Government Deficits and Debt · 政府赤字与债务
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| budget deficit/ˈbʌdʒɪt ˈdefɪsɪt/ | 预算赤字 | yù suàn chì zì |
| budget surplus/ˈbʌdʒɪt ˈsɜːpləs/ | 预算盈余 | yù suàn yíng yú |
| balanced budget/ˈbælənst ˈbʌdʒɪt/ | 平衡预算 | píng héng yù suàn |
| national debt/ˈnæʃənl det/ | 国家债务 | guó jiā zhài wù |
| government bonds/ˈɡʌvənmənt bɒndz/ | 政府债券 | zhèng fǔ zhài quàn |
| crowding out/ˈkraʊdɪŋ aʊt/ | 挤出效应 | jǐ chū xiào yìng |
When a government spends more than it takes in
- Each year a government collects taxes and spends on programmes.
- If spending is above tax revenue, it runs a budget deficit 预算赤字.
- If revenue is above spending, it runs a budget surplus 预算盈余.
- Equal? A balanced budget 平衡预算.
当政府花得比收得多
- 每年政府征税,并把钱花在各种项目上。
- 如果支出超过税收,它就有预算赤字(budget deficit)。
- 如果税收超过支出,它就有预算盈余(budget surplus)。
- 相等?那是平衡预算(balanced budget)。
A government runs a budget deficit when, in a year: · 政府在一年里出现预算赤字,是当:
Spending above revenue is a deficit; below is a surplus; equal is balanced. · 支出高于税收是赤字;低于是盈余;相等是平衡。
The national ______ is the total owed, built up from all past deficits. · 国家______是欠下的总额,由所有过去的赤字累积。
Debt is the stock; the deficit is this year's flow into it. · 债务是存量;赤字是今年流入它的流量。
To finance a deficit, a government usually: · 为给赤字融资,政府通常:
It borrows by selling bonds to investors. · 它通过向投资者卖债券来借款。
A deficit is a flow; debt is a stock
- The deficit is a flow: the gap for one year.
- The national debt 国家债务 is a stock: the total owed, built up from all past deficits minus surpluses.
- Think of a bathtub: the deficit is water flowing in this year; the debt is the water already in the tub.
- To finance a deficit, the government sells government bonds 政府债券 (it borrows).
赤字是流量,债务是存量
- 赤字是流量:一年的缺口。
- 国家债务(national debt)是存量:欠下的总额,由所有过去的赤字减去盈余累积而成。
- 想象一个浴缸:赤字是今年流进的水;债务是缸里已有的水。
- 为给赤字融资,政府卖出政府债券(government bonds,即借钱)。
Flow or stock? · 流量还是存量?
The deficit is a flow (one year's gap); the debt is a stock (all past deficits added up). Each deficit adds to the debt; a surplus shrinks it. · 赤字是流量(一年的缺口);债务是存量(所有过去赤字的累加)。每个赤字加到债务上;盈余缩小它。
The debt is 500 billion. This year the government runs a deficit of 20 billion. What is the new debt, in billions? · 债务是 5000 亿。今年政府有 200 亿赤字。新债务是多少(十亿)?
New debt = old debt + deficit = 500 + 20 = 520. · 新债务 = 旧债务 + 赤字 = 500 + 20 = 520。
A budget surplus shrinks the national debt. · 预算盈余会缩小国家债务。
Taking in more than it spends, the government can pay debt down. · 收入多于支出,政府就能偿还部分债务。
How the debt grows
- Each year's deficit is added to the debt: $\text{new debt} = \text{old debt} + \text{this year's deficit}$.
- Worked idea. Debt is 500 (billion). This year's deficit is 20. New debt $= 500 + 20 = 520$.
- A surplus would instead shrink the debt.
- Economists watch the debt-to-GDP ratio, because a bigger economy can carry a bigger debt.
债务如何增长
- 每年的赤字加到债务上:$\text{new debt} = \text{old debt} + \text{this year's deficit}$。
- 例题。 债务是 500(十亿)。今年赤字是 20。新债务 $= 500 + 20 = 520$。
- 相反,盈余会缩小债务。
- 经济学家关注债务与 GDP 之比,因为更大的经济能承载更大的债务。
One risk of large government borrowing is that it can: · 政府大量借款的一个风险是它可能:
Competing for loanable funds pushes rates up, squeezing private borrowers. · 争夺可贷资金推高利率,挤压私人借款者。
Why deficits and debt matter
- Borrowing competes with private borrowers for loanable funds, pushing up interest rates — crowding out 挤出效应 private investment (next lesson).
- Interest on the debt must be paid every year, using up future tax revenue.
- But deficits can be useful: in a recession, deficit-financed spending supports demand (expansionary fiscal policy).
- The concern is persistent deficits in normal times, not a one-off during a downturn.
为什么赤字和债务重要
- 借款和私人借款者争夺可贷资金,推高利率——挤出(crowding out)私人投资(下一课)。
- 债务的利息每年都要付,占用未来的税收。
- 但赤字也可以有用:在衰退中,靠赤字融资的支出支撑需求(扩张性财政政策)。
- 担忧的是正常时期持续的赤字,而非衰退中的一次性赤字。
A budget deficit is one year's shortfall (a flow); the national debt is all past deficits added up (a stock), financed by selling government bonds. Each deficit adds to the debt ($500 + 20 = 520$); a surplus shrinks it. Large persistent debt raises interest costs and can crowd out private investment.
预算赤字是一年的缺口(流量);国家债务是所有过去赤字的累加(存量),靠卖政府债券融资。每个赤字加到债务上($500 + 20 = 520$);盈余缩小它。庞大而持续的债务抬高利息成本,并可能挤出私人投资。