It is disheartening to see that so many have gotten the message of I.O.U.S.A. completely wrong. Nowhere does the program state, or imply, that we ought not to take action in the form of a massive stimulus in response to the current economic downturn. Rather, the program is specifically about the grave long-term consequences of our national debt--regardless of what we spend on the current stimulus.
The diary at the top of the rec list quotes digby, who claims that I.O.U.S.A. is
an amazing piece of propaganda, which, if it isn't designed to destroy any chance of enacting a necessary stimulus, will persuade more than a few Americans that the biggest problem we face at this moment is long term debt caused by entitlements --- and nothing short of massive spending cuts can save us.
Unfortunately, this statement is mindless, and in fact untrue, speculation about the documentary's motives. I.O.U.S.A., indeed, is a documentary film that began its nationwide showings during August of last year--before the full-blown financial crisis in September.
As commenter Hlinko astutely points out,
Do some Googling on David Walker -- the star of the film -- he has been talking about the problem with the deficit since the Bush administration began, when he was Comptroller General.
He's also the guy who sued Dick Cheney to get him to release the energy task force records.
It's the height of irony that Digby and some in this community are now attacking one of the few guys who actually WAS talking about it the last 8 years.
Many do have a point when they question why Republicans are suddenly concerned about the deficit, after 8 years of shopping-spree, free-for-all spending. But David Walker has been consistent all along in his concerns about our runaway spending. And again, let me be clear that his concerns must be treated as separate from the current stimulus. In the long run, we face a $53 trillion dollar debt, an enormous burden to be shouldered by the next generation--and even the massive stimulus currently being considered is a drop in the bucket when compared to this sum.
In terms of long-term issues on our radar, our federal debt crisis must be the primary issue in the public forum. The threat of the financial time bomb has been discussed here time and time again, and yet now that CNN spotlights the possibility with its showing of I.O.U.S.A., many in this community are crying foul.
Regardless of this stimulus, however, the fact remains the same: a long-term gargantuan federal deficit is the surest path towards utter economic collapse, far beyond what we are seeing today. THAT is what's worth crying foul over.