But missing from the debate – and, in fact, much current discussion of America’s politics – is the single biggest issue facing the country: the destruction of the American middle class.
It all comes back to the age-old problem of distribution of resources.
If there is too much debt out there, then there also must be too many loans held by investors.
We’ve gotten into this ‘too much debt’ problem to a large degree because of pressure from investors looking for a lucrative place to park their ‘too many assets’. The private debt market dwarfs government borrowing.