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.
Why U.S. Borrowing Costs Keep Climbing Despite Treasury’s Efforts
English Summary
The CFR finds that U.S. borrowing costs are climbing because fundamental economic pressures are overwhelming the effectiveness of Treasury's market interventions. Key drivers include large fiscal deficits, persistent inflation concerns fueled by oil price spikes, and massive capital expenditure required for AI infrastructure. Since U.S. yields anchor global fixed-income markets, this upward trend affects international bond markets. The report concludes that ad hoc government actions are insufficient, and only structural changes—such as a falling fiscal deficit and lower inflation—can sustainably lower borrowing costs.
中文摘要
戰略與國際關係理事會（CFR）指出，美國的借貸成本正在攀升，原因是根本性的經濟壓力已經壓倒了財政部市場干預的有效性。主要的驅動因素包括龐大的財政赤字、受石油價格飆升引發的持續通膨擔憂，以及人工智慧基礎設施所需的巨額資本支出。由於美國殖利率是全球固定收益市場的錨點，這一上漲趨勢也影響了國際債券市場。報告總結認為，臨時性的政府行動是不足夠的，只有結構性的改變——例如財政赤字的縮小和通膨的降低——才能持續地降低借貸成本。
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