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Financiers' movie is a warning cry on national debtTucson, Arizona | Published: 08.25.2008
The following editorial appeared Thursday in the Dallas Morning News:
First there was Al Gore warning us about environmental calamities coming our way.
Now there's Warren Buffett and Pete Peterson waving us away from an avalanching national debt.
The latest of the citizen-prophets are taking to the silver screen to remind us of the magnitude of the $9.6 trillion national debt.
Financiers Buffett and Peterson are sponsoring the film "I.O.U.S.A." at studios around the nation.
The movie tells the story of what's coming — and has been for a while.
Going back to the republic's beginning, we've run up debts. Except we used to try to pay them off.
Now, we don't.
For example, the nation has run deficits 35 of the last 40 years. They've helped drill us into this hole, which is actually closer to $53 trillion, when you factor in how much Social Security, Medicaid and Medicare are underfunded for the next few decades.
We can't just grow or tax our way out of this dilemma. We also need to screw up the courage to change how much we receive in benefits for programs like Medicare.
Odd as it may sound, given that it has so many numbers stirred into it, "I.O.U.S.A." speaks to the heart.
After being informed how we are living beyond our means, one young boy pauses and says into the camera, "It shouldn't be that way."
So take a night off from watching the Olympics. "I.O.U.S.A." played in Tucson on Thursday; but keep an eye out for new screenings here or in Phoenix.
Then demand that every congressional candidate explain how to deal with this fiscal crisis.
Write the Obama and McCain campaigns and get answers from them, too.
That boy's right. Things shouldn't be this way.
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