Who Do We Owe?

Don and Tom tackle fears about U.S. national debt by breaking down who actually owns it (mostly Americans), why “China owns us” is wildly overstated, and why rising interest costs matter more than sensational headlines. They explain why government debt isn’t a looming foreclosure scenario, how interest payments circulate back to investors, and why politics often distorts financial decision-making. The show also covers 60/40 portfolio resilience, the real role of bonds, listener questions on AVGE and DFAW, investing simplicity, and a nostalgic detour into Spam keys and Mad Men—ending with encouragement for disciplined, long-term investing.

0:05 National debt fears and the “Mr. Potter foreclosing America” analogy

0:27 Holiday movies, Home Alone sequels, and It’s a Wonderful Life

1:13 Who really owns U.S. debt and why it matters

2:50 Japan, UK, and China holdings explained

4:02 Why foreign selling wouldn’t crash the economy

5:13 Most U.S. debt is owned domestically

5:31 Interest payments now exceeding military spending

6:18 What debt interest really costs households

7:19 Why investors shouldn’t panic over government debt

8:15 Politics vs. rational investing decisions

9:55 Debt, taxes, and what society is willing to give up

11:28 Historical tax rates and Mad Men economics

12:37 Military spending and post-WWII budgets

13:22 60/40 portfolios and market downturn protection

14:43 Worst historical declines for balanced portfolios

16:37 Long-term resilience of diversified investing

17:51 Bonds: income vs. volatility control

19:08 Spam keys, Hormel, and changing industries

20:52 AVGE, DFAW, and Apella portfolio structure

22:29 Simplicity vs. complexity in investing

23:47 Podcast longevity and download estimates