nytdirect@nytimes.com<\/a><\/p>\n\uff08\u5728\u9019\u7bc7\u6587\u7ae0\u88e1\uff0cKrugman\u518d\u6b21\u6311\u6230\u300c\u653f\u5e9c\u8209\u50b5\u662f\u50b5\u7559\u5b50\u5b6b\u300d\u7684\u8aaa\u6cd5\uff0c\u4e26\u6307\u51fa\u7f8e\u570b\u4fdd\u5b88\u6d3e\u6700\u4e0d\u80fd\u5bb9\u5fcd\u4ed6\u6311\u6230\u9019\u9ede\uff0c\u96d6\u8aaa\u5171\u548c\u9ee8\u653f\u5e9c\u4e00\u518d\u5927\u5e45\u6e1b\u5bcc\u4eba\u7a05\uff0c\u5176\u5be6\u4e5f\u662f\u5927\u5e45\u589e\u52a0\u653f\u5e9c\u8d64\u5b57\u53ca\u50b5\u52d9\uff0c\u4f46\u9019\u6a23\u7684\u8209\u50b5\u537b\u4e0d\u6703\u53d7\u5230\u4fdd\u5b88\u6d3e\u7684\u53cd\u5c0d\u3002\u986f\u7136\u9019\u662f\u5f88\u653f\u6cbb\u6027\u7684\u8b70\u984c\u3002<\/p>\n
\u53f0\u7063\u8d85\u984d\u5132\u84c4\u6975\u70ba\u9f90\u5927\uff0c\u7136\u800c\u300c\u5408\u5b9c\u7684\u300d\u57fa\u790e\u5efa\u8a2d\u537b\u751a\u70ba\u6eef\u5f8c\uff0c\u4f8b\u5982\u53f0\u5317\u6377\u904b\u7684\u5efa\u8a2d\u56e0\u53d7\u5236\u65bc\u9810\u7b97\u800c\u9032\u5c55\u7de9\u6162\uff0c\u540c\u6642\uff0c\u653f\u5e9c\u8209\u50b5\u53d7\u5230\u9ad8\u5ea6\u9650\u5236\uff0c\u9019\u610f\u5473\u8457\u4fdd\u5b88\u7684\u770b\u6cd5\u5728\u963b\u7919\u6211\u5011\u5c07\u81ea\u8eab\u9f90\u5927\u7684\u5132\u84c4\uff0c\u904b\u7528\u5230\u9700\u8981\u7684\u5efa\u8a2d\u4e0a\u3002\uff09<\/p>\n
I get a lot of hate mail; in fact, I worry if a column doesn\u2019t generate a big backlash, because it suggests that I may have been off my game. But it\u2019s interesting to see what generates the most hate. In general, writing \u201cDonald Trump is a terrible person\u201d gets a sort of collective shrug; who isn\u2019t saying that these days? The real vitriol tends to come over monetary and fiscal policy.<\/p>\n
In particular, I don\u2019t think anything I\u2019ve written has angered as many people as my declaration five years ago that debt is money we owe to ourselves \u2014 a point I na\u00efvely imagined would be self-evident once people thought about it. But it turns out that challenging the notion that government borrowing imposes a burden on our children and grandchildren deeply offends many people, even though that notion makes very little sense.<\/p>\n
So I don\u2019t really expect people to be persuaded when I say that the response to Covid-19 is a near-perfect demonstration of my point. But let\u2019s give it a try, anyway.<\/p>\n
Here\u2019s where we are right now. To contain the coronavirus, we\u2019ve effectively shut down a significant part of the economy. Around 10 percent of U.S. workers are or were employed in \u201cleisure and hospitality,\u201d which has basically been locked down; even more are employed in retail trade, much of which has also been locked down.<\/p>\n
For those of us still drawing a paycheck, this is annoying but not much more than that; I dream of coffee shops and concerts, but those aren\u2019t necessities. For those who made a living by providing banned services, however, the lockdown is a financial catastrophe.<\/p>\n
So we\u2019re providing disaster relief on a huge scale: unemployment insurance, aid to small businesses and more. It\u2019s still inadequate, and a lot of the money still isn\u2019t making it to the people who need it most. But put that on one side, and ask: How are we paying for it?<\/p>\n
The immediate answer is that the federal government is borrowing the money. New projections from the Congressional Budget Office suggest that federal debt, as a share of G.D.P., will be around 30 points higher by the end of next year than it was at the end of 2019.<\/p>\n
