Austerity’s underlying logic is that budget cuts, by reducing the debt burden and restoring confidence, ultimately enhance stability and support growth. But, when countries pursue austerity simultaneously with their main trading partners, overall demand plummets, causing all of their economies to contract and, in turn, increasing their debt/GDP ratios.
紧缩的基本逻辑是，削减赤字通过降低债务负担和重塑信心最终能够增强稳定、支持增长。但是，当一国与其主要贸易伙伴一起追求紧缩时，总需求会下降，导致所有它们的经济全都收缩，而这反过来提高了债务/GDP比率。