美国企业正陷于自我实现的悲观主义之中。只要企业认为美国年增长率不会超过约2%,它们就不会押注未来的扩张,扩张会带来它们所恐惧的后果。在一个完美世界里,美国公共部门会通过财政赤字来弥补私营部门储蓄不足的情况。但是这在政治上是不可能的。
The merit of Mrs Clinton’s idea is that she would try to kindle investors’ animal spirits withoutexpanding government. Today’s incentives are hopelessly biased towards boosting the short-term share price. That is how business chiefs are rewarded. Mrs Clinton is right to point outthat America is short-changed because of it.
希拉里思路的可取之处在于,她会试图在不使政府膨胀的情况下点燃投资者的动物本能。眼下的激励措施都绝望地偏向于推高短期股价。这是公司高管获得奖励的途径。希拉里指出美国因此被蒙蔽了,她说的没错。
But her cure is no match for her diagnosis. She would introduce a tapered capital gains tax thatwould fall with the duration of the investment. Those who held their stake for at least sixyears would pay a lower capital gains tax of 20 per cent. Those who sold within two years wouldpay almost double. It is doubtful such tinkering would be enough to alter investors’ timehorizons. The lure of a bird in the hand would still outweigh two in the bush.
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2020-09-15
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