Those of us who know that long-run fiscal imbalances are likely to end in disaster – high inflation, deep recession, financial crisis, or all three – scratch our heads in bemusement at the priorities of George W. Bush and his administration. The Social Security “crisis” that he wants to spend his political capital on “resolving” ranks no higher than third among America’s fiscal problems in urgency and seriousness – and at a time when these problems have grown into a profound threat to global economic stability.
我们这些知道长期未决的财政失衡可能会导致灾难¾高通货膨胀、严重经济衰退、金融危机，或是三者兼而有之¾的人看到乔治·W·布什及其政府的施政日程都会困惑地挠头。他打算花些政治资本解决的社会保障“危机”在急迫性和严重性方面仅仅在美国财政问题中排名第三¾而目前这些问题已经成了全球经济稳定的严重威胁。