Never before has America, the world’s biggest consumer, been so weak for so long. Until US households make greater progress in reducing excessive debt loads and rebuilding personal savings – a process that could take many more years if it continues at its recent snail-like pace – a balance-sheet-constrained US economy will remain hobbled by exceedingly slow growth.
作为世界第一大消费国，美国还从未经历过如此长期的疲软。除非美国家庭在削减债务负担、重建个人储蓄方面取得了重大进展——按现在的缓慢节奏看，得许多年才能完成——深受资产负债表约束的美国经济将继续在缓慢增长泥淖中无法自拔。