I.O.U.S.A.

For the last week I’ve taken in a great amount of information about money, and for that last 2 days my classmates and I have immersed ourselves in even heavier information about the nation debt by watching a movie called I.O.U.S.A.

From the movie we were told some jaw dropping things. Some things that nearly sent us into shock. Some things that could make one have a heart attack. And this movie was done in 2008. It is now 2011 and all of the prediction they made then have pretty much come to pass.

I heard some things that I had already known, like the debt always seemed to increase around time of war, considering we had to borrow money for materials, weapons, and more. But I honestly had no idea how much of a debt we were in after WWII! Another thing that I was thinking while watching the movie was about the children that were born after WWII, the Baby Boomers. This war created a problem for us then, and its creating a problem for us now! All of the Baby Boomers are now about to enter retirement. Were will the money come from to pay for Social Security, Medicare, and Medicaid? Because to my knowledge, that money that we as a people “think” is being saved for us has already been spent! Now money that should be going towards sectors like NASA, Food Stamps, and Homeland Security (and others) won’t and will have to go towards Social Security. 

Another thing that was amazing to me was the big fuss around the time of my birth about how the budget had been balance. Who gets excited about still being in debt? Those that have been in major debt and in debt for so long. How insane is that? i still don’t understand how it makes sense to spend money you don’t have. I can only think back to my grandmother and others her age that have JCPenny’s cards, or friends of mine that signed up for Target Check/Credit Cards to get that initial 10-15% off of their purchase and the later remember (when they don’t have any money to spend) that they have a VISA or MASTERCARD in their wallets and the spend $20 here, $50 there, until they are $5,000 in debt. Who says that that makes any sense?! Not I.

It also said that the only thing we export is scrap… Scrap without the ‘s’ is…? Yeah it makes no sense to me! Have you ever bout a new car? Depending on the make and model, and year, it could cost almost $20,000, right? How much does it cost to sell a car that no longer runs for scrap?

This entire money situation is boggling my mind and I have no idea why the masses don’t feel the same. Maybe it’s because they don’t know. Then my question is, why don’t they know?! Up until now I always though we in the US were the super power. But when you really think about it, China owns us! If they decide to lift from us as we said we would do to the British a while back, what would we do? In my mind a super power is such because although they understand they idea of being interdependent, they don’t have a heavy dependence on anyone. But right now we are in this viscious cycle of borrowing and borrowing again and then borrowing to pay back and it seems as if we are running ourselves into the ground. 

So many radical thoughts are flowing through my mind but I guess until I know more I won’t be able to say what I think should happen next. But what I do know is that something should happen. Soon. Thank goodness for the creators of I.O.U.S.A., Prof Downs, and radicals like them for trying to enlighten us…

-J

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