Clark talks about <i>I.O.U.S.A.</i> documentary on clarkhoward.com

CLARKONOMICS: Have you heard about the new documentary I.O.U.S.A.? Don't expect this flick to be a Hollywood blockbuster or to sell millions of tickets. In fact, Clark jokes that it's a true sleeper hit -- emphasis on sleeper!

I.O.U.S.A. is the brainchild of Warren Buffett, Pete Peterson and other wealthy folks. As the title suggests, it focuses on how we as a nation have wracked up debts that we can't pay.

This film describes in nauseating detail how we as a country can't afford the Social Security, Medicare and Medicaid that we've promised our citizens. The math simply isn't going to work, especially as we live longer life-spans.

The takeaway for you is that you are the only who can provide for your retirement -- particularly if you're under 40. So you can either start saving money now, or face the fact that you may not get to retire. Not retiring is not the worst thing in the world; retirement itself is a relatively new concept in human history.

If you can save as little as a dime on every dollar you make, you'll put yourself in good stead for retirement. Do you have an employer match through your 401(k)? Make sure you're putting in at least enough to pick up the match.

What others are saying

Social Security and Prior Military
THIS IS GREAT NEWS you can use and share with others! This is
HUGE...but only IF you request it.
Subject: Social Security for Vets

Please share this with anyone who's had active duty service prior to January
2002 and planning for retirement. In a nutshell it boils down to
this: You qualify for a higher social security payment because of your
military service, for active duty any time from 1940 through 2001 (the
program was done away with in January 2002). Up to $1200 per year of
earnings credit credited at time of application - which can make a
substantial difference in social security monthly payments upon your
retirement.

You must bring your DD-214 to the Social Security Office - and you must ask
for this benefit to receive it! Soc Sec website:
http://www.ssa.gov/retire2/military.htm

This is something to put in your files for when you apply for Social
Security down the road. It is NOT just for retirees, BUT anyone who has
served on active duty prior to January 2002.
FYI - this benefit is not automatic, you must ask for it!
By Scotty @ 10/07/08 10:32:53 AMreport abuse
Fiscal Responsibilty
We were already spending more than Taxes were bringing before the War. Because the Republicans wanted tax breaks. WE could have used any surplus to shore these holes talked about in IOUSA. Funny the liberal hippies are more fiscally responsible than the conservative left.
By Lefty @ 08/28/08 12:13:34 AMreport abuse
Fiscal Responsibilty
We were already spending more than Taxes were bringing before the War. Because the Republicans wanted tax breaks. WE could have used any surplus to shore these holes talked about in IOUSA. Funny the liberal hippies are more fiscally responsible than the conservative left.
By Lefty @ 08/28/08 12:11:31 AMreport abuse
IOUSA
Sure would be nice if we (USA) still had all that money spent in Iraq. . .
548 billion dollars!
$548,000,000,000!!!
http://www.nationalpriorities.org/costofwar_home
By Greg @ 08/26/08 01:06:09 PMreport abuse
IOUSA was a great movie
Clark, my headphones died at work, so I didn't get to hear what you had to say about the movie. I am glad you talked about it. I'm 28 and was concerned about our national debt. After seeing the movie, I'm fired up to do something about it. Please keep you listeners inspired to force Washington to stop spending more than they make!
By Nate @ 08/23/08 10:14:37 PMreport abuse
who pays for bed bugs
My mother is renting a condo that has "bedbugs". The only solution is an exterminator. Is her landlord responsible for the bill. She has lived there 2 years and has just started having problems with them.
By ann @ 08/22/08 12:22:28 AMreport abuse
SS
This pyramid scheme was doomed to fail long before the lefties started whining about defense spending.
By pd @ 08/21/08 12:16:17 PMreport abuse
SS
You are right Clark,how can we afford Social Security and Medicaid and pay a half trillion dollars for Iraq
By Jimmy @ 08/20/08 09:54:51 PMreport abuse
Live rich die poor. The doctors and the taxman are going to take all your retirement money. The tax rates are only going higher. Medical cost only higher.
My wife was in the hospital for two hours for a minor foot surgery, outpatient. For two hours the bill was $5500.00. Yes we have insurance for now.
In the future who knows. Lets say my net worth is $200,000.00 at 65 If I spend 88 hours in the hospital I will loose a life time of work in 3.7 days.
By Me @ 08/20/08 08:26:56 PMreport abuse
IRA 401K
THESE WILL BE TAXED AS SS WAS.
BUY TIP'S (INFLATION PROOF) BONDS
(U.S., CANADA) AVOID THE BIGGEST TAX:
INFLATION. BUY GOLD. NO TAC UNTIL SOLD,
INFLATION PROOF.
By IL SARDO @ 08/20/08 03:25:47 PMreport abuse

