As I sit down to write my final column for the Sarasota Herald-Tribune after 15 years as a guest columnist, I find myself filled with a mix of emotions. First and foremost, I want to express my heartfelt gratitude to all of you, my readers, for accompanying me on this journey. Your support, encouragement and feedback have been invaluable.

What brought me the greatest joy was the opportunity to share compelling topics on the domestic and global stage that affect us all — market mechanisms and the impact on the economy, interest rates and corporate earnings, the politics of international policies and trade, and more. My intention has been to bring a neutral viewpoint and shed light on relevant information, striving to present a well-rounded picture of the economic landscape.

When I began writing for the Herald-Tribune, the United States was entering what has been labeled the Great Recession (December 2007-June 2009). It was the most significant downturn since the Great Depression in the 1930s.

  • Approximately 8.7 million people lost their jobs.
  • U.S. households lost roughly $19 trillion in net worth.
  • Home prices declined 40% on average.

Much of the problem stemmed from the fact that our financial institutions were overleveraged and held on to too many toxic assets. The problem became acute because they relied on short-term financing to provide the liquidity they needed. Our subprime-mortgage problem morphed into a global meltdown.

In discussing the financial crisis, I shared some disturbing observations — specifically, the bailout of our “too-big-to fail” banks. These institutions were deemed too large and too intertwined with the U.S. economy for our government to allow them to collapse despite their role in causing the subprime-loan crash.

In 2019, the COVID-19 pandemic triggered an unprecedented global health crisis and a worldwide recession. The worldwide economy came to a screeching halt as nations implemented strict lockdown measures to curb the spread of the virus. Businesses faced foreclosures, supply chains were disrupted and consumer spending plummeted because of uncertainty and restrictions. Governments implemented massive stimulus packages to support struggling businesses and provide relief to individuals resulting in significant increases in national debt. The resilience of global trade networks and the need for diversification became evident as nations sought to reduce their dependence on a single source for critical goods and supplies. The pandemic forced businesses to adapt rapidly to remote work and digital operations.

Today, policymakers face enormous challenges:

  • Inflation remains above the target of 2%.
  • According to the Congressional Budget Office, the national debt will exceed $50 trillion over the next decade.
  • According to the Social Security and Medicare Boards of Trustees, Medicare and Social Security now exceed $78 trillion in long-term unfunded obligations, three times our Gross Domestic Product.

Writing my column has been a labor of love and has sharpened my writing skills. The next chapter of my writing will focus on topics I thoroughly enjoy: history and sociology. You can visit my website, docwerlin.com, to browse a wide array of topics that may interest you.

In closing, I want to thank some of the people who have been of immense help. I developed a wonderful working relationship with my editor at the Herald-Tribune, Danny DeJarnette. My longtime friend and editor, Lori Kayser, has been indispensable. Lastly, the creator of my website, Mike Matejevich, has brought creativity to my work. Needless to say, I am very grateful to all three of them.

Thank you for being part of this journey, for reading my words, and for embracing the power of information so each of us can make the best possible decisions for our families, communities, society and world. I believe in the words of Bernard Baruch: “I still believe that with courage and intelligence we can make the future bright with fulfillment.”

Originally published in the Sarasota Herald-Tribune