There are plenty of profits to be made – actual taxes on capital are not too high, and cheap finance is available to the corporate sector. But the concentration of income at the top – more than 90% of the gains from US economic growth in 2011, for example, went to the top 1% – is constraining broad-based recovery and leaving macroeconomic policy caught between the need for continued “stimulus” and the dangers of growing public debt and asset bubbles inflated by record-low interest rates.
利润空间很大——实际资本税率并不太高，企业部门也可以获得廉价的融资。但收入向顶尖阶层集中——比如，美国2011年经济增长好处的90%流向了最顶尖的1%——在阻挠全面复苏，导致宏观经济在继续“刺激”的需要和创纪录低利率导致公共债务和资产泡沫的风险之间摇摆不定。