National Debt Initiative
Examining facts about the national debt crisis
Joining the public policy discussion around the U.S. national debt, the Travelers Institute is raising awareness about the facts of the national debt and the implications for American opportunity.
As part of our America’s debt crisis initiative, we’ve collaborated with public television to present “Overdraft,” an award-winning nonpartisan documentary that highlights the growing national debt and its impact on individuals and U.S. economic competitiveness.
Featured publication
“Overdraft” University Symposium Series
As presenting sponsor of the nonpartisan debt documentary “Overdraft,” the Travelers Institute hosted an educational symposium series featuring screenings of the award-winning film for groups across the country.
Featured video
"Overdraft" documentary trailer
“Overdraft” – a public television documentary sponsored by the Travelers Institute that presents a compelling explanation of Americaʼs federal debt crisis, how it impacts Americans’ lives and the choices to address the problem.
(SPEECH)
[DRAMATIC MUSIC]
(DESCRIPTION)
Text: Governor Mitch Daniels (Republican, Indiana).
(SPEECH)
MITCH DANIELS: Some people understandably say, boy, this is sort of dry subject, dollar, cents, debt. What does it mean to me? If I read the mathematics, it means everything.
(DESCRIPTION)
Senator Kent Conrad, Senate Budget Chairman.
(SPEECH)
KENT CONRAD: I really, genuinely believe this threatens the fundamental economic security of the United States.
(DESCRIPTION)
President Bill Clinton.
(SPEECH)
BILL CLINTON: A lot of the Democrats are mad because they say, well, this is mostly caused by the Republicans who cut taxes and increase spending. The problem for the Democrats is that if you look at the next 10 years, most of it will be caused by things we care about.
(DESCRIPTION)
Cory Booker, Mayor, Newark, NJ.
(SPEECH)
CORY BOOKER: All of us are invested in this democracy. You are not going to have parts of our community succeed and parts fail. If government fails, we all fail.
(DESCRIPTION)
Joe Klein, Columnist, Time Magazine.
(SPEECH)
JOE KLEIN: We don't trust government. But we need government. And government is us when you come right down to it. Those folks in Washington weren't landed there from Mars. They were elected by us.
(DESCRIPTION)
Andrew Romano, Senior Writer, Newsweek.
(SPEECH)
ANDREW ROMANO: It's a complex problem. People want quick answers, but the fact is that there aren't quick answers.
(DESCRIPTION)
Jay Fishman, CEO/Chairman, Travelers Companies.
(SPEECH)
JAY FISHMAN: These aren't things that can be fixed in election cycles. And the question is, do we have the political leadership that is willing to invest that way?
(DESCRIPTION)
Kevin Roberts, Saatchi & Saatchi Worldwide CEO.
(SPEECH)
KEVIN ROBERTS: Rational thinking leads to one thing, conclusions. And conclusions are not going to solve the debt problem. Emotion, on the other hand, leads to another thing, action. We need to take action about the debt in the US. We need to change.
(DESCRIPTION)
Retired Senator Judd Gregg (Republican, New Hampshire).
(SPEECH)
JUDD GREGG: We're going to pass on to our kids a less prosperous nation where they'll have a lower standard of living, a massive debt that they can't afford to pay off, and therefore, a less secure nation.
(DESCRIPTION)
Alice Rivlin, Economist, Brookings Institution.
(SPEECH)
ALICE RIVLIN: I'm not giving up on democracy. I don't know what the alternative is. If you say a democratic government can't solve this problem, then you're saying we need a dictatorship. I don't think so.
[DRAMATIC MUSIC]
(DESCRIPTION)
Overdraft.
Major funding provided by The Travelers Institute, Travelers.
For more information contact Lisa Corum. Lisa@susiefilms.com.
Presented to PBS stations by WTVI Charlotte. Produced by susie films.
Highlights from the film
Overdraft "100 Words" - The American Opportunity
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Text: 100 Words, American Opportunity. Logos: The Travelers Institute, Travelers.
Text: 100 Words. Overdraft. Background image: The U.S. Capitol building.
A man in an office sits at his desk and talks on the phone
(SPEECH)
JAY FISHMAN:
(DESCRIPTION)
Jay Fishman, CEO/Chairman, Travelers Companies. As he speaks, a word counter on a line across the bottom counts down.
(SPEECH)
I've been a remarkable beneficiary of the American opportunity.
