紧缩政策有悖经济常识_时事_双语阅读-查字典英语网

紧缩政策有悖经济常识

再来说合理的应对之道。私人部门集体努力削减开支的时候，公共政策应起到平衡这种影响的作用，努力维持一定水平的支出。最起码，我们不应大幅削减政府支出，或大幅提高针对普通人的税率，这两种举措会令情形更加恶化。

The big mistake. After responding well in the first, acute phase of the crisis, policy took a wrong turn – focusing on government deficits and arguing that the public sector should attempt to reduce its debts in tandem with the private sector. Instead of playing a stabilising role, fiscal policy has ended up reinforcing the damping effects of private-sector spending cuts.

最后说说我们犯了什么重大错误。危机急剧爆发后的最初阶段，我们的反应是正确的，随后，我们的政策走上了歧途——开始专注于政府赤字，辩称公共部门应与私人部门一道努力减少债务。财政政策不仅没有起到平衡的作用，反而最终跟私人部门一起削减开支，加剧了对经济的抑制作用。

In the face of a less severe shock, monetary policy could take up the slack. But with interest rates close to zero, monetary policy – while it should do all it can – cannot do the whole job. There must of course be a medium-term plan for reducing the government deficit. But if this is too front-loaded it can easily be self-defeating by aborting the recovery. A key priority is to reduce unemployment, before it becomes endemic, making recovery and future deficit reduction even more difficult.