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I.O.U.S.A.

When we chose Where Does the Money Go? as our October 2008 cover article, we couldn't foresee the incredible binge of government spending on the immediate horizon. The TARP bailout package weighed in at $750 billion, which is partially responsible for the estimate out this week that the government will run a deficit of $1.2 trillion dollars for fiscal year 2009.

Actually, that deficit number - staggering as it is - is hopelessly optimistic. That's because it's before the stimulus package currently being debated is even considered. That package is expected to cost somewhere between $800 billion and $1.3 trillion (what's a half trillion among friends?). Add that into the mix, and you get something like U.S. News & World Report's estimate of a $2.2 trillion deficit for the year.

To put that number even somewhat in perspective, consider that 2008's deficit of $400 billion was an all-time record. We're looking at a shortfall in 2009 more than five times as large as the previous record amount!

Before I begin hyperventilating, I'll get to my original point of this post: CNN is airing the critically acclaimed documentary I.O.U.S.A. twice this weekend. It's a film examining "the rapidly growing national debt and its consequences for the United States and its citizens."

Note that I have not seen the film, so I can't vouch for what's said or any of the content. But if there was ever a time for a national conversation about government spending, this is certainly it.

CNN is airing the movie at 2 p.m. EST on Saturday, and 3 p.m. EST on Sunday.

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