I.O.U.S.A.

For reflection and discussion

We have spent the last few class periods watching the movie I.O.U.S.A. Your assignment for this movie is based on the following questions. There are 18 “factual” questions, most of which can be found in your notes on the movie or online, four “problems”, and one reaction paper topic, which must cover two pages, double-spaced. Please follow proper MLA formatting.

Reaction Paper topic (40%)

In a well-developed essay (two full-page minimum), discuss your personal reaction to the movie. What do you see as the problems that the movie presents to the viewers? What do you feel can be done to make a change? What are the consequences if we don’t decide to do something as a nation? Any other thoughts that you have regarding these issues are welcome!

Factual Questions (30%)

Choose any ten questions. Each is, for the most part, a factual answer that you will have in your notes or can be referenced online. Each question is worth three points each. Please include the text of the question by copying and pasting so I can refer to it easier.

Question 1.Consider thekey people featured in the film. David Walker, Former Comptroller General of the United States (1998-2008), Former Head of the General Accountability Office, and Robert Bixby, Executive Director of the Concord Coalition. What was the role of each of these people and what is the issue that they are trying to bring to the attention of the American people?

Question 2.What was the significance of the opening three minutes of the film? (The part with all of the presidents delivering the State of the Union addresses)

Question 3.What is it that the Concord Coalition hopes to accomplish?

Question 4.Who was behind the “Fiscal Wake Up Tour” and what was its mission?

Question 5.In the middle of the film, there was a 1-minute segment about the Wake Up Tour stopping in New Hampshire and its coverage by the local news department. What was the significance of them including this 1-minute segment in the film? Do you think this correlates to a larger problem in the media?

Question 6.What is meant by the “Gross Domestic Product”?

Question 7.How does the United States issue debt to other countries?

Question 8.What is the definition of a “recession”? Are we technically in a recession right now?

Question 9.How do lower interest rates favor investors and not savers?

Question 10.What does the Federal Reserve do?

Question 11.What was the significance of the Warren Buffett appearance in the film? Why the inclusion of the cartoon “Thriftville vs. Squandersville”?

Question 12.What is the meaning of “supply-side economics”?

Question 13.Why was the claim during the Clinton presidency that the national budget was “balanced” technically not true?

Question 14.Can you think of another country that has been in the news recently that has been going through a financial crisis like we are possibly heading toward? Elaborate in a few sentences what’s going on there.

Question 15.What was particularly troubling about the rising debt-to-GDP ratio that was accrued in the 90’s into today?

Question 16.How are money supply and inflation related?

Question 17.What were the four types of deficits highlighted in the film?

Problems (30%)

Follow the directions in the three problems and present them to me. Neatness, aesthetics, and most importantly, accuracy all count! Each problem is valued at 10 points each.

Problem 1:What has been the amount of the federal debt (in trillions) for the past ten years? Using a regression based on these numbers, predict the size of the debt for the next five years. You will not know how to do a regression most likely. We will spend some time in class next time talking about this.

Problem 2:Construct, using a piece of graph paper and a ruler, a graph of the percentage of national debt-to-GDP for the years 2000 to the most recent year available. Please ensure that it is neat and pleasing to the eye. You may use a relevant website to aid in your research. Please note the site that you get your information from.

Problem 3:What has been the trend in the personal savings rate for the last 10 years? Make a graph showing the personal savings rate as a percentage for the last ten years that data is available. As a follow up, what is your personal reaction to this data?