经济学人:刺激的涟漪效应(1)

 The proposed tax cuts are paid for by bigger budget deficits¹, a fiscal² stimulus³ that is ill-timed given the business cycle. 计划中的减税要由更大的预算赤字来买单，这是一种在给定的商业周期下不合时宜的财政刺激。

But the tax cuts favour companies (which in aggregate⁴ are generating bumper⁵ profits) or rich individuals (who save more of their income). 但是，减税利好公司（它们整体上正在产生越来越大的利润)和富人(他们把更多的收入投入储蓄）。

That means the ripple⁶ effects from the stimulus are likely to be small. 这意味着刺激的涟漪效应可能微乎其微。

The risk that the Federal Reserve tightens⁷ too much is aggravated⁸ by a change in the make-up of its rate-setting committee,  美联储收得太紧的风险因为其利率设定委员会组成的变化而加大了。

which will take on a more hawkish⁹ tinge¹⁰ from next year. 从明年开始，美联储利率设定委员会将带有一种更加鹰派的色彩。

Indeed, nothing Mr Trump¹¹ does is likely to have a bigger effect on the economy than his choices to fill Fed vacancies¹². 实际上，在特朗普所作所为中，没有那件事能比他填补美联储空缺的选择对经济产生更大的影响。

But the tightening¹³ so far—the Fed raised rates by another quarter of a percentage point this week, to a range of 1.25-1.5%—has been appropriate. 但是，到目前为止，这种收紧——本周，美联储将利率又提高了四分之一个百分点，使之达到1.25—1.5之间——是适当的。

As for financial imbalances, pockets of excessive leverage¹⁴ exist. 至于金融失衡，大量的过度杠杆是存在的。

But the stockmarket has reached new highs as real interest rates have fallen: yields have dropped across all asset classes, from property in big cities to junk bonds. 但是，随着实际利率下降，股市创下一个又一个新高：从大城市的房地产到垃圾债券，所有的资产类别的收益率都下降了。

Asset prices may be high, but there is a logic¹⁵ to their ascent¹⁶. 资产价格或许高了，但是，它们的上涨是有逻辑的。

A mature cycle also has pluses. 到期的周期也有好处。

Investment is one. 投资即是其一。

A global upswing in fixed¹⁷ capital spending is already in train, led by America but not confined to it. 一种全球性的固定资产开支上升早已在进行之中，它是由美国引领的，但不限于美国。

It is fuelled in part by a drop in uncertainty¹⁸ about the global economy. 这部分是因为有关全球经济不确定性的减少而引起的。

Businesses that have been reluctant to make long-term bets when one or other of the engines of the world economy has been sputtering¹⁹ are now more willing to put their money to work. 如今，在世界经济引擎中的一个或另一个一直处于萎靡不振时不愿投下长期赌注的商界更愿意让他们的钱去运转。

 

1 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

4 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

5 bumper   

n.(汽车上的)保险杠；adj.特大的，丰盛的

参考例句：

• The painting represents the scene of a bumper harvest.这幅画描绘了丰收的景象。
• This year we have a bumper harvest in grain.今年我们谷物丰收。

6 ripple   

n.涟波，涟漪，波纹，粗钢梳；vt.使...起涟漪，使起波纹； vi.呈波浪状，起伏前进

参考例句：

• The pebble made a ripple on the surface of the lake.石子在湖面上激起一个涟漪。
• The small ripple split upon the beach.小小的涟漪卷来，碎在沙滩上。

7 tightens   

收紧( tighten的第三人称单数 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• One set of provisions tightens emission standards. 一套使排放标准更加严格的规定。 来自英汉非文学 - 环境法 - 环境法
• Requires no special tools or fittings; hand tightens to relief valve outlet. 不需要专用工具或管件；用手将其紧固到安全阀上即可。

8 aggravated   

使恶化( aggravate的过去式和过去分词 )； 使更严重； 激怒； 使恼火

参考例句：

• If he aggravated me any more I shall hit him. 假如他再激怒我，我就要揍他。
• Far from relieving my cough, the medicine aggravated it. 这药非但不镇咳，反而使我咳嗽得更厉害。

9 hawkish   

adj. 鹰派的, 强硬派的

参考例句：

• My staff's advice that first day was amazingly hawkish. 在第一天，我的僚属们的意见是令人吃惊的鹰派意见。
• Antiwar groups fear Barack Obama may create hawkish Cabinet. 反战团体担心巴拉克·奥巴马可以创建强硬派内阁。

10 tinge   

vt.(较淡)着色于，染色；使带有…气息；n.淡淡色彩，些微的气息

参考例句：

• The maple leaves are tinge with autumn red.枫叶染上了秋天的红色。
• There was a tinge of sadness in her voice.她声音中流露出一丝忧伤。

11 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

12 vacancies   

n.空房间( vacancy的名词复数 )；空虚；空白；空缺

参考例句：

• job vacancies 职位空缺
• The sign outside the motel said \"No Vacancies\". 汽车旅馆外的招牌显示“客满”。 来自《简明英汉词典》

13 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

14 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

15 logic   

n.逻辑(学)；逻辑性

参考例句：

• What sort of logic is that?这是什么逻辑？
• I don't follow the logic of your argument.我不明白你的论点逻辑性何在。

16 ascent   

n.(声望或地位)提高；上升，升高；登高

参考例句：

• His rapid ascent in the social scale was surprising.他的社会地位提高之迅速令人吃惊。
• Burke pushed the button and the elevator began its slow ascent.伯克按动电钮，电梯开始缓慢上升。

17 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

18 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

19 sputtering   

n.反应溅射法；飞溅；阴极真空喷镀；喷射v.唾沫飞溅( sputter的现在分词 )；发劈啪声；喷出；飞溅出

参考例句：

• A wick was sputtering feebly in a dish of oil. 瓦油灯上结了一个大灯花，使微弱的灯光变得更加阴暗。 来自汉英文学 - 家（1-26） - 家（1-26）
• Jack ran up to the referee, sputtering protest. 贾克跑到裁判跟前，唾沫飞溅地提出抗议。 来自辞典例句