(DESCRIPTION)
He stands at a standing desk and looks at papers.
(SPEECH)
My grandmother was sent here at 13 years of age by herself from Russia because she could sew.
(DESCRIPTION)
Re-enactment: a girl sews on a vintage sewing machine.
(SPEECH)
And she ultimately sent back enough money to bring her parents and then her brothers and sisters over.
(DESCRIPTION)
Black and white photo: People pose for a photo.
(SPEECH)
And how can you not feel coming out of that, a deep responsibility to be involved?
(DESCRIPTION)
The U.S. Capitol against a blue sky.
(SPEECH)
Federal debt is already so big. This is going to necessitate commitment from everybody. Success is not guaranteed. To me, what's important is that the opportunity be guaranteed. Then it's up to the individual what they make of it.
(DESCRIPTION)
He stands at a fence on a rooftop and looks out, with the Washington Monument in the background.
Text: 100 Words. Overdraft. Background image: The U.S. Capitol building. . Logos: The Travelers Institute, Travelers.
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Text: 100 Words, American Opportunity.
Overdraft "100 Words" – Healthcare
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Background image: The U.S. Capitol with washed out handwritten and printed text in the sky. Text: 100 Words. Logos: The Travelers Institute, Travelers.
Text: 100 Words, Healthcare.
(SPEECH)
[GENTLE MUSIC]
(DESCRIPTION)
A green bag with a dollar sign on it. A line across the bottom with text above at the left: 100 Words. The word count decreases as the speaker speaks. The green bag appears on an I.V. pole and liquid drips through a tube at the bottom.
(SPEECH)
BILL CLINTON: We're spending approximately, as a country, $850 billion a year on health care that we would not spend if we had any other country's health system. And their health outcomes are as good or better than ours are.
(DESCRIPTION)
Drops fall from the tube onto a surface.
(SPEECH)
We're still the best in the world at some things. If we weren't good in heart surgery, somebody else would be giving you this interview.
(DESCRIPTION)
He smiles. A hand takes a pencil from a pencil holder.
(SPEECH)
But the vast majority of the difference between us and everybody else are the sheer paperwork costs for insurance companies, health care providers, employers and employees.
(DESCRIPTION)
The hands sharpen the pencil in a handheld pencil sharpener, and the shavings fall on a document. The hands shuffle paper, put one piece in a file folder and close it.
(SPEECH)
And paying for a procedure instead of paying for health care.
(DESCRIPTION)
Drops fall onto an enlarging circle of the liquid.
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Text: 100 Words, Healthcare. Logos: The Travelers Institute, Travelers.
Background image: The U.S. Capitol. Text: 100 Words.
Overdraft "100 Words" – Debt Denial
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Text: 100 Words, Debt Denial. Logos: The Travelers Institute, Travelers.
Background image: The U.S. Capitol building. Text: 100 Words. Overdraft.
(SPEECH)
[GENTLE MUSIC]
(DESCRIPTION)
People ice skate on the Capitol Reflecting Pool as a photographer takes a picture. Kent Conrad, Senate Budget Chairman. As he speaks, a word counter on a line across the bottom counts down from 100 words.
(SPEECH)
KENT CONRAD: And I can tell you there is enormous denial still in this town by the right and left who seem to think nothing happened in the last five years.
(DESCRIPTION)
A fountain sprays up in front of the White House.
A passageway next to a building with white columns on the left and a view of the Washington Monument in the background.
(SPEECH)
Hey, something huge happened. We narrowly averted a depression. As a result, our deficit and debt exploded.
(DESCRIPTION)
Lettering on the top of a building above columns: Treasury Department.
From below, clouds above bare winter trees.
(SPEECH)
We can either face up to it and take it on now, or we can wait for the roof to cave in. And if we do that, shame on everyone involved.
(DESCRIPTION)
An American flag flies atop a flagpole. A sign outside a meeting room: Committee on the Budget, Hearing Room, S. D. 6O8.
(SPEECH)
The most frustrating thing is trying to persuade colleagues. We've go To act now and that everybody has to be in on the solution.
(DESCRIPTION)
The U.S. Capitol building.
(SPEECH)
[UPBEAT MUSIC]
(DESCRIPTION)
Background image: The U.S. Capitol building. Text: 100 Words. Overdraft. Logos: The Travelers Institute, Travelers.
Text: 100 Words, Debt Denial.
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