Q: I renewed my subscription to Forecasts & Strategies because I believe your investment advice is sound, but I resent your constant jabbing at President Clinton and Mrs. Clinton. He's trying his best to run the country and is saddled with a borrow-and-spend philosophy left over from the Reagan gang, which has sent the national debt to alarming levels. I suggest you follow Barry Goldwater's advice: "Give the man a break!"

A: Constant jabbing? Forecasts & Strategies has made hardly any references to President or Mrs. Clinton. Even the Small Investors Tax Relief Act of 1994, published as an April supplement, was written to gain support of the Democrats, including the Clinton Administration.

Ninety percent of my newsletter is pure investment advice -- where to invest, what to avoid, how to minimize your taxes, etc. But politics have a lot to do with the financial markets, and my advice wouldn't be "sound" if I didn't analyze it. For example, when Clinton proposed heavy regulations on the drug and medical care industry, the health and pharmaceutical stocks fell sharply.

Being a millionaire on a sinking ship is a great tragedy. When a president imposes higher taxes, pushes through socialized medicine, expands the regulatory powers of government and engages in questionable ethical behavior, it can't help but have an effect on the financial markets, and I have a responsibility to point this out.

I'm not a Reagan-Bush apologist. The deficits of the 1980s were unacceptable and caused a great deal of damage to economic growth and capital formation. Anyone who has subscribed to my newsletter for the past 10 years knows I was highly critical of Reagan and Bush when they raised taxes and promoted deficit spending. But remember, Congress, not just Reagan and Bush, supported high deficits. There's plenty of blame to pass around.