How much government debt is too much is an open question, because tolerance for public debt is highly dependent on prevailing perceptions. The risk premium attached to the interest rate is the critical variable: once it starts rising, the existing rate of deficit financing becomes unsustainable.
政府债务是否过多，这是个开放性问题。公众对公债的忍受力取决于他们的感觉。利率中所包含的风险溢价是其中的关键变量：如果风险溢价上升，那就意味着现有赤字融资率是不可持续的。但引爆点具体在哪里却是不确定的。