Instead, they have cut back on spending. Gains in inflation-adjusted personal-consumption expenditure have averaged a mere 0.8% over the past five years – the most severe and protracted slowdown in consumer demand growth in the post-World War II era.
不难想见专注于资产负债表修复的美国消费者并未吞下货币财政当局抛出的香饵。相反，他们已经削减开支。五年来通胀调整后的个人消费开支平均仅增长0.8%，这是二战结束后最严重也最持久的消费需求增长放缓。