The US is adjusting structurally and generating real (inflation-adjusted) GDP growth (though well below its potential annual rate of 3-3.5%). The tradable sector is expanding and is not dependent on leverage to generate aggregate demand.
在美国，经济去杠杆化进程远比欧洲深入。美国在经历结构性调整，真实（经通胀调整的）GDP处于正增长（尽管显著低于3—3.5%的潜在年增长率）。可贸易部门正在扩张，不需要依赖杠杆就能提振总需求。