A heavily indebted country with debt-to-GDP north of 100%. That’s like making $100,000 per year while carrying a credit card balance of $100,000. Tack on an aging demographic that has been drawing down at an ever-increasing rate on social benefits. Cap it off with an economic growth rate that has been on the decline for decades.

That’s a snapshot of Japan — one of the world’s largest economies. Yet it’s also a spot-on description for the United States. It really makes one wonder why so many folks like to dismiss the 35 years of futility for the Japanese stock market… as if Americans could never experience a multi-decade stock bear.

In the Long Run: Valuations Drive Stock Returns
Why Worry? Lower Interest Rates Solve Everything!