It is likely to yield little cushion for employment and income per dollar spent, while servicing the large debt accumulation will impede long-run growth, either by forcing substantial future tax increases or spending cuts, or by forcing central banks to inflate. Indeed, China frets over the safety of the US Treasury bonds that it holds.
然而，各国政府应当警惕昂贵的财政刺激手段。每花1美元它就可能对就业和收入带来微弱的缓冲空间，而提供大型债务的累积会阻碍长期的增长，要么靠增加大量的未来增加税或削减开支，要么靠央行进行通货膨胀。事实上，中国烦恼的正是它持有的美国国债的安全性。