But who will that money be owed to? The answer is, me \u2014 and people like me. That is, those who are still receiving more or less their normal incomes are spending less and saving more \u2014 yes, we\u2019re buying more groceries and booze, but that\u2019s vastly outweighed by reduced spending on restaurants and vacations. And those savings are, one way or another, being recycled via the federal government into aid for those less fortunate.<\/p>\n
Some of the recycling is direct: My wife and I have, in fact, bought some U.S. government bonds. Most of it is indirect: You put more money in your bank account, the bank accumulates extra reserves in its account at the Federal Reserve, and the Fed buys government bonds. But the details aren\u2019t especially important. At a fundamental level, the government is helping one group of Americans by borrowing from another group of Americans.<\/p>\n
You might ask how the money will be repaid; actually, the odds are that it never will be repaid, which is OK but that\u2019s a story for another time. There are also potential problems created by a high level of federal debt, although to be honest it\u2019s unlikely that U.S. debt will be a real problem any time soon.<\/p>\n
The key point for now, however, is that this debt-financed disaster relief isn\u2019t coming at the expense of America\u2019s future growth; it\u2019s not making the country poorer, and it\u2019s not cheating future generations. The debt we\u2019re incurring now is money we owe to ourselves.<\/p>\n","protected":false},"excerpt":{"rendered":"
New York Times, April 28, 2020 By Paul Krugman.\u00a0\u00a0nytdirect@nytimes.com \uff08\u5728\u9019\u7bc7\u6587\u7ae0\u88e1\uff0cKrugman\u518d\u6b21\u6311\u6230\u300c\u653f\u5e9c\u8209\u50b5\u662f\u50b5\u7559\u5b50\u5b6b\u300d\u7684\u8aaa\u6cd5\uff0c\u4e26\u6307\u51fa\u7f8e\u570b\u4fdd\u5b88\u6d3e\u6700\u4e0d\u80fd\u5bb9\u5fcd\u4ed6\u6311\u6230\u9019\u9ede\uff0c\u96d6\u8aaa\u5171\u548c\u9ee8\u653f\u5e9c\u4e00\u518d\u5927\u5e45\u6e1b\u5bcc\u4eba\u7a05\uff0c\u5176\u5be6\u4e5f\u662f\u5927\u5e45\u589e\u52a0\u653f\u5e9c\u8d64\u5b57\u53ca\u50b5\u52d9\uff0c\u4f46\u9019\u6a23\u7684\u8209\u50b5\u537b\u4e0d\u6703\u53d7\u5230\u4fdd\u5b88\u6d3e\u7684\u53cd\u5c0d\u3002\u986f\u7136\u9019\u662f\u5f88\u653f\u6cbb\u6027\u7684\u8b70\u984c\u3002 \u53f0\u7063\u8d85\u984d\u5132\u84c4\u6975\u70ba\u9f90\u5927\uff0c\u7136\u800c\u300c\u5408\u5b9c\u7684\u300d\u57fa\u790e\u5efa\u8a2d\u537b\u751a\u70ba\u6eef\u5f8c\uff0c\u4f8b\u5982\u53f0\u5317\u6377\u904b\u7684\u5efa\u8a2d\u56e0\u53d7\u5236\u65bc\u9810\u7b97\u800c\u9032\u5c55\u7de9\u6162\uff0c\u540c\u6642\uff0c\u653f\u5e9c\u8209\u50b5\u53d7\u5230\u9ad8\u5ea6\u9650\u5236\uff0c\u9019\u610f\u5473\u8457\u4fdd\u5b88\u7684\u770b\u6cd5\u5728\u963b\u7919\u6211\u5011\u5c07\u81ea\u8eab\u9f90\u5927\u7684\u5132\u84c4\uff0c\u904b\u7528\u5230\u9700\u8981\u7684\u5efa\u8a2d\u4e0a\u3002\uff09 I get a lot of hate mail; in fact, I worry if a column doesn\u2019t generate a big backlash, because it suggests that I may have been off my game. But it\u2019s interesting to see what generates the most hate. In general, writing \u201cDonald […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,4,7],"tags":[],"class_list":["post-4734","post","type-post","status-publish","format-standard","hentry","category-reflections","category-taiwan-policy","category-international-economics"],"_links":{"self":[{"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/posts\/4734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4734"}],"version-history":[{"count":3,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/posts\/4734\/revisions"}],"predecessor-version":[{"id":4736,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=\/wp\/v2\/posts\/4734\/revisions\/4736"}],"wp:attachment":[{"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.rchss.sinica.edu.tw\/wwchu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}