The short summarized version of the filmy I.O.U.S.A. clarified some information that I had learned about in my AP Government class such as the deficit and how we got in such a big hole. History does repeat itself and this clips goes on to show how the US have been in debt since independence. This is surprising to me because the US has been considered the richest country for so long but we have always suffered somewhat of a deficit or debt. The video shows that we have had a trade surplus for only four years and the rest has been trade deficits meaning more import than exports. This really shocks me and really lets the people know that in the past decade there has not been significant progress in my point of view. Although it does take time to dig out of a deficit, our country does not show too many signs of positivity at the moment. The federal debt says its is 8.7 trillion but now it is a little less than double around 15 trillion dollar which is a huge deficit. We are also in debt to other countries, which did not surprise me because at the same time we lend money. I do not think that the US is not in the position to be lending money out to other countries.
What they should be doing is focusing on the stimulation of our economy through steady tax raises, job opportunities, and a balanced. It is a shock to hear that we have not had a balanced budget since before former President Bill Clinton. I believe having a balanced budget is the first step to a good fiscal year and a good way to recover from a recession that we are still feeling the after burn of. Now I also am more informed about the Social Security situation. We will continue to pay for Social Security only to pay for the “baby boomers” because of our debt, which I knew but did not fully understand. The fact that a majority of Americans are living paycheck to paycheck just goes to show how Americans are behaving just like their country.
That is no way to live because a hard worker should know how to manage their money by using a savings account instead of continuously spending. Yes, there are also very important bills to pay but people need to learn how to cut down on spending and control it. America also has a history of spending more money than they are actually generating. This in my eyes is an act of bad leadership. All these components are what I absorbed from this very informational video but if the people and leaders do not act upon it, no progress will be made. People must spend wisely and cooperate and the leaders must do what is best for the country and steer it on the right path.