Advocates of stimulus are right to note that in the aftermath of a recession, when unemployment is high and inflation is low, the immediate consequences of policy contraction are continued unemployment, slow growth, and rising debt/GDP ratios. And pro-cyclicalists, both in the US and Europe, represent the worst of all worlds by pursuing expansionary policies during booms, such as in 2003-07, and contractionary policies during recessions, such as in 2008-2012.
现在紧缩的优缺点已经被人们全面地讨论过了。紧缩的支持者准确地指出永久扩张性的宏观经济政策会导致不可承受的赤字、债务和通货膨胀。财政刺激的拥护者则正确地表明了在衰退余波影响下失业率高居不下、经济增长缓慢时，财政紧缩的后果是持久的失业率、低速增长及债务对GDP比率不断上升。推崇顺周期政策的人——无论是在美国还是欧洲，是全世界最差劲的，他们在繁荣期间——比如2003年到2007年——追求扩张政策，而在经济衰退期——比如2008年到2012年——却追求紧缩政策。