So, even if the Fed and US Treasury now manage to stave off recession, what will fuel future growth? With debt burdens elevated and housing prices significantly above levels warranted by their historical relation to income, the business cycle of the last two decades appears exhausted.
所以，即使美联储和美国财政部现在能够避免衰退，什么东西会推动未来的增长呢？债务负担提高，房地产价格大大高于与收入相关的历史水平，过去二十年的商业周期看起来已经山穷水尽了。