What I came away with was how well this video describes the depth of the financial crisis facing the U.S.

Clearly, the problem cannot be solved by massive increases in taxation. But the video mentions nothing about the need to substantially reduce federal spending as well as the cost of entitlements. Those steps, combined with some amount of carefully planned changes in tax policy, are what will be needed to solve our fiscal crisis. Unless our elected representatives finally agree to design both elements into whatever plan they come up with, we will look like Greece and Italy in a few years. There's no question about it.