1. The U.S. faces structurally high fiscal deficits due to unbalanced Social Security, inefficient healthcare spending, foreign adventurism, accumulated debt interest, and political polarization; 2. Investment implications suggest favoring equities and scarce assets over bonds, with defensive positions in T-bills, gold, and inflation-protected Treasury notes; 3. Fiscal dominance is likely to lead to persistent inflation, asset price volatility, and potential stagflation, making traditional recession indicators less reliable.