By contrast, those who predict generally high real interest rates over the next generation point to low savings rates in the US, high spending driven by demographic burdens in Europe, and feckless governments running chronic deficits and unsustainable fiscal policies. Imagine a bunch of irresponsible Bush-like administrations making fiscal policy, forever.
相形之下，认为高实际利率会主导未来二十五到三十年的人则另有一套依据：美国的低储蓄率，欧洲在人口统计负担驱动下的高消费和政府在应对长期财政赤字和不可持续的财政政策方面的不力。设想一下，要是永远让不负责任的布什政府之流来制定财政政策会出现什么样的结果。