The long-term consequences of the resulting surge in fiscal deficits are serious. If the deficits are monetized by central banks, inflation will follow the short-term deflationary pressures; if they are financed by debt, the long-term solvency of some governments may be at stake unless medium-term fiscal discipline is restored.
同样，随着家庭消费和商业投资的崩溃，政府将很快成为第一位的消费者和唯一的救助方来刺激需求，拯救银行、公司和家庭。造成财政赤字激增的长期后果是严重的。如果央行把赤字货币化，短期紧缩压力后随之而来的就是通货膨胀，如果使用债务来为赤字筹措资金，某些政府的长期偿还能力会成问题，除非恢复中等期限的财政制度。