Debt, by contrast, is a contractual commitment to repay creditors who are largely oblivious to how the money is spent. By incurring debt, states trade an element of sovereignty – the flexibility to alter course over time in response to the electorate’s demands – for the ability to fund expenditures without being compelled to navigate the political minefield of raising taxes.
相比之下，债务是一个答应偿还的契约承诺，但债主们大多都不知道这些钱都花到哪里去了。通过发债，国家放弃了主权的其中一个部分——为回应选民需求而随时间调整政策进程的灵活性，换来了不用被迫踏入征税这个政治雷区而又能维持支出的能力。