The article argues that recent executive overreach and politicization have severely undermined established norms of U.S. civil-military relations. To restore professional standards, the incoming Congress must actively exercise its oversight powers, moving beyond mere criticism to demanding transparency in defense policy and personnel decisions. Key reforms include enforcing meritocratic promotion processes, requiring documented justification for senior officer removals, and preventing the partisan use of the military. These actions are crucial for bolstering public trust and ensuring the military remains a nonpartisan instrument of civilian control.
Is the US exorbitant privilege eroding?
English Summary
The Brookings report argues that the U.S.'s historical 'exorbitant privilege'—its ability to issue debt cheaply—is steadily eroding. Key evidence shows a decline in the U.S. convenience yield relative to G10 peers, a trend linked to rising domestic debt and global fiscal stress. While recent global interest rate hikes have temporarily improved the U.S.'s relative borrowing appeal, the underlying loss of cheap credit suggests potential future higher borrowing costs for the government and poses long-term risks to the dollar's status as a reserve currency.
中文摘要
布魯金斯報告指出，美國歷史上的「過度特權」（即以低成本發行債務的能力）正在逐漸消退。關鍵證據顯示，相較於G10其他國家，美國的便利收益率正在下降，這一趨勢與國內債務增加和全球財政壓力有關。儘管近期全球利率上調暫時改善了美國的相對借貸吸引力，但基礎上廉價信貸的流失預示著美國政府未來可能面臨更高的借貸成本，並對美元作為儲備貨幣的地位構成長期風險。
Related Entries
-
1.
-
2.
The article argues that Donald Trump's unique and prolonged lame-duck period, coupled with domestic political pressures, makes him dangerously prone to international instability. Having exhausted major diplomatic gambits, Trump is expected to channel his energy into high-stakes, unilateral actions, primarily targeting adversaries such as Iran and Cuba. These potential actions—ranging from fresh strikes in the Persian Gulf to attempts at regime change—carry a significant risk of destabilizing regional security and triggering a global economic crisis. Policymakers must anticipate this pivot to high-risk foreign policy to mitigate potential international flare-ups.
-
3.
China's economic strategy is characterized by a persistent 'economics of denial,' prioritizing massive state-directed investment in advanced technology over addressing weak domestic consumption. This approach is rooted in a flawed belief that controlling physical capital will automatically generate productivity and wage growth, ignoring the structural imbalance where domestic demand consistently falls short of supply. This overinvestment and underconsumption model is unsustainable. Consequently, Beijing's policies will continue to generate global deflationary pressures and escalating trade friction, necessitating a fundamental pivot toward consumption-led growth for long-term stability.
-
4.
The publication argues that current efforts to improve the well-being of men and boys of color are too fragmented, failing to account for the structural linkages between systems like education, employment, and criminal justice. It proposes a new, holistic framework that traces how structural conditions flow through multiple domains to measurable outcomes, such as longevity. Key reasoning emphasizes the need to treat 'place' as a fundamental actor and to identify successful communities where these populations are already thriving. Policy implications require shifting away from individual-focused interventions toward developing structural, place-based agendas that address systemic inequities.
-
5.
The Blue Wave signals significant voter frustration with cost of living and inflation, giving Congress a mandate to prioritize affordability and cost-reduction measures. Economically, the rapid build-out of AI data centers is creating localized stress, driving up skilled labor wages and straining resources, while also facing constraints from power grids and potential local regulatory backlash. Policymakers must manage this 'sequencing issue'—addressing rising costs before full productivity gains from AI can materialize—and anticipate shifts in global data center infrastructure as the market matures.