Excessive reliance on debt finance has undermined basic tenets of democracy, with government finance increasingly determined not by electoral cycles and political deliberation, but by repayment schedules. In times of economic growth, debt finance provides an easy escape from difficult choices.
然而问题也比这严重得多。过度依赖债务融资已经腐蚀了民主的基本原则，因为政府财政逐渐由还债时间表所决定，而非取决于选举周期和政治决策。在经济增长时债务融资可以让人轻易逃避那些艰难选择，一旦经济出了问题，债主们——以及那些在违约预期中得利的人——就可以把自己的意愿强加在任何人身上。