减少美国增长赤字

米兰——全球金融危机爆发已逾三年,但美国经济依然步履蹒跚,这让人们看清了一件事:除非美国改变其经济中的内需和出口结构,否则根本无法提振增长、减少失业。美国的当务之急是来一次结构性变革,扩大可贸易部门并增加其竞争力。

在2008年危机爆发前的十多年里,美国(和其他许多国家)经济一直在用过度消费来给自己加速。家庭部门储蓄节节下跌直至几乎为零,而低利率导致了过度负债、资产泡沫以及财富不断膨胀的幻觉。

政府也在削减储蓄——不断地增加赤字。总而言之,美国经济扩张的速度要快于制造收入的速度,出现了贸易(更确切地说,是经常项目)赤字,并通过向外国人借钱来为这一赤字融资。不管从家庭还是从政府角度看,美国的支出-收入模式都是不可持续的。

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