David Walker says we’re in trouble. Since David Walker has spent a great deal of time making management decisions inside of our federal government, and since I’ve been under the impression that we’re in trouble since long before I ever heard of David Walker, I decided to attend when I was invited to participate in a conference call hosted by the Peter G. Peterson Foundation.
I don’t agree with all of what was said in that conference call, but I am intrigued enough by the messages I heard to report them to you.
First, and most important, is the immutable fact that the United States of America is in serious financial trouble. Second, and nearly as important, is the hardly debatable evidence that the people in charge of managing the finances of this country are irresponsible. They are teaching Americans to be irresponsible, fiscally and otherwise. Since Americans elect these entrenched purveyors of instant gratification who preach a message of borrow now and worry about it later, we are caught in a vicious cycle.
David Walker wants to break the cycle. I want to break the cycle. What are the tools for doing this? Awareness is one tool. The vehicle for spreading awareness that Dave Walker and his foundation are currently marketing is a new movie called I.O.U.S.A. I haven’t seen the movie yet, but based on the conversation I participated in yesterday, and based on the pitch, I plan to watch.
Buzz about “I.O.U.S.A.,” the PGPF-supported, nonpartisan documentary that tells the story of the national debt, is growing in Washington. The film will screen for reporters in the area on Monday night.
The screening follows a private showing last week on Capitol Hill for members of Congress and other invited guests. In attendance were House Majority Leader Steny Hoyer and Senate Budget Committee ranking member Judd Gregg, among others. Since then, a number of other members, including several in the congressional leadership, have asked to see the film. The movie also will screen for attendees of both presidential conventions courtesy of a brand-new film festival being announced on Tuesday.
As CEO Dave Walker announced at PGPF’s official launch in New York last week, “I.O.U.S.A.” will premiere with an unprecedented national media event broadcast to 400 theaters on August 21 before opening in 10 cities around the country the following day. The August 21 event – stay tuned for more details! – is one example of how PGPF intends to make innovative use of media to raise the public’s awareness and inspire them to act on the fiscal challenges threatening America’s economic well-being.
“I.O.U.S.A.” is directed by acclaimed documentary filmmaker Patrick Creadon (“Wordplay”) and is being distributed by Roadside Attractions (“Super Size Me”). It tells the story of the country’s four key deficits – budget, savings, balance of payments/trade, and leadership – and their implications for the nation and its citizens. We are faced with an ever-expanding government and military, increased foreign competition, and financial obligations that will become ever more difficult to honor absent meaningful reforms. As 78 million baby boomers begin to retire and collect benefits from the government’s over-extended entitlement programs, an economic crisis of epic proportions awaits.
I hope you’ll watch too. If you cannot attend the premiere on August 21, at least make arrangements to screen I.O.U.S.A. at some point in the near future. I really don’t know how much time is left to turn the federal fiscal debacle around, but I know that each passing moment adds millions of dollars to our national debt and that each passing moment ensures the dollar will be further devalued until we make some serious changes.
PGPF publishes a document called State of the Nation’s Finances. Download it. Read it. Pay attention to it. There was a lot of talk yesterday about “entitlements” and how to deal with them. My personal preference would be to get rid of all federal entitlements and let the states handle them. But I understand we live in a culture of entitlement and we’ve trained at least three generations now to demand and expect the Fed to steal money from some Americans to redistribute it to other Americans. It will take another three generations to change this attitude that stealing is OK. That’s assuming we can start to turn things around before we reach a tipping point where the system eats itself in violent revolution or some other major calamity.
For now, go watch I.O.U.S.A. And start thinking about where we’re headed before we can’t turn around. You’ll hear much more from me on national fiscal issues in coming days, months and years. We can’t keep satiating our every whim. We can’t keep consuming more than we produce. We cannot keep borrowing and distributing “stimulus” checks.