Margaret Scott

美国的其他87处赤字

纽黑文——美国存在经典的多边贸易失衡。除了对中国的巨大贸易赤字意外,对其他87个国家,美国也存在赤字。多边赤字是无法通过向双边伙伴中的一边施加压力解决的。但美国日渐壮大的对华强硬派可不这么想。

美国的大规模贸易赤字是前所未有的国内储蓄短缺的直接结果。对一国储蓄能力的最广泛也最有意义的测量指标是经济学家所谓的“净国民储蓄率”——个人、企业和政府储蓄之和。该指标测量“净”值,以剔除与老龄化或报废产能有关的折旧。该指标可用来测量可为一国资本存量增长融资从而保持经济增长的储蓄量。

在美国,净储蓄早已不复存在。自2008年第四季度以来,美国净国民储蓄率一直是负数,与20世纪最后30年的平均水平——占GDP的6.4%相去甚远。在现代历史中,还从未有哪个世界经济大国经历过如此规模的储蓄短缺。

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