**The Deep Root Causes of the U.S. Debt Crisis: Why Are There No Reformers**

The United States is facing a seemingly paradoxical dilemma: on one side, government finances are strained beyond capacity; on the other, social wealth is concentrated in the hands of a few. Behind this imbalance lies a deeper problem—there are no strong political leaders willing to break the existing interest groups.

**The Truth Revealed by Data**

The U.S. national debt has surpassed $34 trillion, and this is not an abstract number but a clear signal of a fiscal crisis. Even more alarming is that the government’s expenditure on debt interest payments now exceeds military spending, becoming the largest single budget item of the federal government. This means that more and more tax revenue each year is used to pay off old debt rather than investing in infrastructure, education, or other public welfare areas.

When the government is running deficits, there are typically three options: raise taxes, cut spending, or issue more currency. In recent years, the U.S. has chosen to issue currency and further borrow, resulting in worsening inflation and a continuous decline in the purchasing power of ordinary people.

**Wealth Concentration and Political Dysfunction**

Wall Street and large financial institutions control vast amounts of social wealth; they not only hold cash but also dominate the pricing of global assets. In theory, when a country faces a crisis, the wealthy with substantial assets should bear corresponding social responsibilities. But in reality, the opposite is true.

The root of the problem lies in America’s political financing model. Campaigns require huge sums of money, mainly sourced from Wall Street’s financial institutions and wealthy individuals. Once politicians secure support from these donors, they inevitably must protect their interests. Therefore, whenever proposals such as capital gains tax or increased regulation of financial institutions are introduced, lobbying efforts in Congress often block these reforms, leading to deadlock.

**Lessons from Historical Comparisons**

The last time the U.S. successfully responded to a large-scale economic crisis was during the Great Depression of the 1930s. At that time, the Roosevelt administration demonstrated strong political will, directly reformed financial oligarchs, implemented the New Deal, established social security systems, and used progressive taxation to regulate income distribution. The government then wielded enough power to curb unchecked capital expansion.

Today’s American political landscape lacks such reformers. Current politicians’ primary concerns are often re-election and appeasing donors, not solving structural problems. Tax reform remains at the level of verbal commitments, with real implementation still a distant goal.

**Risks of Systemic Imbalance**

When the wealth of the rich is locked in mansions and offshore accounts, and ordinary people are struggling due to rising living costs, internal social tensions are building up. Historical experience shows that when wealth becomes excessively concentrated and most people face survival difficulties, social unrest becomes an inevitable outcome.

Even more dangerous is the threat to confidence in the dollar. As the global reserve currency, the dollar’s value is based on the creditworthiness of the U.S. government. Once markets begin to doubt America’s ability to meet its debt obligations, and the reality that it cannot effectively increase taxes or control spending, the dollar’s international standing will face a true test.

**A Vicious Cycle Without Solution**

The current situation in the U.S. is a vicious cycle. Government debt drives the central bank to maintain monetary easing, excess money supply fuels inflation, and reform policies are blocked by interest groups. On the surface, the two-party political struggle appears to be about policy differences, but in reality, it is a contest between different capital groups, each defending their own benefactors rather than the broader public.

Breaking this cycle requires more than economic policy adjustments; it demands a leader with courage and resolve to challenge vested interests. But under the existing institutional framework, such a leader is highly unlikely to emerge.

The core of America’s predicament is a problem of wealth, the nation, and the system. As long as the system’s self-repair capability is lost, the debt crisis will only worsen, and social divisions will deepen.