View: Silver Coin Values
The condensed version of the movie I.O.U.S.A from the crew at The Daily Reckoning - lots of pretty cool graphics with more info available at the I.O.U.S.A. website.
I just love those graphics at about the ten minute mark where they show the "official" budget deficits over the years, and then they add in the social security surplus to indicate what the "real" budget deficits are.
Thanks for posting this video. It's very interesting.I love the part where Greenspan decries the lack of savings. Too bad the movie doesn't point out that he's largely responsible for the negative savings rate today by lowering interest rates to 1% and discouraging anyone from saving.I have money in CDs and the Greenspan low interest rates have been killing me for years.What I got out of the movie is that social security and medicare are the big problems for our future and will have to be changed.Initially, I can imagine health care rationing (it's what we do in Oregon's public health plan) and a continual extension of the 'retirement' date for receiving social security (as has already happened) combined with higher taxes.
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: http://www.cepr.net/calculators/iousadeficit/calc_iousa_deficit.html
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