Last night’s third and final presidential debate addressed a number of domestic issues - health care, education, alternative energy - but the economy topped the list. The second question of the evening from moderator Bob Schieffer was, "how would the candidates reduce America’s staggering budget deficit and national debt?"
Our country has been in debt ever since we gained independence from England. Today our deficit is estimated at $455 billion, and expected to reach towards one trillion dollars next year. That’s a little over 70 percent of our GDP. The nation’s debt? $10.3 trillion.
That looming crisis inspired a prescient documentary team to make I.O.U.S.A., screening this weekend at the New Hampshire Film Festival. Showtimes are at 4:20 PM on Friday, Oct. 17, and 4:35 PM on Sunday, Oct. 19 at The Music Hall in Portsmouth.
The film brings us through the history of our country’s debt, from the Revolutionary to the Civil War, The Great Depression and the two World Wars, to the exploding debt of the '80s and again in the past eight years.
Addison Wiggin, writer and executive producer of the film, and author of the companion book, joins us on the show. He’s also a native of Stratham, NH. As we saw the Dow plunge 733 points yesterday, the largest percentage drop since 1987, Wiggin explain the connection between our national debt and the current financial crisis on Wall Street.
Watch the trailer for I.O.U.S.A.:
