During the last two years, Washington has been obsessed with the need to cut the deficit and put the debt/GDP ratio on a “sustainable” path, even as global investors have flocked to US government debt, driving interest rates to historic lows. The considerable progress that has been made on deficit reduction over the next ten years has been overlooked.
过去两年来，华盛顿沉溺于削减赤字、将债务/GDP比率保持在“可持续”路径上，尽管全球投资者纷纷涌向美国国债，把利率推向了历史低点。未来十年赤字削减取得重大进步被忽视了。同样被忽视的还有低增长、投资不振以及失业高企所带来的即期挑战。