What Is the Essence of the U.S. Debt Problem?

GF Macro believes the essence of the U.S. debt problem is the fading of the "perfect low-risk premium dividend." The stacking of three premiums—inflation expectations, term premium, and fiscal risk—pushes up long-end rates, driven by three deep conflicts: fiscal expansion versus financing costs, deglobalization versus savings demand, and new technology costs versus returns, forming a negative feedback loop of "debt expansion → rising financing costs."