From the 2008 I.O.U.S.A. documentary DVD, this was an addendum tacked onto the DVD from former Comptroller General David Walker on January 8th, 2009.
Documentary video: https://youtu.be/_NOUWdBtVI4
I.O.U.S.A. is a 2008 American documentary film directed by Patrick Creadon. The film focuses on the shape and impact of the United States national debt. The film features Robert Bixby, director of the Concord Coalition, and David Walker, the former U.S. Comptroller General, as they travel around the United States on a tour to let communities know of the potential dangers of the national debt. The tour was carried out through the Concord Coalition, and was known as the “Fiscal Wake-Up Tour.”
The film follows Bixby and Walker who describe systematically four serious deficits shaping the U.S. economy: budget, savings, the balance of payments, and leadership. As of the early 2008 release of the film they had created a national debt of over $9.6 trillion, $30,000 for each American.
–The budget deficit section highlights the 53 trillion dollars in unfunded benefits (medicare, medicaid and social security) that will come due and can only be paid by tripling taxes or cutting all government spending except for that to those programs.
–The savings deficit is created by individuals living beyond their means and accumulating personal debt instead of savings.
–The balance of payments problem is the trade deficit caused by the U.S. importing more than it exports, especially from China, draining money and goods from its economy. China has the greatest trade surplus in the world while the USA has the largest trade deficit in the world.
–The leadership deficit is the lack of civic or political leaders willing to make it clear Americans must cut government spending, pay more taxes, save more of their personal income and use less imported materials.
The cast includes Robert Bixby, David M. Walker, Warren Buffett, Douglas Durst, Alan Greenspan, Yoni Gruskin, Kay Harms, Chrissy Hovde, Paul O’Neill, Diane Rehm, Robert Rubin, Scott Spradling, Mike Tully. It also includes several members of Congress, including Senators Kent Conrad and Judd Gregg, and Representatives Ander Crenshaw, George Miller, and Ron Paul.
Archival footage included in the documentary features Humphrey Bogart, Bing Crosby, Stephen Colbert, Sue Herrera, Steve Kroft, Chris Parnell, Peter G. Peterson, Donald Rumsfeld, Tim Russert, Brian Williams, as well as footage of ten former U.S. presidents: Franklin Delano Roosevelt, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Gerald Ford, Jimmy Carter, Ronald Reagan, George Bush, Bill Clinton, and George W. Bush.
Premiere panel video: https://youtu.be/ysl9IOE0HF4
The film competed in the Documentary Competition at the 2008 Sundance Film Festival. It began its nationwide showing at the Holland Performing Arts Center in Omaha, Nebraska on 21 August 2008, with a live discussion among Warren Buffett, Pete Peterson, David Walker, William Niskanen, and Bill Novelli following the screening. The film was broadcast on CNN on January 10, 2009.
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