For one night only, both Opry Mills and Nashville’s Green Hills cinemas screened what can only be described as a new kind of horror film, I.O.U.S.A., a Sundance award-winning documentary on the state of the nation’s finances. The picture isn’t pretty.

The film itself is a medley of old political footage, newly taped events, lots of graphics and a occasionally irritating hand held cam in need of a steadier ride. Its opening is an eclectic selection of former Presidents, and current President George W. Bush, making statements about how we must get the economy (read: out of control spending) under control. From Presidents Roosevelt, Eisenhower, Kennedy, Johnson, Nixon, Ford, Carter, the first G. Bush, Clinton and the current White occupant, we hear the same noise.

Robert Bixby on the economy

Led by a giant copper penny, we ride a roller coaster of sound bites and budget charts, learning that health care (Medicare and Medicaid) are more of a threat that the surge of baby boomers heading to maturity and social security. We are told that 3% of our gross national product devoted to military spending is not our biggest threat. We are told that the fact that foreign entities hold a huge portion of our indebtedness is really not the crisis we think it is (that didn’t convince me).

What is a threat to our fiscal security as individuals and as a nation? Let’s start with spending. All the panelists agreed that we as individuals and as a nation have to stop spending more than we can afford.  Taken from a skit on Saturday Night Live, Steve Martin makes two quick appearances as a family man grappling with the concept of not buying on credit. That idea combined with the need for a new emphasis on saving were keys to change. The closest America has come to balancing the budget was in 1998 in the Clinton administration, a period when the famous “debt clock” could be shut down. In just eight years under Bush Jr. we are trillions and trillions of dollars in debt.

The film is structured around a road trip, a tour of America called the “Fiscal wake Up Tour.” Robert Bixby, director of the Concord Coalition, and David Walker, the U.S. comptroller general now resigned from that post, travel America with the often dry story of what is wrong with America’s fiscal policies and behavior, and attempting to answer the question “how do we fix it?”

In just eight years, the Bush/Cheney administration turned Clinton's balanced budget into a $9 trillion deficit

It was noted in the film that over two plus centuries of American history we have incurred serious debt, we have always managed to spend it down. What is different this time is the public mindset, which is not in tune with or even knowledgeable about the fact that America is broke. Not just broke, but trillions of dollars in debt. Trillions. Nine trillion dollars. That’s nine with lots of zeros and four commas.

The trade deficit is a second area of concern; we import more than we export, and that sending of American dollars to overseas vendors erodes our financial stability.

In another brief segment, we are told that when it comes to education, our students are at the bottom of an international heap, and without more access to training and motivation to reach higher standards, the chances of rebuilding and sustaining a solid footing in the world is not likely.

The punchline is the indebtedness factor. Children not even born yet will be shouldering tens of thousands of dollars of debt when they are still in diapers, and when or if they graduate from college. Yes, it’s that bad.

Click here to view the embedded video.

After the film screened, Becky Quick of MSNBC posed questions from the audience and from emails sent from across the country. America’s most notable financial leaders and policy experts, including Warren Buffett, CEO of Berkshire Hathaway; William Niskanen, chairman of the Cato Institute; Bill Novelli, CEO of AARP; Pete Peterson, senior chairman of The Blackstone Group and chairman of the Peter G. Peterson Foundation; and Dave Walker, president & CEO of the Peter G. Peterson Foundation and former U.S. Comptroller General, offered insight and possible solutions to the nations fiscal woes.

Finally, all five panelists agreed that one of the largest, perhaps the largest, issue was the death of leadership. Electing strong leaders, electing leaders who can set aside partisan politics and work together using basic common sense and sound business principles, can put America on the right track again.

Seeing I.O.U.S.A. in tandem with the panel discussion was the best way to see this provocation and scary film. Though on the dry side, I.O.U.S.A. is the kind of film more people need to see, listen to, and think about, particularly with the 2008 Presidential election on the horizon.

In promoting the film, producers write:

I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. As the Baby Boomer generation prepares to retire, will there even be any Social Security benefits left to collect? Burdened with an ever-expanding government and military, increased international competition, overextended entitlement programs, and debts to foreign countries that are becoming impossible to honor, America must mend its spendthrift ways or face an economic disaster of epic proportions.

Throughout history, the American government has found it nearly impossible to spend only what has been raised through taxes. Wielding candid interviews with both average American taxpayers and government officials, Sundance veteran Patrick Creadon (Wordplay) helps demystify the nation’s financial practices and policies. The film follows U.S. Comptroller General David Walker as he crisscrosses the country explaining America’s unsustainable fiscal policies to its citizens.

Uncounted: The Movie took a fairly dry subject of black box voting and turned it into a dynamic and passionate film done well enough to inspire political change. I.O.U.S.A. tries to follow that path to success but falls a bit short, a bit flat in the dryness of its subject matter. Granted, they have a more-than-valid concern to play out to the American public, but in the assemblage of suits, ties, talking heads and financial charts they both make a point and occasionally lose viewer interest. Nonetheless, it is a film worth seeing and remembering as we make decisions about who will lead our country out of its financial morass.

