In the report, it is underlined that presently, 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. …
Extract of sample Countries in the World that Have Equally Alarming Debt
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However, it is sometimes worth asking if people really mean they say America has a 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 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 nation's debt. 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 learned from the documentary include that idea that the national debts can crow to a level that the national government can never be able to pay.
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“Countries in the World That Have Equally Alarming Debt Movie Review”, n.d. https://studentshare.org/macro-microeconomics/1616301-overdraft-review.
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