Sustainability of public debt has replaced sustainability of private debt as the biggest threat to financial stability, and the focus of debate about the US current account has shifted from the sustainability of foreign debt to the impact of reducing the external deficit on growth and employment. The dilemma facing US policymakers is how to stimulate growth while lowering the level of total debt.
公共债务的可持续性已经取代私人债务成为美国金融稳定的最大问题，而针对美国经常账户状况的争论焦点也从外债的可持续性转移到外部赤字降低对增长和就业的影响。对此美国的政策制定者目前陷入了困境：一方面要促进增长，另一方面又得降低总债务水平。