Countries in the World that Have Equally Alarming Debt - Movie Review Example

Overdraft ReviewPresently, Europe is in the spotlight particularly on the bond market because of fiscal excesses as well as unsustainable sovereign debt load in some of the countries in Europe. However, there are countries in the world that have equally alarming debt loads including Japan with its debt growing upwards to 200 percent of its GDP depending on the measure. Notably, the United States is also a culprit of fiscal irresponsibility. The gravity of the debt situation in the United States can only be measured with the poor’s and the standards it received last year.

However, it is sometimes worth asking if people really mean they say America has debt problem. The documentary the Overdraft analyzes the United States’ federal budget records, it is apparent that the insurmountable debt load of the United States has piled up. In fact, the 2008 financial crisis exacerbated the situation; however, there are needs to solve the situation before it becomes a crisis. Therefore, the documentary has provided compiled views of Americans from different professions and social settings on financial and economic effects of the America’s debt load /on America and the rest of the world.

Despite these views providing means and ways forward for addressing this issue, some of the views are inappropriate. However, Jay Fishman’s ideas on the future effects of the current America’s debt on the citizens is true since unless the debt is paid, it will continue to accumulating thereby passing the burden to the generations to come. Fishman said, “The inevitable impact of demographic trends in the U.S. will result in additional federal spending of $1 trillion more in 2020 than today's level.

Absent action, the cumulative effect of this trend has the ability to compromise America's future significantly (overdraft, 00:26:00.)” However, the sentiments of Herbert Hoover could not be taken seriously for this matter when claimed that the young generation is blessed since they were only to inherit the nations dept. How can someone be blessed when he or she is actually inheriting a problem? He said, “Blessed are the young, because they will inherit the national debt (overdraft, 00:49:00).

” Adding on Fishman contributions, it true that when the problem of debt is addressed in time, the nation that the country will take the country hostage especially when their debts have grown to high or unplayable by the national government. The new lessons learnt from the documentary include that idea that the national debts can crow to a level that the nation government can never be able to pay. Additionally, then increased delay in repaying these debts puts the country’s economy at higher risks.

Moreover, it is a new idea that the nation’s financial debts can lead to financial crisis that does not only affect America but also other nations of the world and the world economy (overdraft, 00:51:00). After watching the documentary, I have learned that, despite the possibility of cutting down some budgetary allocations, there are some key sectors that their budgets can never be cut. In fact, they are the larger sectors that take most of the money within the national budget and they include the defense department, social security department, and the health care.

The overdraft documentary is a vital tool for understanding the cause of the national debt and why the debt national economy and national security (overdraft, 00:55:00; therefore, from the documentary, I have learned that other national wars, debts can also interfere with the country’s national security. ReferenceOverdraft Documentary. Retrieved Feb. 27, 2013 from http://www.youtube.com/watch?v=MqW628w_z4w