I.O.U.S.A is a Web 2.0 online political network promoting Web 3.0 government

19 November 2008 Category: Democracy 3.0 and global governance 4.0 No Comments

US Federal Debt

I.O.U.S.A. is a Web 2.0 online political network created by the Peter G. Peterson Foundation asking citizens to “encourage” the US government to move beyond Web 1.0 government opportunism and implement a Web 3.0 government that pursues sustainable, solvent and fully funded policies. Toward this end they have released the I.O.U.S.A. movie and Citizens guide which explains the US Federal deficit. I recommend you see the movie and review the Citizens guide.

The Peter G. Peterson Foundation is “dedicated to increasing public awareness of the nature and urgency of several key challenges threatening America’s future, and to accelerating action on them”.

I.O.U.S.A movie

“
Wake up, America! We’re on the brink of a financial meltdown. I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. 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 former U.S. Comptroller General David Walker as he crisscrosses the country explaining America’s unsustainable fiscal policies to its citizens.

With surgical precision, Creadon interweaves archival footage and economic data to paint a vivid and alarming profile of America’s current economic situation. The ultimate power of I.O.U.S.A. is that the film moves beyond doomsday rhetoric to proffer potential financial scenarios and propose solutions about how we can recreate a fiscally sound nation for future generations.“

Citizens guide

“
This Citizen’s Guide is intended to provide a clear and concise summary of where our nation stands financially and where it is headed fiscally. The facts are clear and compelling—the federal government’s financial condition is worse than advertised and we are on an imprudent, irresponsible and unfair path. Washington policy makers are mortgaging the future of our country, children and grandchildren. As the graph on this cover demonstrates, tough choices will be required sooner rather than later because time is not currently on our side.

Americans should only expect the federal government to do what they are willing to pay for it to do. During the last 50 years, we’ve balanced the federal budget only six times. Given our strong economy, lenders, both domestic and foreign, have thus far been willing to finance our national debt. However, in light of projected deficit and debt burdens, this may change.

What do we as a country need to do? We need to: stop digging our fiscal hole; reform Social Security, Medicare and other entitlement programs to reflect Americans’ longer lifespans and economic realities; constrain other spending growth; reform our tax system while generating more revenue; engage in comprehensive health care reform; increase national saving; and elect responsible
leaders.
“

Further reading: Transform the world in 365 days ; Web 3.0 EDemocracy