The US is a net debtor with an aging population, unfunded entitlement spending on social security and health care, an anemic economic recovery, and risks of continued monetization of the fiscal deficit. Japan is aging even faster, and economic stagnation is reducing domestic savings, while the public debt is approaching 200% of GDP.
但即便是这些国家，如果必要的财政巩固政策迟迟得不到出台，投资者对它们也会变得越来越警惕。美国是净债务国，它的人口趋于老龄化，社保和医保体系面临资金缺口，经济复苏乏力，财政赤字持续货币化的风险也在累积。日本的老龄化形势更严峻，经济停滞正在侵蚀国内储蓄，而公债更是高达 GDP 的 200% 。