I.O.U.S.A.: The 30 Minute Version
Video describing the $53 Trillion U.S. debt. (32:35)
Hmmmm... you mean we can't consume more than we produce, indefinitely??
Desire for higher Corporate profits and desire by workers for higher wages drove our production capacity to other countries. We need to suck it up, take less pay, live simpler lives, and bring jobs and production back the U.S.A.
How are we going to get out of this mess?
How about: (based on '08 budget at 8:45 in video)
- 10% Reduction in Social Security ($61B)
- 50% Reduction in Medicaire/Medicaid ($267B)
- 10% Reduction in Military (bring troops home) ($61B)
- 10% Reduction in "Everything Else" ($93B)
That's $482 Billion. And, of course, we need to stop consuming so much and start exporting more. I didn't say it would be easy, but it's a start.