I.O.U.S.A. explains the financial disaster scenario and shows without panic or apocalyptic rhetoric which strategies can provide a way out. Burying ones head in the sand is no longer an option. According to one American newspaper, I..O.U.S.A. is An Inconvenient Truth about the national debt. Reality has caught up with this film now that the credit crunch dominates all. The film maker argues that ever since its foundation in 1776, the United States has been stuck with a constantly increasing national debt. During the Reagan administration things really got out of control. For the first time in history, the national debt reached disastrous heights in peacetime. When Bush Sr. proclaimed 'No new taxes' in 1988, the situation didn't get any better. As attempts are being made to deal with the credit crisis, the USA is still saddled with a debt in excess of 10 trillion dollars. The film maker follows a number of people, including the country's head accountant, who has been touring the US for years to inform the people about what this debt means.