This critically-acclaimed documentary film was conceived of, co-written and executive produced by Agora Financial’s Addison Wiggin. In July 2008, the film was acquired by the Peter G. Peterson Foundation.

I explore below paths that might, if followed, lead out of the chaos of an open-ended climatic disruption. Unfortunately the issues are complicated, the time for action is now late, and effective action is growing more difficult daily. Effective action is possible, however….

The changes in climate are far more serious than they may appear…. These changes, the warming of the higher latitudes, the destruction of forests, the accelerated decay of organic matter in forests and tundra soils, the melting of permafrost, the change from a reflective frozen white to black open water in the Arctic Ocean, and the warming of the surface water of the oceans all point to an acceleration of the warming trend. These are “positive feedbacks” which dominate as the earth warms and accelerate the disruption. Despite their importance, they have not been included in appraisals that suggest that a two degree average change in the temperature of the earth might be acceptable. The fact is that the feedbacks will almost certainly take the disruption beyond human control well before the temperature rise is two degrees C. Stopping at 2 degrees will not be possible.

Worse, there is now a common suggestion that a two-degree change – one-degree more than that at present — in the temperature of the earth would be acceptable and might be achieved by an 80% reduction in emissions of fossil fuels by 2040 or 2050. A two-degree change in the average temperature of the earth would be 4-6 degrees or more in higher latitudes, a catastrophic warming that would risk the mobilization of massive stores of carbon in forests and soils of the north, and a further release of methane as permafrost thaws and coastal waters warm. The positive feedbacks would own the earth and the warming would be beyond human control. Such assertions such as the two-degrees assumption are the ultimate in fallacy despite their popularity. An 80% reduction in emissions must be a much earlier objective. If it were set for 2012 it might be effective in avoiding run-away feedbacks.

It is clear that continuing on the present course of accelerated use of fossil fuels will lead to an open-ended climatic catastrophe whose earliest effects are underway now and accumulating in number and severity. These changes will inevitably produce a new, progressively impoverished world, a chaos that no one wants.

The era of fossil fuels must end abruptly. The immediate challenge for the first years of a responsible United States administration is clear leadership, first, in stabilizing the atmospheric burden of heat trapping gases in preparation for a major global program of reduction toward 350 ppm carbon dioxide or less.

Stabilization globally can in fact be achieved through reducing the use of fossil fuels combined with management of land to favor forests. No other action offers short term corrections in the range of billions of tons of carbon. One combination of actions that would meet the need would require:

• Preserving all remaining primary forests globally, worth about 1.5 billion tons of carbon
• Reforestation of 1-2 million square kilometers of abandoned or impoverished land,1.0 -1.5 billion tons per year
• An immediate global reduction in the emissions through use of fossil fuels of 25% of the current 8.5 billion tons about 2.1 billion tons per year.

The important step at the moment is to realize that the emergency exists, requires immediate stabilization of the atmosphere, and that the stabilization is possible. While such steps seem at this late date heroic, they are small relative to the chaos assured if we continue to fail to take them.

From awkward facts at http://www.whrc.org/resources

Worsening Amazon deforestation embarrasses Brazil’s government

June 3 — Alarming new figures showing worsening deforestation in the Amazon have embarrassed Brazil’s government, which is accused of making concessions to the powerful food producer lobby.

Brazil’s National Space Research Institute, which uses satellites to calculate how much of the vast rainforest has been destroyed, this week announced that another 1,132 square kilometers (437 square miles) had been cut or burned down, based on April imagery.

A Greenpeace representative in Brazil, Sergio Leitao, told AFP that the April data were “extremely worrying.”

Brazil’s new environment minister, Carlos Minc, acknowledged that “the deforestation this year will be greater than that of last year.” He blamed high world prices for soya and beef — two major Brazilian exports — for the increased clearing of the Amazon by farmers.

http://www.terradaily.com/2007/080603201344.selg893l.html

About Dr. Woodwell

Dr. Woodwell is an ecologist with broad interests in global environmental issues and policies. Prior to founding the Woods Hole Research Center, he was founder and director of the Ecosystems Center of the Marine Biological Laboratory in Woods Hole and a senior scientist at Brookhaven National Laboratories. He was also a founding trustee and is vice chairman of the board of the Natural Resources Defense Council. He is a former chairman of the board of trustees and currently a member of the National Council of the World Wildlife Fund, a founding trustee of the World Resources Institute, a founder and honorary member of the board of trustees of the Environmental Defense Fund, and former president of the Ecological Society of America. Dr. Woodwell is the author of more than 300 major papers and books in ecology. He holds a doctorate in botany from Duke University and is the recipient of several honorary degrees. He is a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences. He is the author of “Forests in a Full World.”