美债明明已经滚到37万亿了，为什么还没暴雷？其实说白了，美债已经出事了，只不过美国短时间不会这么倒下，如今的状况有点类似温水煮青蛙

Core Insights - The U.S. national debt has reached $37 trillion, raising concerns about its sustainability and potential risks, which are currently masked by various factors [1][3]. Group 1: Debt Dynamics - U.S. debt is perceived as a safe asset due to the dollar's dominant position in global trade, particularly in oil transactions, leading countries to invest in U.S. Treasuries despite the growing debt burden [3][5]. - The U.S. employs a strategy of rolling over debt, where new debt is issued to pay off maturing debt, resulting in an increasing debt scale without immediate visible collapse [5][9]. - A significant portion of U.S. debt is held internally by institutions like Social Security, reducing immediate repayment pressure and allowing for interest payments to be prioritized over principal repayment [5][9]. Group 2: Federal Reserve's Role - The Federal Reserve has slowed down its planned reduction of Treasury holdings to prevent market turmoil, even purchasing Treasuries with returns from other assets to maintain liquidity [5][7]. - To address short-term funding pressures, the Federal Reserve utilizes tools like reverse repos to ensure smooth issuance of new debt, creating a temporary safety net for the economy [7][9]. Group 3: Fiscal Challenges - Interest payments on U.S. debt have surpassed military spending, consuming funds that could otherwise be allocated to infrastructure and public services, leading to a vicious cycle of fiscal imbalance [9][11]. - The U.S. faces structural issues in its budget, with rigid expenditures in military, healthcare, and social welfare that cannot be easily reduced, exacerbated by recent legislation increasing future borrowing limits [9][11]. - Political gridlock between U.S. parties has hindered meaningful debt reform, with a lack of motivation to address the underlying issues of debt sustainability [11].