Social Security and Prior Military

THIS IS GREAT NEWS you can use and share with others! This is
HUGE...but only IF you request it.
Subject: Social Security for Vets

Please share this with anyone who's had active duty service prior to January
2002 and planning for retirement. In a nutshell it boils down to
this: You qualify for a higher social security payment because of your
military service, for active duty any time from 1940 through 2001 (the
program was done away with in January 2002). Up to $1200 per year of
earnings credit credited at time of application - which can make a
substantial difference in social security monthly payments upon your
retirement.

You must bring your DD-214 to the Social Security Office - and you must ask
for this benefit to receive it! Soc Sec website:
http://www.ssa.gov/retire2/military.htm

This is something to put in your files for when you apply for Social
Security down the road. It is NOT just for retirees, BUT anyone who has
served on active duty prior to January 2002.
FYI - this benefit is not automatic, you must ask for it!

By Scotty @ 10/07/08 10:32:53 AMreport abuse

Fiscal Responsibilty

We were already spending more than Taxes were bringing before the War. Because the Republicans wanted tax breaks. WE could have used any surplus to shore these holes talked about in IOUSA. Funny the liberal hippies are more fiscally responsible than the conservative left.

By Lefty @ 08/28/08 12:13:34 AMreport abuse

By Lefty @ 08/28/08 12:11:31 AMreport abuse

IOUSA

Sure would be nice if we (USA) still had all that money spent in Iraq. . .
548 billion dollars!
$548,000,000,000!!!
http://www.nationalpriorities.org/costofwar_home

By Greg @ 08/26/08 01:06:09 PMreport abuse

IOUSA was a great movie

Clark, my headphones died at work, so I didn't get to hear what you had to say about the movie. I am glad you talked about it. I'm 28 and was concerned about our national debt. After seeing the movie, I'm fired up to do something about it. Please keep you listeners inspired to force Washington to stop spending more than they make!

By Nate @ 08/23/08 10:14:37 PMreport abuse

who pays for bed bugs

My mother is renting a condo that has "bedbugs". The only solution is an exterminator. Is her landlord responsible for the bill. She has lived there 2 years and has just started having problems with them.

By ann @ 08/22/08 12:22:28 AMreport abuse

This pyramid scheme was doomed to fail long before the lefties started whining about defense spending.

By pd @ 08/21/08 12:16:17 PMreport abuse

You are right Clark,how can we afford Social Security and Medicaid and pay a half trillion dollars for Iraq

By Jimmy @ 08/20/08 09:54:51 PMreport abuse

Live rich die poor. The doctors and the taxman are going to take all your retirement money. The tax rates are only going higher. Medical cost only higher.
My wife was in the hospital for two hours for a minor foot surgery, outpatient. For two hours the bill was $5500.00. Yes we have insurance for now.
In the future who knows. Lets say my net worth is $200,000.00 at 65 If I spend 88 hours in the hospital I will loose a life time of work in 3.7 days.

By Me @ 08/20/08 08:26:56 PMreport abuse

IRA 401K

THESE WILL BE TAXED AS SS WAS.
BUY TIP'S (INFLATION PROOF) BONDS
(U.S., CANADA) AVOID THE BIGGEST TAX:
INFLATION. BUY GOLD. NO TAC UNTIL SOLD,
INFLATION PROOF.

By IL SARDO @ 08/20/08 03:25:47 PMreport abuse

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Aug 20, 2008 -- Clark talks about I.O.U.S.A. documentary

What others are saying