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August 05, 2008
Deficits: The Movie
For those of you keeping track: federal spending in 2000 was $1.8 trillion and has increased by more than $1 trillion dollars since. W's final proposed budget was $3.1 trillion. The current budget deficit is about $350 billion and rising fast. And total federal debt is about $9.6 trillion, with about $450 billion in interest payments. Here are all the CBO historical numbers. And here is Munger in Public Choice, puzzling over whether and how any of these data matter. Sound like an interesting movie pitch? The Concord Coalition thinks so: The movie, an official selection of the 2008 Sundance Film Festival, features Concord Coalition Executive Director Robert Bixby and Fiscal Wake-Up Tour keynote speaker, former Comptroller General of the U.S., David Walker. It contains interviews with Concord Coalition President Peter G. Peterson and Concord Board members Robert Rubin and Paul Volcker. [...] Using candid interviews, archival footage and economic data, "I.O.U.S.A." presents a vivid, alarming profile of America's current financial status. The "I.O.U.S.A." documentary will open in theaters in 10 cities on Aug. 22nd. Those cities are expected to be: New York, Los Angeles, Atlanta, Chicago, Dallas, Miami, Philadelphia, Kansas City, San Francisco, Washington, D.C. Thanks to Steve Cobb for the pointer, and to Pete Calcagno for some commentary: The interesting thing about [the Concord Coalition] is they hold the viewpoint that we need to eliminate the debt. That means a fiscally responsible vote is not only voting no against spending bills, but also voting no against lowering taxes.... They have as the movie suggests supporters on both the right and the left. They have a record of congressional votes and produce score cards so you can see what they consider a fiscally responsible vote. It is not about reducing the overall scope of the government just the debt. Posted by Edward J. Lopez at 12:06 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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