I.O.U.S.A. is a 2008 American documentary film directed by Patrick Creadon. The film focuses on the shape and impact of the United States national debt. The film features Robert Bixby, director of the Concord Coalition, and David Walker, the former U.S. Comptroller-General, as they travel around the United States on a tour to let communities know of the potential dangers of the national debt. The tour was carried out through the Concord Coalition, and was known as the “Fiscal Wake-Up Tour.”
The film competed in the Documentary Competition at the 2008 Sundance Film Festival. It began its nationwide showing at the Holland Performing Arts Center in Omaha, Nebraska on 21 August 2008, with a live discussion among Warren Buffett, Pete Peterson, David Walker, William Niskanen, and Bill Novelli following the screening. The film was broadcast on CNN on January 10, 2009.
The film follows Bixby and Walker who describe systematically four serious deficits shaping the U.S. economy: budget, savings, the balance of payments, and leadership. As of the early 2008 release of the film they had created a national debt of over $9.6 trillion, $30,000 for each American.
- The budget deficit section highlights the 53 trillion dollars in unfunded benefits (medicare, medicaid and social security) that will come due and can only be paid by tripling taxes or cutting all government spending except for that to those programs.
- The savings deficit is created by individuals living beyond their means and accumulating personal debt instead of savings.
- The balance of payments problem is the trade deficit caused by the U.S. importing more than it exports, especially from China, draining money and goods from its economy. China has the greatest trade surplus in the world while the USA has the largest trade deficit in the world.
- The leadership deficit is the lack of civic or political leaders willing to make it clear Americans must cut government spending, pay more taxes, save more of their personal income and use less imported materials.
I.O.U.S.A. received mostly positive reviews from critics. Rotten Tomatoes reported a score of 86% among critics, and a Certified Fresh rating with a consensus of “A potent and lithely constructed documentary about America’s financial crisis, I.O.U.S.A grabs you with figures but holds you with irreverent wit.” It received a score of 70 from Metacritic and a label of “Generally favorable reviews”.