It is not all to do with America: the euro zone is a mess and manufacturingeverywhere seems to be slowing. But Americas prospects have suddenly darkened. Statisticalrevisions and some grim new figures have revealed a weaker-than-assumed recovery that hasall but ground to a halt. Once stalled, an economy can easily tip back into recession, particularlyif it is hit by a new shockas Americas is about to be, thanks to a hefty dose of fiscaltightening made worse by the debt deal. The odds of a double dip over the coming year areuncomfortably high, perhaps as high as 50%.
不仅是美国,欧元区也是一片狼藉,各地制造业低迷。但是美国经济的前景突然黯淡下来。最新修改过的数据显示,经济复苏低于预期,几近停滞。经济一旦停滞,就很有可能重返衰退,受到新的冲击时尤为如此。由于美国负债协议使原本紧缩的财政更加收紧,这种冲击马上就会到来。明年美国经济二次探底的可能性高得令人不安,可能达到50%。
Americas recovery from a balance-sheet recessionwas always bound to be sluggish and fragile. Andits woes need not fell the world economy, thanks tothe strength of emerging markets . But the thoughtlessness of the debt dealnotably its failure to tackle any of the real sourcesof Americas fiscal problems, such as entitlementspendingraises a bigger worry. Can the countryspoliticians, so starkly polarised and so willing togamble with the economy, be trusted not to turnwhat was always an inevitable period of hardshipinto longer-term stagnation?
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