The propaganda film, I.O.U.S.A has been nominated for an Oscar. This is no surprise.
The film totally miscontrues and distorts the financial position of the United States. It routinely takes things out of context and fails to understand the concept of debt as money in a modern economy or the world under a regime of floating exchange rates.
This is a well-crafted propaganda film designed to scare people, and it has done jus that. Like Al Gore's, "An Inconvenient Truth," this film could launch policy shifts designed to address the so-called "debt timebomb."
If these policy shifts occur (like forced saving and/or transformation of the U.S. economy from a consumer to exporter), it will lead to a substantial decline in the standard of living of all Americans.