The financial press and many influential economists argue that a major de&shy;preciation of the dollar is needed to correct America’s external deficit. But the US current-account deficit – about 6% of GDP in 2004 and 2005 – mainly reflects a new round of deficit spending by the US federal government and surprisingly low personal savings by American households (perhaps because of the bubble in US residential real estate).
财经媒体和许多有影响的经济学家都认为需要对美元来一次重大贬值，以扭转美国国内赤字的状况。但美国经常项目下的赤字&mdash;约为2004和2005年GDP的6%--主要反映了美国联邦政府的新一轮赤字开支和美国家庭不可思议的低个人储蓄率（很可能是美国住宅不动产市场的泡沫造成的）。