National Debt No Problem - We Owe It To Ourselves - WRONG!
1. Over 40 Years of Writing This Newsletter
2. National Debt Not a Problem – We Owe It to Ourselves
3. So How Much Debt is Too Much Debt?
4. Exciting New Investment Opportunity Coming
Our national debt has swelled to a record $21.16 trillion as of this writing. That includes debt held by the public ($15.4 trillion) and intra-governmental debt ($5.7 trillion). At $21+ trillion, our national debt is well above 100% of our Gross Domestic Product of $19.97 trillion.
While many of us, especially in conservative circles, worry that our out-of-control debt will lead to a devastating financial crisis before long, others tell us there is no need to worry because “we owe this debt to ourselves.”
Yet nothing could be further from the truth! US debt is also owned by foreign governments, offshore institutions and international investors around the world. We don’t just owe it to ourselves. That’s what we’ll talk about today. But first I digress.
Over 40 Years of Writing This Newsletter
About this time each year, I am reminded of when I started writing this newsletter. I have written it continuously for over 40 years, going back to the late 1970s. I started it as a way to communicate regularly with my many clients and prospective clients.
I still remember typing it on an IBM Selectric typewriter back in the day. I had one at the office and another one at home. Some of you are old enough to remember one of those; many of you, probably not. Corrections were a major pain in the rear back then. Think “White Out.”
I remember printing hundreds of newsletter copies, folding them, stuffing envelopes, putting on postage and taking them to the Post Office myself. Today, it’s hard to imagine how I came up with interesting content back then without the Internet, but I did. We all did.
This newsletter has always been my passion and still is. It has had several different titles over the years as the focus changed somewhat in the earlier years. It’s been Forecasts & Trends since the early 2000s and is regularly republished by others.