The US economy’s distinctive features for at least a decade prior to the crisis that began in 2008 were an unsustainably high level of consumption, owing to an illusory wealth effect, under-investment (including in the public sector), and savings that fell short of the investment deficiency. That excess household and government consumption fueled the domestic economy – and much of the global economy as well.
在2008年危机爆发的前十年中，美国经济有一个显著特征，那就是消费水平达到了不可持续的高度，原因是财富效应幻觉、投资不足（包括公共部门投资）以及比投资不足还要严重的储蓄不足。家庭和政府的过度消费助长了国内经济，从很大程度上说，也提振了全球经济。