The EU, the United States, and Japan are in fiscal jeopardy, and several countries – Japan, Greece, Italy, and Belgium – have public debts exceeding their GDP. Increasingly, people recognize that loose fiscal policy was poor economic policy, with serious implications for macroeconomic thinking, politics, and constitutions.
欧盟、美国和日本正处于财政危机中，一些国家——日版、希腊、意大利和比利时——的公共债务已经超过了GDP。人们逐渐意识到，宽松的财政政策实在是拙劣，对宏观经济思想、政治和制度有着非常严重的影响。