Without complementary structural reforms that encourage private investment and innovation – and thus enable economies to adapt and compete in a global, technology-driven economy – a public-investment program will have a disappointingly weak impact on growth. Instead, debt-financed public investment will produce a short-run stimulus, at the cost of longer-term fiscal stability.
但光靠公共投资是不够的。没有全面的结构改革鼓励私人投资和创新——从而让经济能够做出调整并在全球化的技术推动型经济中竞争——公共投资计划对增长的影响将令人无比失望。相反，债务融资的公共投资能产生短期刺激，但其代价是长期财政稳定。