'I.O.U.S.A.' -- some inconvenient financial truths

re: 'I.O.U.S.A.' -- some inconvenient financial truths

Matt Sherman — Thu, 13 Nov 2008 19:56:05 GMT

This movie is really good at scaring you. Some of the projections are absolutely bone-chilling. But it largely overstates the problem — the deficit is currently at a manageable level of 3% of GDP. And we need to run a deficit in this economic downturn to ensure we don’t have skyrocketing rates of unemployment. The flim also ignores one of the best solutions to the “problem” — health care reform. If our health care system were as efficient as other industrialized nations, and if Medicare/Medicaid were able to take advantage of these lower costs, then our deficit problem would basically disappear. Check out the Center for Economic and Policy Research, they have a nice graphic that demonstrates this well: www.cepr.net/.../calc_iousa_deficit.html

re: 'I.O.U.S.A.' -- some inconvenient financial truths

MD — Wed, 08 Oct 2008 21:03:23 GMT

MFL-I pay taxes. They are taken out of my payroll. Yes, I get a tax refund, but it's only about $1000 every year....about 1/12 of what they take out. If I didn't pay taxes, I'd get ALL that money back that they take out. Don't you understand how tax refunds work? I have them take out more than I owe so they end up owing me money (interest free) at the end of the year. Instead of doing what a lot of people do and have them not take out enough so they owe taxes. Doesn't take a genius. If you work, you pay taxes. Regardless of whether you get a tax refund or not. The government is not going to let anybody with a social security number get out of paying taxes.

re: 'I.O.U.S.A.' -- some inconvenient financial truths

Aaron — Mon, 06 Oct 2008 04:29:41 GMT

I have seen the film twice an can attest to the power of the documentary. It makes the material very accessible and very horrifying. In response to Liz's comment the film is very non-partisan. The American National Debt affects all Americans. As the movie states the numbers don't lie. At the current rate of government spending the budget deficit for next year is on target to go well over 1.2 trillion dollars. David Walker is passionate about saving this country not pushing a political agenda. He resigned from the his position at the GAO to devote himself full-time to bring the National Debt to the attention of the American public. He is a true patriot.

If you are interested in finding out more about the film and the director's motivations check out the interview on The Warren Report podcast.

phobos.apple.com/.../viewPodcast

re: 'I.O.U.S.A.' -- some inconvenient financial truths

St. Louis, MO — Sat, 04 Oct 2008 08:17:00 GMT

> 42% of salary going to income taxes in the future? Sounds like Obama's plan.

No - sounds like the "bailout" that has just stuck us with a 700 BILLION dollar price tag (which BOTH Obama and McCain voted for).

re: 'I.O.U.S.A.' -- some inconvenient financial truths

soulsurfer — Fri, 03 Oct 2008 20:32:45 GMT

I wonder if the fair tax or flat tax would be more appropriate. It taxes spending, and not earnings. It would stop all of the rich from using loopholes to avoid paying taxes, and allow the million dollar purchases to be taxed instead of being used as an exemption. The rich do pay more of the tax burden, but many have managed to escape paying any taxes through the many loopholes. It will cost 11 Billion to run the IRS this year...Seems like it is the process that is broken. Too much cost burden to generate the revenue needed to keep the government afloat. Perhaps we should outsource some of the government jobs? :)

re: 'I.O.U.S.A.' -- some inconvenient financial truths

David — Fri, 03 Oct 2008 19:16:15 GMT

individually and collectively as a country, we must Simply live within our means, which means: Pay Cash and Make it Last! At a national individual savings rate of less than Zero, we will soon be a Bigger debtor nation than we already are (11 trillion and climbing) with no one willing to invest in our debt. Know what happens then? You have to revert to 'Pay Cash and Make it Last!' end of story...pretty sad story

re: 'I.O.U.S.A.' -- some inconvenient financial truths

blueeyes — Fri, 03 Oct 2008 16:46:22 GMT

AND go to the grandfather report follow some links around, read them... if you think all is bright and rosy and a little serving up a meal at a homeless kitchen will do it ( I can say this I have been there done that as well as work for the United Way... long stories there also....) I was in Nashville Tn a few months ago, never have I seen so many homeless people by the way.... so good for all those that are blessed, your kids are going to pay the tab for you BEING blessed at the moment,, oh k kids all together now,,,, SAY THANK YOU

re: 'I.O.U.S.A.' -- some inconvenient financial truths

Barbara — Fri, 03 Oct 2008 16:42:18 GMT

To those who live under a rock:

The rich have always payed a smaller percentage of their income in taxes via various loopholes they are entitled to.

Secondly, if you watched the Truth Secne after last nights debate, the statistics are that the Obama plan would cut taxes for those making 42,00-66,000 annually by about $1150, while the McCain plan would cut them by $365.

John McCain the Senator from Arizona, where I happed to live, has missed over 50% of the votes, including some very important ones regarding veterans. If he can''t

serve his State any better than this, what makes you think he can lead the country.

re: 'I.O.U.S.A.' -- some inconvenient financial truths

blueeyes — Fri, 03 Oct 2008 16:32:39 GMT

Donna,

I do love to read you, it is fun.

That said, I have to tell you anything to do with money is lost on 95 percent of the population, they think it is NOT thier job to learn about it, and could care less what the next generation faces . The.... I got mine ....is rampant in this country.People need to understand when they look at a child being born right now..already owes 200,000.00 the day they arrive :) sick isn't it... or your grandchildern may be speaking Chinese ... but hey I got me one of them there flat screens.... so who cares.

Kate

OH and anyone else waiting for the stripper pole to come down at last nights Debate lol

re: 'I.O.U.S.A.' -- some inconvenient financial truths

PChan — Thu, 02 Oct 2008 22:17:46 GMT

@ enough is enough--YES! What you said.