Moreover, in a normal situation, governments – even the US government and those in Western Europe – cannot run up the national debt and still pay a real interest rate of 1%, or even 3%. Normally, the math of increasing government purchases tells us that a small or dubious boost to output today brings a heavier financing burden in the future, which makes debt-financed fiscal expansion a bad idea.
此外，在正常情况下，政府——即使是美国和西欧政府——不可能在国民债务高涨的同时还能享受1%的真实利率，甚至3%也难以达到。常规政府支出增加算术告诉我们，当下产出的微小或可疑提振会增加未来融资负担，照这么说来，债务融资的财政扩征绝不是好主意。