Not surprisingly, I.O.U.S.A. turned out to be a big downer!
When the lights went up, I scurried out of the movie theatre vowing to cut up all my credit cards, never spend a penny needlessly again, and think twice about who I vote for in the upcoming election.
In addition to shaking me into a reality zone - the well-produced documentary on National debt - educated me, too.
No wonder, I.O.U.S.A. has been dubbed the "inconvenient truth" of the economic sector.
The first shocker unfolds on the screen when former U.S. GAO head - David Walker - points out some disconcerting facts about the nest-egg called Social Security.
Until now, surplus funds being collected from wage-earners, have been used to pay off debt elsewhere on the negative fiscal landscape.
But, when baby-boomers start retiring and collecting their old age benefits, those trust funds will swiftly vanish.
The end result? A devastating financial crunch.
If that news wasn't disturbing enough - the dilemma regarding foreign trade - will surely smack you up one side of the wall and down the other!
As most historians know, this country's great fortunes were built on the sweat of the backs of American workers, who produced quality goods and services that were exported to foreign nations for top dollar.
But, in recent years, the contracts have been consistently farmed out.
Now - there appears to be an imbalance in the import/export trade - which is crippling the economy by the ba**s, daily.
But, figures outlining the staggering sums of greenbacks owed to an ever-increasing number of foreign nations, is the most distressing of all.
Like China, for example.
No wonder the President found it difficult to "boycott" the Olympics!
We're into those suckers for a few billion bucks!
In what amounted to - "fiscal wake-up tours" - Walker traipsed around the country to spread the word at cozy speaking engagements for the enlightened few just a scant few years back.
On those occasions, he made no bones about it.
He compared the U.S. to the final days of the "militarily overextended" and "fiscally irresponsible" days of ancient Rome.
Sound familiar?
Originally, Walker preached his message of financial doom-and-gloom to mostly half-empty rooms.
But, the interest picked up, when Walker was featured in a "60 Minutes" probe.
At this juncture, a handful of backers - a private-equity billionaire, Walker, and a Baltimore newsletter editor - came up with the idea to produce - I.O.U.S.A. - with the specific aim of convincing Americans the National debt was creating a looming economic crisis that must be acted now.
Did you know the National deficit now stands at about $9.6 trillion and that it is climbing by the minute?
If you include all the unfunded entitlement obligations — such as Social Security, Medicare, Medicaid and so forth and so on - it's actually $53 trillion, Walker asserts stone-faced to crowds who sober at the thought.
And, it the debt will only get deeper as we get older, he alleges.
"The debt has increased our risk of being held hostage by foreign lenders."
On the heels of this frightening thought, he is inclined to joke, though.
"The financial condition of the U.S. is worse than advertised."
The nation's debt now accounts for 66 percent of the gross national product.
But unless things change, as the compelling film underscores, the cost of aging baby boomers will push that proportion to 244 percent by 2040 (twice what it was at the end of World War II at our highest level of national debt).
Consequently, Walker and his financial wizards recommend broad entitlement overhaul, tough budget controls, conservation of energy and - ultimately - urge that Americans not buy things they can't afford.
The debt is so troubling, investor Warren Buffett stiffly warned in the searing hour-and-a-half doc, that it may result in "political instability".
That's one reason why you should look very closely at the political candidate you intend to vote for this upcoming election!
Do Obama and McCain intend to address the issues?
More importantly, do they have any solutions to curb the out-of-control scenario?
Not everyone agrees that we're totally doomed to financial extinction, though.
Arthur Laffer, a developer of the famous Laffer Curve - argues that if taxes rise too high - people lose incentive to work. He surmises that as long as the debt level stays where it is, it can be financed down over time like a landowner with a mortgage.
Tell that to Americans on the verge of losing their homes!
For those keen on being primed about fiscal responsibility - I.O.U.S.A. is screening at the Regency Theatre (Fairfax District) - for a bargain afternoon matinee rate of $3.50.
Check it out, but take along some anti-depressants.
You'll need 'em!
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