It has already reduced growth and employment. And, while financial markets insist on deficit reduction, the recent decline in equity and bond prices – and the loss of confidence that this reflects – suggests that they also recognize the adverse implications of fiscal consolidation at a time of weak private demand.
公共债务水平高企也被许多发达国家用来支持财政紧缩。但是，匆忙削减预算不但毫无助益，还会让早先的复苏努力付诸东流。由于私人部门需求仍然疲软，因此紧缩只能延缓而不能加速复苏。紧缩已经削弱了增长和就业。此外，尽管金融市场仍旧要求各国削减赤字，但最近股市和债市的下跌——以及从中所反映的信心缺失——表明，市场同样认为，私人需求疲软时期的财政整合会带来诸多负面影响。