I.O.U.S.A: You need to watch this movie on our national debt.

I only watched the last ten minutes it scared the shit out of me.

If you haven't seen I.O.U.S.A., you need to. If the full version isn't playing near you, watch the thirty minute version.

Take the time. It's your future, too.

I only got half way through it before I was too disgusted to go farther.

I heard Diane Rehm's voice in the beginning so I watched through the whole video and never heard her voice again! I was a bit disappointed that there weren't any real solutions to the problems highlighted in the video. Sure we've a leadership deficit, but even so, what should they (and we) do? I guess raising taxes is the only way out...

What are we going to call the new Hoovervilles? I don't think Bushvillies has a great ring to it. Bushtowns maybe?

Well, there's nothing about the Pope creating the Fed, so I think we're safe.

Sometimes it's nice when Diane Rehm has a nip or two of brandy, loosens up a bit, and becomes her alter-ego, Marian McPartland.

oh god, the chart porn.

as terrible as the facts are, they're beautiful.

edit: bonus points for the Zoli lookalike at 14:20.

Oh noes, macroeconomics is scary business!

I especially liked how they're asking thirteen year old kids how much they have saved up.

Well naturally, since they're going to have to pay for the mistakes of their elders... Actually, I think that the solution lies with an educated, willing and active generation to impact and influence the previous ones into taking action. While talking about saving and paying down debt is hardly going to be a popular idea during an economic downturn (where many people are barely scraping by), it is necessary. It seems the solution is to take on the burden and accept responsibility but no one seems willing or particularly motivated to do so... Sadly, unless we collectively change our lassez faire attitudes into a more sober and realistic one, and do so soon, I'm afraid this country is doomed to a slow death of economic collapse and dissolution.

Time to eat the rich.

I think this is the solution:


All kidding aside this is a real problem that I don't see getting fixed any time soon. We as a nation are too heavily invested in Keynesian Economics rather than Austrian School of Economics. This leads to incentives for savings and living in your own means to being rewarded for buying now and pay later which leads to massive debt. Too bad the Government feels they are exempt from what most of us are taught as children to not spend more then you can afford and that one should save their money instead of making frivolous purchases. But at least it was a fun ride while it lasted.

Gimme an "S", gimme an "O", gimme a "C", gimme an "I", gimme an "A", gimme an "L", gimme another "I", gimmie another "S", now gimme an "M". And what does that spell?

Canada?

seriously. i was born and raised in a Social Democracy, it's actually pretty awesome.

Give it a try. You`ll love it.

Is that an offer of citizenship? Because I could be down once grad school is over...

You'll have to marry one of us. If we have to duel for it, that's a price I'm willing to pay.

Hey now, no need to go moving around. You can create or join your own local community collective, I'm willing to contribute...

I've gone 25 years without debt. I think it's worked out pretty well, but when it comes to things like cell phones, I'm starting to find that I'm being punished for fiscal responsibility and spending within my means. I don't think that says good things about our society.

^^^I know what you mean. I've been out from under the rock of debt for about two years now and have been quite frugal (I even sold my car in favor of riding my bike). I haven't been accruing anything in terms of credit (although I do have a small history), but if I end up in an emergency where I need to borrow against my savings, then I'm afraid the credit available to me won't go very far. Call me cynical when it comes to life, but I've already figured that if I end up getting in a situation (say health related) and I'm stuck between debt and death, I just might consider the easier way out.

Time to start sharpening your Bat'leths, gentlemen.

But I do have one question in regards to the video. It repeatedly makes the assumption that baby boomers are going to retire and sap social security benefits. But now that so many boomers have lost their wealth in their 401ks, will they be retiring at the same rates previously supposed?

I doubt it, we're already seeing many senior citizens come out of retirement because they simply cannot afford retirement and their benefits aren't enough to meet the rising cost of living and medical expenses. Since the early nineties, there has been over a 150% increase in senior bankruptcies (source), and they are often faced with selling their homes or opening reverse mortgages to supplement their social security.

However, the fact remains that the boomers have already breach the frontier of retirement and the numbers of entitlement beneficiaries is going to exponentially rise over the next several years as more continue to retire. There is no avoiding the situation in the long run, but I suspect we will eventually see a rise in the retirement age threshold and perhaps even a reduction in benefits if it is to remain solvent. That being said, though I don't mind paying into the system, I harbor doubts that you or I will actually ever benefit from it should we reach that age of full retirement at say, 69 or so... (Right now for those of us born after 1960, its actually 67 for full retirement benefits).

i'll take the loser.

Sorry, but I'm subject to the Pon farr, though I might soon be overcome with the blood fever of the Plak tow. However, if the Koon-ut-kal-if-fee is to your liking, then perhaps I shall hone the edge of my lirpa and practice swinging my ahn-woon...

Seriously. I didn't know the Canucks on the site were auctioning themselves off for citizenship marriages.

No one tells me anything.

back off, i'll cut you. one of them is mine.