the others. I knew we were in quite a bit of debt but i never realized just how bad it really was. The bush administration defenitely did not help, but then again, I don't believe that our current one is doing very well either. This was defenitely an eye opener and makes me think twice about how I spend my money. Mary churay, 7th period
Sorry, I accidentally posted my comment but I wasn't done. Like jessica, I was never interested in economics and that's why i'm so shocked at how bad our economy is. Our country is filled with people who know nothing about economics and I believe that that's why we're in such a bad place.
I found how bad the economy is currently in truly scary. I mean people are always on the news at night talking about money and the recession but they don’t truly explain how bad the economy really is. 8.7 trillion dollars is complete crazy as well! I found it interesting also how much money is spent on social society.
Alexandra Olheiser
Period 7
sorry for leaving this comment late!! but ok, the video was cool, with graphics and the whole bit to help clarify things. but one thing is straight, even if every person in the US watches this vid, less than 1% will really let it sink in and do something about it. as for the goverment's part, they dont care about us bc they are the elite and we are the uninformed, powerless citizens. there is no power to the people anymore, its whatever the elitists say, and obviously their way isnt getting our situation any better. just like kanye west said "bush doesnt care about black ppl" i say the government does not care about anyone except for the rich and powerful. i know i sound pretty radical and kinda scary but its true, and only a few people know it, bc alot of people dont care about the stock market, heck, i didnt till i started taking eco! i could type for days, but i know youre waiting for me to finish mr. pye. so yea, whatever money i get, a portion will go to a savings account, or even a piggy bank. the rest will be used to make a robotic monkey that will attack you. i'm done, peace!
-marvin jacob
PS- visit INFOWARS.COM or PRISONPLANET.COM and inform yourself!!!!!!!!!!!!!
MARVIN JACOB 2ND PERIOD sorry again for leaving it late.. =]
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