When the deleveraging cycle begins, the private sector starts to adjust structurally – a pattern clearly seen in the data on growth in the tradable side of the US economy. Muted wage growth increases competitiveness, and underutilized labor and capital are redeployed.
这种情况下,政府并不是惟一的参与者。当去杠杆化周期开始时，私人企业会开始作结构性调整——在美国经济贸易部门的增长数据中可以清晰看到这样的模式。工资增长停滞增加了竞争力，原本未被充分利用劳动力和资本也得到了重新部署。